As an IT professional, you have many plates spinning at the same time, such as staying on top of implementing the latest digital transformation strategies and incorporating the latest advances in cybersecurity technology to deter and prevent cyberattacks. One area that does not receive as much attention for IT professionals, but it should, concerns creating the department budget. How do you get the most bang for your buck, without compromising the performance of your IT platform?

Getting the most out of an IT budget should be one of the primary goals of any IT executive. The question is what steps can you take to develop cost-effective solutions for your organization?

Invest the Time Required to Create an IT Budget

Creating an IT budget does not have the same appeal as introducing a revolutionary digital tool that consolidates a certain process. However, creating a department budget is not just a necessary part of your job, it is the action that triggers all other IT department projects. The best approach to creating an IT budget is to be proactive and establish your financial constraints long before the operating period starts.

Spend time with other IT team members to prioritize projects, establish performance goals, and determine how much your department has to spend on IT infrastructure. Although the buck stops with you, creating an IT budget goes much more smoothly with the input provided by other IT team members.

Negotiate with Vendors

No, you do not have to treat negotiating with vendors like you treat haggling with an automotive sales representative. Nonetheless, you should try to get the best deals possible for hardware components, as well as the software that drives the performance of the hardware that comprises the company’s IT infrastructure.

One of the most effective ways to negotiate with vendors is to request quantity discounts. For example, if you order five new mobile devices for IT members to use while monitoring projects, you might be able to receive a bulk discount if you order a total of 10 mobile devices.

Use Open-Source Software

Using open-source software is typically free of charge, which can dramatically reduce your IT costs. However, you must remember three important caveats to integrating open-source software into your IT platform.

First, you are on your own if you experience any performance issues. If you have in-house talent that knows how to fix open-source software glitches, then you should be good to go. Second, many types of open-source software do not have the capability to enforce the installation of security patches. Third, open-source software might not be compatible with your organization’s IT infrastructure.

Invest in Preventive Security Measures

What is the one issue that can blow your IT budget out of the water? The answer is an invasion by a hacker who steals sensitive data or the installation of malware that significantly diminishes the performance of your IT platform. Conduct a cybersecurity audit and assessment to determine where your company is vulnerable to cyberattacks, and then implement preventive measures that thwart all forms of digital invasion. Cybersecurity audits and assessments detect data breaches, as well as determine where your organization should devote resources to stop hackers in their tracks.

Here are some of our latest cybersecurity resources:

• Endpoint Security: What it is and Why it’s Important
• Automated Incident Response: Overview and How it Can Help
• The Ultimate Guide to Multi-Factor Authentication

Considered Managed Services

Operating an IT department under super-tight budgetary constraints is one of the main reasons why organizations have moved towards using managed services to handle some IT responsibilities. Managed services like server care and mobile device management (MDM) not only help your organization monitor cybersecurity threats, but also allow your IT department to budget accurately for quickly changing IT expenses.

You can count on managed services to deal with issues quickly, while also ensuring the high performance of your IT platform.

Move to the Cloud

As the CIO of your organization, you can implement one measure that has the most significant impact on helping you maintain a tight department budget. Lower energy costs and save valuable storage space by moving at least some of your company’s IT operations to the cloud. One of the most important advantages offered by cloud technology is you can scale up and down as soon as your organization experiences a change in customer demand.

If your organization produces mission-critical workloads, then consider taking your IT platform to a private cloud.

Learn more in Why Replacing Legacy Systems with a Cloud Solution is Now Mission Critical.

The Bottom Line: Avoid Costly Mistakes

In addition to making sweeping changes that help maximize your IT budget, you also need to focus on the little things to save money. Do not stretch your IT staff too thin, as overworking them can lead to costly mistakes. Avoid making rash, uninformed decisions when confronted with an urgent IT issue such as a breach of data. Above all, commit to a strategic plan that closely matches the goals established by your organization.