Implementing new cloud-based access control or integrating advanced surveillance systems requires more than simple spreadsheets for IT budgeting. The finance and IT departments often struggle to align on budgeting fundamentals, but there are ways to simplify the process. Regularly reviewing your budget ensures it stays relevant and supports your current goals amidst changing business priorities or market conditions. Aligning IT spending with business objectives is crucial, ensuring every dollar spent supports growth, competition, and operational efficiency.
Including a contingency fund prepares you for the unexpected, allowing flexibility to handle surprises without going over budget. Anticipating new technology needs, such as AI video surveillance or web-based access control systems, keeps you competitive and ready for future challenges. Prioritizing high-impact projects that offer the best return on investment ensures your budget supports both immediate needs and long-term strategy, contributing significantly to your business. Benchmarking against industry standards allows you to compare your IT expenses with similar organizations, helping identify areas for cost-saving or necessary investment to stay competitive. Following these IT budgeting best practices will help you create a more effective and aligned budgeting process.
source: https://www.greatservice.com/from-planning-to-execution-a-step-by-step-guide-to-it-budgeting/
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