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5 Key Considerations for Your 2023 IT Budget

Guest Post | Sep 13, 2022

Budgeting for IT projects - 5 Key Considerations for Your 2023 IT Budget

As we headlong into 2023, it's essential to take a step back and assess how your company's IT budget should be structured to reflect the latest trends and align with your overall strategy. Here are five key considerations to keep in mind when planning your 2023 IT budget.

1. Invest in the Latest Technology

There's no point in having an IT budget if you're not going to invest in the latest technology. Not only will this ensure that you're able to keep up with the competition, but it will also future-proof your business against any potential disruptions.

When it comes to investing in the latest technology, there are a few key factors that you need to take into account.

Your Business Needs

First and foremost, you need to consider your business needs. What pain points are you trying to address with new technology? Is it a lack of productivity? Inefficiencies in your current process? Once you know what you're trying to achieve, you can look at specific solutions to help you meet those goals.

The Cost

Of course, the cost is always going to be a consideration when it comes to investing in new technology. You need to balance the upfront cost against the long-term benefits that the technology will bring to your business. It's also important to factor in subscription fees, support, and training expenses.

The Learning Curve

Another critical factor to consider is the learning curve. How easy will it be for your employees to learn how to use the new technology? Is there a lot of training required, or is it relatively straightforward? If there's a steep learning curve, that could cost you in terms of time and money.

The ROI

Finally, you need to consider the ROI. Will the new technology bring a good return on investment? How will it help you to improve your bottom line? If you can't see the technology's benefits, it might not be worth investing in.

2. Focus on Automation

One of the biggest trends in the IT world is automation. Investing in tools and technologies that automate tasks can free your staff to focus on more critical tasks. This will not only improve efficiency but can also help reduce costs.

There are a few key factors you need to consider when it comes to automation.

Your Workflow

First, you need to look at your workflow. What tasks can be automated? And how will automating those tasks impact your overall workflow? It's essential to ensure that the automation solution you choose fits seamlessly into your existing process. Otherwise, you could end up causing more problems than you solve.

Your Team's Skills

Another critical factor to consider is your team's skills. Not all tasks can be automated. And in some cases, it may be more efficient to have a human doing the task. For example, if you need someone to do customer service, it's probably better to have a live person doing that rather than relying on an automated system.

Your Budget

Finally, you need to consider your budget. Automation solutions can vary widely in price. And in some cases, the most expensive solution isn't necessarily the best. You'll need to balance your budget with your needs to find the right solution for your company.

3. Don't Forget About Security

As cyber threats continue to evolve, it's essential to ensure that your IT budget includes security provisions. This could include investing in a robust cyber security solution or training your staff in best practices.

There are many factors to consider when it comes to security. Here are a few key considerations:

Your Industry

First, you need to consider your industry. Some industries are more vulnerable to cyber attacks than others. If you're in a high-risk industry, you'll need to ensure that your security budget reflects that.

Your Data

Another critical consideration is your data. What type of data do you have? And how sensitive is it? If you have sensitive data, you'll need to protect it well. This could mean investing in encryption or other security measures.

Your Threat Level

Finally, you need to consider your threat level. Are you at a higher risk for cyber attacks? If so, you'll need to ensure that your security budget reflects that. You may need to invest in more robust security measures or train your staff in best practices.

4. Plan for Growth

If your business expects to grow in 2023, you must ensure that your IT budget reflects this. Investing in scalable infrastructure and applications will ensure you can cope with increased demand without running into problems further down the line.

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There are a few key factors to consider when planning for growth:

Your Customer Base

First, you need to consider your customer base. How many customers do you currently have? And how many do you expect to have in the future? If you're expecting a significant increase in your customer base, you'll need to ensure that your IT infrastructure can cope.

Your Business Processes

Another critical factor to consider is your business processes. As your business grows, your processes will need to evolve. You may need to invest in new software or hardware to support those changes.

Your Staffing Needs

Finally, you need to consider your staffing needs. As your business grows, you'll need more staff to support that growth. Make sure your budget reflects this so you can hire the right people to help your business grow.

5. Make Use of Existing Assets

Before you splash the cash on new IT equipment and software, take a moment to assess what you already have. There may be some existing assets that can be repurposed or reused, which could save you a considerable amount of money. You can also sell your used IT equipment and invest extra funds into buying new assets.

There are a few key factors to consider when making use of existing assets:

Your IT Infrastructure

First, you need to consider your IT infrastructure. What do you already have in place? And how much of it can be reused or repurposed? If you have an existing infrastructure that supports your future needs, you may not need to invest in anything new.

Your Software Licenses

Another critical factor to consider is your software licenses. Do you have any existing licenses that can be reused or transferred? If so, this could save you a significant amount of money.

Your Hardware Assets

Finally, you must evaluate your hardware assets. What do you already have? And how much of it might be reused? If you don’t have suitable hardware to meet your anticipated needs, you may need to buy new equipment from ITAD companies.

Once you've considered all these factors, you'll be in a much better position to get the most out of your 2023 IT budget. By planning and using existing assets, you can save considerable money. And by investing in the right areas, you can ensure that your business is well-equipped to cope with future growth.


NCFA Jan 2018 resize - 5 Key Considerations for Your 2023 IT BudgetThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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