Maximizing the Value of Tech Spending

Maximizing the Value of Tech Spending

Whether it’s hardware or software, IT is one of the biggest expenditures for most businesses, and 2017 isn’t shaping up to be any exception. In fact, tech spending is expected to grow 3.2% this year, a modest bump to some already massive budgets. For decision-makers, the budget is just a starting point—spending it well is the real challenge. If you’re looking to maximize the value of every dollar in your technology budget, here are some strategies to apply to your decision making.

Align Purchases with Goals

The IT department is just one crucial part of the larger entity, so it’s important that any purchases line up with the overall business goals for the year. When surveyed, 71% of IT leaders indicated they’d be making the highest-dollar investments in applications and platforms with business intelligence and analytics capabilities. As data is gathered and analyzed, these programs and software are likely to support success across many of the business’ departments. Information security (59%), customer relations management tools (47%), and mobile enterprise apps (46%) were also all ranked as top priorities. When settling on a new software vendor or server options, make sure you’re picking a long-term solution, not a quick fix.

Manage Volume

Another key to maximizing the value of your tech spend is in managing the number of things purchased. Laptops, storage space, software—businesses all too often invest in things they don’t need today because they want to be able to handle peak demand later on. The drive to buy in bulk and keep hardware, digital storage space, or cell phone minutes in reserve frequently allows businesses to justify overspending to themselves because they know they will always have enough. A deep analysis of how much hardware, storage, and Internet bandwidth your organization actually needs will determine how much you should be paying.

Find Redundancy

Depending on the size of the business, there could be many IT redundancies across departments. If multiple departments are using different tools to perform similar functions, that complexity places lots of additional demand on IT. By finding these areas of redundancy and eliminating them, a business can not only improve its functions and get more from their IT spend, they may even end up spending less if they are paying for fewer software licenses or subscriptions.

Another way many businesses maximize their tech spend is by outsourcing the deployment of new technologies and the maintenance and repair of existing ones to a company like DiverseNet. Our network of expert techs is an invaluable resource for decision makers who want to know for sure the job is done right the first time, every time. Contact us today if you need a partner to help you maximize your IT budget.

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