Many company’s struggle with determining how to properly set and best utilize their IT budget…

• What is necessary verses what is wanted.
• Are there any compliance needs?
• Are upgrades needed to help provide a better customer experience and employee efficiencies?
• What will be the ROI for our investment?
• What happens if we do nothing?

Here are a few tips that can help when determining your IT budget…

1. Looking at alternatives to new equipment.  Refurbished equipment can be a good alternative to purchasing new. In most cases you can save between 50-75% off of new for same quality product and support. It is also much easier and there is more flexibility with refurbish as it can be built to custom specs without having to wait for manufacturing and ship timeline. In fact, out-of-box failure rate can be up to 7% as refurbished equipment is proven to be much less than 1% failure rate. Next time you are looking to upgrade or replace hardware I suggest you look at refurbished.

• Prioritize the basics. There will be tough financial obstacles to overcome; however, be sure to prioritize wants vs. needs in order to be successful. iBANKonIT can work with you to see how we can leverage existing technologies and current IT spend to determine the best ways that you could potentially reduce cost in some IT areas that you might be overspending in so that you can afford other technologies necessary for your company’s success and growth.
• Outsourcing IT resources: If you are a small or medium size company outsourcing many of your IT functions and technical needs could be the best option for you. Using a MSP or a technology company to help support your environment can in most cases save you money and also provide you with a more resources to  support your company while you focus on your business.
• Getting value for your old equipment when upgrading or moving to the cloud:  If you have any infrastructure equipment that you are no longer using you might be able to find value by selling that equipment to a refurbisher such as iBANKonIT. Most companies are not aware or understand the secondary IT market and just use recyclers to come and dispose of their old IT equipment and event charge in many cases for those services. We suggest that you create a true IT Asset Disposal program so that your organization is properly evaluation and disposing of your non-performing IT asset in the most efficient manner.

If you are interested in learning more about some of these TIPs and other ways that your company can best use their IT budget then please reach out to us by clicking the button below.