The best way to manage your spending is by creating a budget - that is as true in your personal life as it is in business. With the uncertainty in the markets, continued challenges in supply chain, and rising interest rates and inflation, it is essential that you plan ahead to make sure you are prepared to meet the needs of your business.
An IT budget will differ from company to company depending on their industry, current state of their IT infrastructure and economic outlook for the year. However, every company should include the following components in their IT budget:
Security - Security continues to be the number one priority for most enterprises as it is also the number one risk to any company, no matter the size. Investing in continuous training for security awareness and risk management is essential to ensure your team has a strong defense against persistent scams or phishing attacks to your organization. In addition to training, companies should think about the solutions they have in place for their network and computers that provide monitoring and identification and mitigation of potential threats.
Many companies are also investing in cybersecurity insurance to mitigate risk.
Hybridge customers enjoy a secure platform with many built in features and with our monitoring and support services. If you want to learn more about the security of our platform, email us at info at hybridge.com
State of Your Current infrastructure - Do you know how old your computers are and when they should be replaced? What is the state of your network? Your servers? Keep in mind that the lifetime of a computer is considered to be about 3 years. If you have not refreshed your team’s computers in a while, it may be time to invest in new equipment.
Hybridge customers get a report of all their hardware and their aging/warranty status in their CIO meetings with our team. If you have not had a meeting recently, please reach out to Claudia at hybridge.com to schedule a meeting.
Projects - Being aware of what projects your company plans to take on or will be carried over from the previous year will allow you to take into account timing, execution and implementation of each, as well as potential costs. IT projects may include anything from infrastructure updates, upgrading operating systems, installing new workstations or web conferencing and many more. Each project takes time and effort, and it is important to consider the logistics of each to make sure you are budgeting accordingly.
Industry Changes - Many companies are now making final decisions whether to continue remote work or return to the office. Being aware of where your company stands and what that means for your infrastructure will allow you to provide a smooth transition. Additionally, most industry specific applications have or are in the process of moving to the cloud. If you have not made this jump yet, or if your industry is in the process of moving to cloud-based solutions, you need to take into consideration what this means for your company and your team, and the costs associated with it.
New Technologies - There is an endless amount of new and advancing resources available to help with your business objectives. Digital transformation continues to be a focus for many organizations and with that comes new collaboration tools, information systems and applications. Effective roll-out and implementation of new resources for your team can promote employee engagement, satisfied clients and business growth when done right. As our client, you have access to our IT professionals who work closely with changing trends across industries, and we are happy to share our knowledge and expertise with you and your team.
Hybridge is here to support you and your company and advise on solutions that may be right for your organization and upcoming plans for 2023. Schedule your CIO review meeting with us and make sure you are starting the new year strong. Feel free to contact us at info @ hybridge.com or by phone at 650-421-2000 if you have any questions about your upcoming IT budget, we are here to help you!
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