Despite the approaching threat of a potential recession next year, many companies are still upping their IT budget. In fact, it’s estimated that worldwide IT spending will reach an all-time high of $4.6 trillion next year, which is a 5.1% increase from 2022. Understanding this impressive IT spending landscape can help you make smart moves in your IT budget this new year.
With so many funds being directed into IT, it’s crucial that your business knows exactly where to allocate its funds. Let’s review five smart moves you can make in your IT budget this new year:
1. Increase Cybersecurity Measures
With all the recent high-profile cyber breaches, it’s no wonder that cybersecurity is at the top of many companies’ minds. And rightfully so – a cyber attack can be costly, not just in terms of the money spent to fix the problem, but also in terms of lost business and damage to your company’s reputation.
That’s why it’s important to prioritize cybersecurity measures in your IT budget. Some things you may want to consider include hiring a dedicated cybersecurity team, investing in cutting-edge cybersecurity technology, and teaching employees healthy cyber hygiene (it makes a difference, we promise).
2. Hire an MSP to Optimize Spending
Managed service providers (MSPs) can be a great asset to any business, but they are especially helpful for businesses that don’t have in-house IT staff. MSPs can provide a wide range of IT services, from help desk support to data backup and recovery. And because they work on a monthly fee basis, you can budget for their services ahead of time.
Hiring an MSP can free up space in your IT budget without sacrificing expertise and immediate support.
3. Analyze Your Outdated Technology and Declutter
One way to free up funds in your IT budget is to analyze your outdated technology. See if there is any outdated hardware or software that is eating more funds than the value it’s returning.
If so, consider replacing it with newer, more cost-effective options. When reviewing your technology, you can start by looking for any software that’s no longer being supported by the vendor.
4. Find an IT Consultant with Budgeting Experience
If you are planning to increase your IT spending, it’s a good idea to find an IT consultant to help you figure out the areas where your company needs it the most. IT consultants can provide valuable insights into the latest trends and technologies, as well as help you develop a roadmap for your IT budget.
Luckily, some MSPs, like Envision Consulting, work as business consultants, not just your run-of-the-mill break/fix IT guys.
5. Protect Your Budget from the Unexpected
Once you’ve developed your budget, it’s important to protect it from unexpected expenses. One way to do this is to leave room for flexibility. This will allow you to make adjustments if unforeseen circumstances arise, like data breaches or natural disasters.
Remember that data backups and business continuity plans are the best way to protect your budget. With a little bit of foresight and extra planning, you won’t have to spend crazy amounts on downtime or cyber breaches.
Let Envision Consulting Save Your Bottom Line
Envision Consulting can help you save your bottom line by providing IT consulting services that help you develop a smart IT budget for your business. We can provide insights into the latest trends and technologies, as well as help you develop a roadmap for your IT budget.
Schedule a consultation today and make the most of your IT in 2023!