How to Create an IT Budget Based Off Your Technology Roadmap

Many companies find creating budgets difficult, especially when they’re not well-versed in their IT needs. With proper technology roadmapping, businesses can develop a more accurate and effective IT budget for 2023. 

Here’s some things to keep in mind when creating your IT budget for 2023:

#1: Look at your current IT budget

This is the first thing you should do. Take a look at your IT budget for the year and it’ll help you determine what to do in 2023. 

• What are you currently spending on IT?
• Are there any recurring problems that are causing costs to rise?
• Did you meet your IT budget or were you over due to unforeseen issues?
• Are you way overspending or underspending on IT?

#2: Analyze all technology assets

To prevent unforeseen expenses, start by analyzing the health of your current assets. It should give a good indication of what will need to be replaced in the coming year. 

#3: Identify potential risks

You must know your risks to prevent them. “An ounce of prevention is worth a pound of cure” remains true to this day. Allocate money to cybersecurity and compliance measures to avoid any unnecessary fines or data breaches. This is a common theme among all organizations right now in that cybersecurity and compliance budgets are increasing to fight off cyber criminals.

#3: Determine if there’s any room for improvement in office productivity

Are employees spending too much time trying to fix their own IT issues? Do they spend hours fighting with printers and copiers? Is time wasted waiting for slow computers to load?

Then, it’s time to look into improving productivity in the office. Simple fixes like a new laptop can help increase efficiency and boost company morale. 

There may be other ways to improve or automate processes through business applications like Microsoft Teams or Microsoft OneNote.

How Does BIS Help Businesses Create an Effective IT Budget?

At Business Information Solutions, we meet with our clients on a regular basis. During these technology business reviews, we perform:

• Technology Roadmapping
• Asset Management
• Current Risk Level Evaluation
• Client Satisfaction Review

All of the above help us work with you to develop a reasonable IT budget that will meet all of your business goals in 2023. 

Book a Time to Discuss Your Technology Roadmap

If you don’t have a technology roadmap or need a second opinion, please book a time with Phillip on his calendar below.