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IT Budget Planning Process Underway Using Laptop, Tablet and SmartPhone Devices

5-Step IT Budget Planning Process 2020

November 26, 2019

Posted in: Enterprise - Information Technology - SMB - Technology

Are you planning your company’s information technology (IT) budget for 2020? Then a strategy for improving and growing your IT infrastructure to adapt to the rapidly changing technological landscape is essential. Because, whatever your IT plan was last year, it is almost guaranteed to be different in the upcoming year. The foundation of your IT infrastructure is your budget and it needs to be planned out for 2020. Follow our 5-step guide to IT budget planning for 2020, so you can make the right investments and minimize exposure to unexpected costs.

  1. Review Last Year’s IT Budget

    Review last year’s IT budget, in order to make changes that are effective and beneficial to your business’ bottom line. Consider whether recurring expenses are appropriate. For example, the most common recurring expenses are Managed IT Services fees, cloud hosting fees and domain name registration.

    Identify the products, services and solutions that will become outdated in the next year, as well. For example, after January 14, 2020, Microsoft will no longer provide security updates or support for personal computers (PCs) running Windows 7. Nuvodia recommends planning your Windows upgrade as soon as possible, in order to avoid these potential complications and to minimize business risk.

  2. Analyze Your IT Infrastructure Needs and Demands

    Start by analyzing what you have been using in your IT infrastructure: Which parts needs an upgrade? Which IT components require maintenance, repair or replacement? Consider all the hardware and software systems critical to your IT operations, such as: wireless networking, desktop, operating system and much more. Also consider things like your IT management and personnel: who will manage the new IT components, and who will be working it? How can you ensure a smooth transition to the upgraded IT component?

  3. Consult Your Internal IT Customers

    It is essential to consult other departments about their needs while preparing your budget allocations. This necessary step helps you to fine-tune your IT budgeting process and keeps everyone in the loop about your IT infrastructure plans. Effective collaboration today will pay dividends tomorrow, when you implement the IT plan.

  4. Prepare A Price Model

    Most IT cost overruns result from a lack of understanding, poor adherence or inattention to an adequate pricing model. The absence of a clear-cut price model might fail to persuade your economic buyers to proceed with your plan. A thoughtful and complete pricing model anticipates buyer objections and preemptively provides sound justifications for investing in your well-planned IT budget.

  5. Measure IT Return On Investment

    Focus your IT budget planning on advancing company and departmental goals, which are often measured versus Return on Investment (ROI). Some goals solve problems while others seize opportunities. Building a proper ROI model will help you to know where and how much to invest in each IT infrastructure option.

With a clear-cut, well analyzed and practical IT budget, you will be able to enhance and upgrade your IT infrastructure in a precise way. View Nuvodia’s IT Support Services and Managed Security Services before finalizing your IT budget.

Citations

By Josh Andrade (Nuvodia, Marketing Specialist)