BUDGETS, STRATEGY, AND THE vCIO
This month, let’s dive into a topic that’s super fun for all business owners and leaders: technology budget and strategy planning!
Most organizations used to classify their technology expenses in the SG&A (Sales, General, and Administrative) “bucket” of their annual budgets; today, IT has evolved into its own functional area that impacts every facet of a business, from HR to risk management and everything in between. IT is a driving factor in streamlining operations, improving efficiency, enhancing customer experience, and protecting the data of businesses and their customers.
Of course, this increased scope and scale of technology in today’s business world means that the budget and strategy planning process around technology systems and infrastructure has become even more important. Effective planning is crucial for business owners to ensure they are making informed decisions and maximizing their return on investment.
Large organizations across every industry employ a full-time Chief Information Officer (CIO) - who is responsible for providing an interface between their business needs, employee needs, customer needs, and the technology required to keep everything working in sync. But having a full-time employee who handles these tasks isn’t financially viable for most small to midsized businesses.
Enter the BT vCIO.
Our virtual CIOs (vCIOs) provide these same services, but on a part-time basis and at a fraction of the cost. Every BT client is assigned their own vCIO, who provides access to expertise and best practices, strategic guidance, and forward-thinking acumen – keeping our clients ahead of the curve and positioned for growth.
On a quarterly basis, we review key metrics like system performance, open tickets, and project status... and ensure that we’re on the same page for any outstanding issues.
We’re encouraging our clients to include our vCIOs in their annual budget planning to expand these efforts and better position their organizations for future growth. The key reasons to do so:
Align technology investments with business goals: Effective technology budget planning enables organizations to align their technology investments with their overall business goals. By communicating their business objectives, we can help determine which technology investments will help them achieve their goals and prioritize their spending accordingly.
Evaluate and prioritize technology investments: Technology expenditures need to be constantly evaluated to determine what’s moving the needle (and what’s being wasted). This helps ensure that the most critical technology projects are fully funded, and that organizations are allocating resources in the most effective way.
Control technology spending: Technology budget planning helps organizations control their technology spending and avoid unexpected costs. By creating a detailed technology budget plan, businesses can identify all the costs associated with their technology investments, including software licenses, hardware costs, and ongoing maintenance costs. This enables organizations to plan for their technology spending and avoid overspending or unexpected expenses.
Maximize return on investment: Effective technology budget planning helps organizations maximize their ROI by investing in technology projects that provide the most significant value to the business. By prioritizing technology investments that align with business goals and evaluating their impact, organizations can ensure they are investing in technology projects that provide the most significant return on investment.
Plan for future technology investments: Technology is continually evolving, and businesses must plan for future technology investments. Technology budget planning helps organizations plan for future technology investments, such as upgrading existing systems or implementing the most up to date technologies. By planning for future technology investments, businesses can avoid unexpected costs and ensure they are prepared for the future.
Our team of vCIOs work hand in hand with the leadership teams of small to midsized businesses to evaluate and prioritize their technology investments. By controlling technology spending and planning for the future, businesses can ensure they are making informed decisions about their technology investments and maximizing their value.