At Consulting IT, we like to help our clients answer their common IT budgeting questions – here are some useful pointers:
Firstly, consider the benefits of IT to your particular business
- Using tech (such as CRM’s) to reach more potential customers and develop a better business relationship with your consumer base.
- Providing new innovative services to customers to derive a competitive advantage.
- Using tech to improve internal communication and support better relationships with key partners
- Streamlining operations, reducing costs, improving efficiency, maximizing profit,
- Using tech to help your organisation to maintain and even surpass Customer expectations
Then look at the IT tools you need to achieve you priority items above.
- In the US, CIO Magazine finds that businesses tend to spend between 4-6% of their revenue on IT, and this range is recommended by CIO Magazine.
- However, company size also affects budget size with small and medium businesses tending to outspend larger enterprise sized organisations.
- The average small company (less than $50 million revenue turnover) spends 6.9% of their revenue on IT.