Information technology (IT) budgeting is necessary for all small and medium-sized businesses (SMBs) wanting to save money while leveraging technological solutions that will serve as the critical tools behind strategic initiatives. IT budgeting covers various hardware and software technological solutions, but it can be tricky to determine which ones your SMB needs to thrive
Luckily, in today’s business world, where technologies reign supreme and are the solutions that help users reach their business goals, there are plenty of solutions available for organizations to use to bolster their budgeting processes and achieve longevity in the digital age.
Here are five technological solutions SMBs need to consider when IT budgeting, and, ultimately, buy:
1. Productivity tools
Your company’s IT budgeting should prioritize the tools that you and your employees use to complete day-to-day assignments, coordinate projects, and manage your business’s internal procedures. While there are various options you can use, today’s workforce demands convenience and reliability—two requests that were incorporated into Microsoft’s productivity suite.
Microsoft 365 (sometimes referred to as M365 or Microsoft Office 365) is a set of cloud-based productivity software that helps SMBs manage their workflow and collaborate with employees. From maintaining formal correspondences via emails to organizing information for future financial planning sessions, SMBs can take advantage of the following programs for workplace productivity:
- Word
- PowerPoint
- Excel
- Outlook
- Teams
- Exchange
- SharePoint
- OneDrive
M365 can be accessed using any device that is connected to the Internet. It is a valuable asset to consider when budget planning—it unlocks an SMB’s ability to allow its employees to work from any location and at any time, effectively allowing business operations to continue, no matter people’s schedules.
2. Customer relationship management (CRM) software
If you were to ask any managed IT consultant for their recommendation on SMB technological solutions, they are sure to answer with “customer relationship management (CRM) software”. These programs stand at the heart of organizations’ strategic plans, providing users with a space to store, monitor, and manage data pertaining to customers.
63% of consumers expect businesses to know their unique needs and expectations, meaning that CRM software is a vital tool for SMBs to use in order to maintain customer relationships and build trust with their clients. While you can invest in on-premises technological solutions, the most convenient CRM programs are provided as software-as-a-service (SaaS) solutions that offer enhanced scalability, and process integration, as all maintenance is handled offsite.
3. Cybersecurity programs
In the IT world, there are several types and categories of cyber threats that can impact organizational procedures and operating expenses. One of these threats, data breaches, can cost SMBs approximately $3 million per incident. When IT budgeting, it is important that SMBs keep these malicious events in mind so that they can make more beneficial decisions regarding the safety of their data, people, and customers.
Technological solutions developed for cybersecurity strategic initiatives are proactive programs that can be installed onto your company’s devices and network to help safeguard them from malicious actors. Also, adding a managed IT consultant experienced in cybersecurity into your IT budgeting can help you offload the maintenance of digital safety solutions onto experts who can monitor and quickly respond to suspicious activity.
4. Payment processing software
An IT budget item that all SMBs should invest in regardless of their niche, payment processing software is a vital component of any business’s IT infrastructure. This software is used to process payments for customers and vendors, providing a secure and reliable platform to manage cash flows.
The rise of online shopping and the advancement of technological solutions saw a wide range of payment options become available to the public, such as online payments. SMBs should be equipped to handle all forms of payment, not just cash at a register. With payment processing software, companies can ensure their customers can easily purchase their products and services within secure, user-friendly platforms.
5. Inventory management solutions
Inventory management solutions are software that SMBs can use to streamline parts of their inventory management procedures through automation. Inventory management software can help SMBs monitor their inventory levels so that they can plan ahead and prevent disruption to their operations if they run out of stock. Programs can even provide insights into the purchasing behavior of customers, giving users greater control over their inventory.
Your business’s inventory serves as a physical manifestation of your values, goals, and the work you and your team put into your organization daily. You spend time and resources creating your products, and you need to be aware of their numbers, popularity, and availability. Without reliable inventory management software, you risk losing control of your inventory, which can lead to miscommunication, unsatisfied customers, and wasted resources.
A managed IT consultant skilled in IT budgeting and technological solutions for SMBs
IT budgeting is important for all SMBs, which is why you should have a managed IT consultant on board who can help you with budgeting for technological solutions. A managed IT consultant is skilled in all aspects of IT and business, an invaluable resource for SMBs eager to improve upon their previous budgets while making their operations more cost-effective and optimized.
The IT consulting services at Everconnect can help you budget for any number of technological solutions related to cloud migrations, cybersecurity, and more. From explaining the nuances of software licenses to recommending the best productivity software for more strategic initiatives, contact the Everconnect team today to save money while bolstering the efficacy of your operations.
