Olga Burnaeva

The global COVID-19 pandemic crisis has proved to be a catalyst for change for organizations. Businesses have been spurred to continue investing more in IT budget to secure and support their remote workforce operations in spite of slow revenue growth due to the pandemic.

According to a survey of more than 1,000 businesses by Spiceworks Ziff Davis, 76 percent of them plan on implementing long-term IT changes in their IT budget and 44 percent plan on accelerating their digital transformation plans. It also indicates that more than one-third of IT budget increases in 2021 will be influenced by COVID-19. 

Businesses are also expected to increase their IT spending on their IT assets such as cloud and managed services, while hardware spending in 2021 is anticipated to decline. Moreover, many have dropped their plans to adopt cutting edge technologies in favor of investing in more pressing needs. 

There is no argument about the fact that having a robust IT infrastructure is crucial for any business. Having said that, it is also important to understand the cost versus benefit ratio of your IT tools to determine whether they are delivering an adequate return on investment or need further optimization to be more efficient.

This allows businesses to ensure their IT budgeting is on point and they are not under or over resourced when it comes to investing in IT tools. It also enables IT monitoring to keep an eye on overall expenditure and make accurate costing forecasts for future IT projects.