2024 IT Budgeting

Planning Your 2024 IT Budget: Five Mission-Critical Considerations

With 2024 just around the bend, companies across the globe are diving deep into planning their technology-driven endeavors – which means grappling with the all-important task of budgeting for the new year. According to CRN, Gartner projects global IT spending to surge by an impressive 8.8 percent in 2024, reaching an estimated $5.13 trillion worldwide.

As C-level executives and managers, you’re at the heart of this process. With that responsibility in mind, here’s a guide to five considerations you shouldn’t overlook when creating your 2024 IT budget.

Get Technology Buy-in 

First and foremost, the process should always be a collaborative endeavor. It’s essential to involve key stakeholders like your CFO, COO, or CIO. Their strategic insight can be invaluable in shaping a budget that aligns with current needs and future ambitions. Additionally, it would be best if you dived into both long-term and short-term hardware spending. Think upgrades, replacements, and any new acquisitions that might be on the horizon.

Forecasting & Vendor Costs 

Anticipating your expenses is essential. Every dollar allocated must be carefully planned and forecasted for the upcoming year. This planning includes being vigilant about renewal fees and recurring vendor costs. 

Remember, vendors might change their pricing models or introduce new costs. Staying ahead and factoring these in will save you from surprises.

Review Past Budgets 

Your company’s historical data is a treasure trove. By looking at past expenditures on systems, devices, and services, you’ll gain valuable insights into patterns and spending habits. Were there cost overruns in a particular area? Were there any underutilized resources? By understanding the past, you can make more informed decisions for the future.

Align the IT Budget with the Organization’s Strategy 

Budgeting isn’t just about dollars and cents; it’s about the bigger picture. Ensure that your IT budget mirrors the larger objectives of your company. It’s not only about controlling costs but also about capitalizing on opportunities. Your IT budget should empower the organization to invest in innovative technologies that propel the company into the future.

Don’t Forget About Security 

In today’s hyper-connected world, security is non-negotiable. Office devices, mobile gadgets, and even cloud resources constantly face potential cyber threats. A single breach can cost millions and wreak havoc on your company’s reputation. In fact, the global average cost of a data breach in 2023 was $4.45 million, according to IBM. 

Prioritizing security in your budget isn’t an option; it’s necessary. Don’t relegate it to the back burner.

Harnessing Budgeting Excellence with GB Tech 

Budgeting, with its myriad facets, can sometimes feel like a Herculean task. But it doesn’t have to be. You can confidently navigate the IT budgeting maze with seasoned experts like GB Tech. Let’s collaborate to ensure your budget meets financial benchmarks and acts as a catalyst for growth and innovation.

With these considerations in hand, approach your 2024 IT budget with clarity, foresight, and the confidence that you’re paving the way for a technologically advanced and secure future for your organization.