For most businesses, the answer is ‘probably not.’ Determining the proper amount to spend on IT is a matter of allocating funds within your budget that are unique to your business needs, and many companies find that they are either not spending enough or investing in areas that don’t really give them the protection they need. There is no denying that organizations that properly invest in IT consistently outperform their competitors, so it’s important that you get it right.
Most companies are underspending.
Economic challenges have forced businesses to look closely at their budgets, and unfortunately, IT costs are one of the first to be slashed. The problem is, a comprehensive IT budget is about more than just paying an IT technician for services rendered. Your IT budget covers everything from lifecycle management to infrastructure maintenance to cybersecurity. To operate a successful business in today’s digital age, your IT infrastructure must be robust, and cutting your IT budget will only hurt your bottom line.
Not every business needs the same IT budget.
While an organization like a bank should expect to have to invest more than a small clothing boutique, an IT budget is necessary for every organization. The healthcare clinic around the corner is going to have a different IT network than the city hospital, but they both need to meet the same HIPAA compliance requirements and invest enough to protect patient data. Regardless of industry or the size of your organization, your IT budget should probably be higher than it is.
Your IT budget should grow with your business.
Technology will continue to change how companies do business, which means you’ll need to consistently adapt to remain competitive. However, throwing money at IT simply to obtain the latest technology or fad solution is ineffective. IT spending must be purposeful and contribute to your overall business goals. You’ll spend less and achieve more when you have an IT strategy and the data analysis to understand where your money can be used efficiently. By implementing a solution now, you can expect a return on investment that will pay off in multiple ways.
IT is more than a business expense.
With automated processes and seamless transitions, technology can increase productivity. But if you’re not securing the technology – whether it’s email and mobile devices or software, apps, and IoT – you’ll lose every dollar you save in productivity paying for data breaches and replacing outdated IT infrastructure. IT is an investment in the future of your company – an investment that pays off in more than just ROI. Your rewards will include customer loyalty, regulation compliance, and peace of mind.
If you don’t already allocate a percentage of your budget to IT, now is the time to plan. The percentage that you invest in IT is less about how much you’re spending and more about how you’re spending. Allow your company the opportunity to grow, with support from a team of experts who can do more than reset a password.
A managed service provider can offer your business the best solutions possible and work diligently to ensure that the percentage you budget to IT is worth every cent. Partnering with the right managed services provider does make a difference. Today’s MSP does more than just provide technology and facilitate server upgrades; the right MSP is an integral layer of your cybersecurity. At thinkCSC, cybersecurity is simply factored into everything we do. We can partner with your Columbus region organization to develop a unique solution designed to fit your business model. Take the first step towards advanced cybersecurity practices and contact us today to learn more about our enhanced Managed Security options.