Making your 2019 IT Budget Sustainable
How can SMBs maximize their IT spend?
Budgeting season is here, and IT spend always seems to be the most challenging to understand and fund appropriately. IT teams have recommendations and special requests, but ensuring the company has the necessary equipment and technology is the most important. So how can small and mid-sized businesses maximize their IT spend and ensure they’re not overpaying for technology and services?
Awareness is often the first hurdle – what does your IT team actually need? There could be aging devices, expiring warranties and old technology that needs to be updated, or there could be something new your IT team needs to move forward. Figuring out the wants and needs for your team is the first step to identifying how much everything will cost.
Now that you’ve figured out what your business needs, how do you determine the best pricing that works within your budget? Small and mid-sized businesses don’t typically have access to enterprise-level discounts, so getting pricing for technology and asset expenditures can be a painful process. Knowing what you should be spending on a specific technology can help you negotiate better pricing for hardware and software you need.
IT spend is now under the microscope than ever before. Ensuring you’re not wasting budget and resources on unnecessary products or features is vital to ensure the return on investment is feasible. ROI plays a major role in IT decisions, so your IT team must be prepared to discuss the financial aspects of each project and how it will improve the company bottom line.
Unless you have a comprehensive understanding of all vendors, contracts and payments, it is difficult to realize budget and expense variances such as overpaying for unneeded employee licenses, SaaS subscriptions that are not being used, or new subscription rate increases due to size or record volumes.
With Genuity, companies can easily track assets, verify bank statement and credit card payments, and identify all contracts and usage in one place. Total IT management is difficult, but with awareness, planning and effective budgeting, you can support your business with new technology and enhancements. IT leaders are given the ability to pull levers to control and shift costs. More importantly, budgeting and forecasting provides business context. When IT professionals lead the conversation, they have the power to move the business forward.
Talk to us today about getting your IT management in one place – Genuity has the platform and expertise to simplify today’s business IT. Learn more or start a free trial with sample data to show you how we can help you easily manage your IT today!
At Genuity our goal is to consumerize and commoditize the complex, fragmented IT market by giving small-mid size companies instant access to the tools, capabilities and insights that until now, were only available to large companies.
To do that we built the Genuity Platform giving businesses of all sizes the ability to manage and leverage spend like an Enterprise company.
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