Why does IT budgeting matter? Budgeting is obviously important, as it provides the funding to keep your department running.In some companies this is primarily an annual exercise, while other companies might demand budgets for each initiative as it arises. These could range from recurring expenses like hardware leases and staffing to expenses dedicated to a fixed-duration project or initiative. What is IT budgeting? Budgeting is the process of allocating monetary resources to various IT programs.SEE: Year-round IT budgets: Tools and templates (TechRepublic Premium) Executive summary As the saying goes, “You put your money where your mouth is,” and your budget ultimately puts company resources behind the plans you’ve been articulating through the year.
Software for budget planning how to#
It should make budgeting less painful and help you understand how to use your budget as a planning and communication tool. To help IT leaders not only endure the budgeting process, but to use it as a strategic tool to drive their priorities, we’ve assembled this guide (which is also available to download as a free PDF). For an IT executive who is uncomfortable with numbers or loathe to endure the justification process that accompanies budgeting, it can be a difficult exercise, and the temptation can be to simply tweak last year’s budget, to succumb to arbitrary cuts. IT budgeting can range from a painful annual process to the actualization of a carefully crafted IT strategy and roadmap. For more info, visit our Terms of Use page. This may influence how and where their products appear on our site, but vendors cannot pay to influence the content of our reviews. We may be compensated by vendors who appear on this page through methods such as affiliate links or sponsored partnerships. Budgeting is a critical aspect of every IT leader's duties.
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