Budget and covid-19
Go to 2020, businesses are generally optimistic about investing in them. With technology that changes fast, it (and still!) It is needed for business to prioritize IT investment to modernize and grow their business, ensuring not to outperform more competitors who understand technology.
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However, the Covid-19 pandemic throws a curveball ball, affects the way almost every single business can operate throughout the 2020. It concerns the relationship between technology and workplaces. On the one hand, businesses are hesitant to invest in it in an effort to cut costs and protect themselves. On the other hand, they need to invest in technology to facilitate effective long distance work, improve cyber security, maintain functionality, and develop in line with technological advancements and customer expectations. What is not realized by many businesses is that investing in technology can prove more cost-effective - you only need to ensure that you apply the right technology, at the right time, with certain goals in mind.
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A report by SpiceWorks Ziff Davis found that the size of the industry and the company on a large scale affected the reluctance or openness of the business to invest in the next year. Overall, they found that 51% of businesses in the financial services sector were set to expect significant increase in revenue, which meant they had a greater plan to invest in technology and modernize business processes. In addition, they found that the medium business (with between 100-999 employees) is likely to increase IT spending to improve long-distance work practices and adapt to changes made due to Covid-19 pandemic.
Companies that have the ability to prioritize and invest in it next year must really do it. Technology develops exponentially and is one of the only sectors that do not slow down because Covid-19. Thus, you need to consider whether it is worth the risk of delaying investing in it and loses to competitors who prioritize technology.
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Businesses that have a more limited budget need to consider their options and prioritize the most important areas for them. Consider what it doesn't impact if you don't invest in any way? Can you pay a data violation fee because technology is outdated? Can your team function effectively while working from home or they need additional support?
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General Motivator to invest in technology:
Increase the remote serves to ensure the team can operate as usual if necessary
Improve customer experience by making you more reliable, efficient, or unique business to work with
Flatten the process to save time and increase efficiency
Maximize cyber security to prevent possible data violations
Cut costs, keep your business financially
Automating the process, giving your staff more time to work on important tasks and upskill
Outperform competitors and establish yourself as a market leader
Reach more potential customers
Make sure you comply with regulations and compliance
Encourage business growth, in terms of size and income
Improve employee experience, make it easier to attract and maintain staff
TI equipment (laptop, pcs, keyboard, webcam, etc.) for remote workers
Cloud computing software to make data more accessible and safe
Collaboration tool to ensure staff remain connected while working remotely
Digital transformation In line with market trends and business goals - work to streamline the process, improve efficiency and revolutionize business through technology - you can find out more about digital transformation by downloading our ebook by downloading
Cybersecurity solutions to maximize protection with respect to long-distance work and compliance
Increased training to support remote workers
Fully managed to support to advise on how technology can facilitate goals and help businesses to grow after challenging 2020
Budgeting and ROI.
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