Technology is becoming more and more of a staple in our daily lives, and it is arguably one of the most significant drivers of change in the 21st century. Just look at the impact technologies like artificial intelligence (AI) and machine learning have had on businesses in terms of communications, planning, and operations.
AI and machine learning continue to revolutionize how companies maximize their resources, empower their stakeholders, and stay on paths of growth.
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Despite this, many businesses struggle to plan and budget for future technology-related expenditures. The trick is far simpler than many people think. Here are some ways to ensure you have enough financial flexibility to allow you to accommodate technology expenditure on your budget.
Establish your expenditure
A good place to start when budgeting for technology is by performing an annual budget audit. Study your expenses from the previous years to see how much you typically spend on certain technologies such as hardware, software, and other IT components. Identify which ones you expect to retain and which ones you expect to replace or upgrade.
Running an audit and establishing your costs will help you determine which assets are better off being replaced instead of being just upgraded. For example, a five-year-old mid-spec PC may still be usable after upgrading, but you might be better off just buying a new higher-spec PC if your budget allows it. Buying a new computer future-proofs you for a longer period ahead, and it will likely lead to reduced maintenance and repair expenses in the coming years.
Once you establish your spending patterns and capabilities, you can start deciding on how much you are willing to spend on technology for the coming year. Determining your IT budget will depend on your industry, company size, and your current needs.
Prioritize your needs over wants
The challenge for any business is to stretch out finite resources as much as possible to maximize profit generation. Take the smart approach and focus your resources on higher-priority needs before you spend on less critical and less urgent technology. Spend first on the most operations-critical components before splurging on assets that you can do without in the meantime.
Take stock of your technology assets to see where they are in their useful life. Have your IT partner assess your computers and software to see which ones aren’t working optimally anymore. You should also identify assets that are already damaged or at risk of infection, no longer receive manufacturer support, and are obsolete. Assets that are most at risk of causing extended downtime are the ones you should replace first.
Look into financing options
Many technology suppliers will be willing to work with you on financing your computer and software supply, especially if you make a mid- to long-term commitment to them. A reputable IT solutions provider should be able to recommend ways you can acquire technology assets without hurting your budget.
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Should you need more assistance, you can turn to Austin Technology for hardware and software licensing procurement. Our experts will help you assess your current infrastructural needs against your spending capabilities to provide you with budget-friendly hardware and software options. With Austin Technology, you can be assured that you’ll get the lowest available pricing for businesses, easy ordering and installation, and strong professional advice to maximize your technology investments.
For IT support, cloud solutions, IT cost management, cybersecurity, and other computer-related needs, consult Austin Technology. Contact us today to learn more.