IT budgets vary in size by industry and geographical area—and even by whom the ultimate decision makers in the organization are when it comes to budget. While each company’s technology investment situation is unique, the key drivers in companies behind how technology is perceived and how much is invested are how much these technology investments can directly contribute to revenue gains and operational savings. Accordingly, technology as a competitive differentiator plays a larger role in some industries than it does in others.
When planning and budgeting for technology, those determining the initial IT budgets must also go head to head at the budget table against other business areas as they compete for a limited number of dollars. Understandably, IT budget proposals must be well researched and they must demonstrate that the technology investments they are advocating will be rapidly repaid in some kind of tangible business benefit that the company will be able to recognize. Many times these IT paybacks and results are expected in a matter of months after the technology is implemented.
Most importantly, these IT investments must deliver projects and value that either drive business revenues, cut costs or contribute to a planned build-out of an IT infrastructure that will sustain the company as it expands for the long term.
In August 2015, Tech Pro Research conducted an online survey on the key drivers and persons of IT budgetary decision making and funding in 2016 by examining the projects and business initiatives that companies are most likely to plan, and how they anticipate funding these projects. The report is drawn from 201 survey respondents who represent a cross-section of industries, global regions, and company sizes that range from very small firms to very large enterprises. A majority of respondents come from IT management.