Planning IT budget includes balancing money and resources for a perfect environment in which you have complete setup that includes all the resources that you require. It means that having the latest technology to cope with the emerging challenges in the field of IT.
- Maintenance and Growth
Most of the times the criterion for this can be determined on the basis of the growth of the company and maintenance required for it. You need to set aside the operating budget for developing your infrastructure and for communication purposes. You also need to keep the most important asset of your company i.e. the people satisfied. This means that the most important aspects that you need to focus on in the Growth and Maintenance are the employees of the company and the infrastructure.
- Investment and New Tools
New technology not only gives you an obvious increase in the speed and increases the potential, but also allows you to lower the expenses of your day-to-day operations. New tools, the software models, better management plans and outsourcing of your work allow you to lower your costs of operation. It is not necessary that all investments in new technologies are going to lower your costs, hence it is important to carefully analyze the potential of each investment you make before you decide.
If you have the vision of experimenting while introducing latest technology in your company, make sure that the old technology is utilized for something useful. One option for utilizing the old technology is to use your previous resources for organizational purposes or you can use your capital to invest in the technologies. It will add to the time and money you save while moving ahead in the direction of excellence.