Every year, Spiceworks, a professional network for the information technology industry, produces an annual report looking at IT budgets and tech trends. Their latest report, released this month, includes the results of a survey of more than 700 business technology buyers in North America and Europe.
According to the report, nearly 90 percent of companies expect their IT budgets to grow or stay steady in 2019. Additionally, IT budgets at large enterprises seem to be the most likely to increase this year with 56 percent of companies with 5,000 or more employees saying they expect their IT budgets to grow. The report also indicates that more than one-third of midsize companies, those with 500 to 999 employees, saw their IT budget increase due to corporate tax cuts.
As 2019 gets underway, many companies who increased their IT budgets in 2018 are likely looking for ways to spend leftover funds. Other companies, planning to increase their budgets this year, are looking for ways to wisely invest their IT dollars for the greatest impact.
There are variety of ways to direct your IT spending in the new year, but those companies that focus on using the latest technology to execute their goals will set themselves apart as thought leaders in the marketplace. Here are three areas to invest your IT budget for the highest ROI.
Process Automation
More than a decade ago, the Business Process Management Journal published a report looking at the impact of information technology and business‐process redesign. The report included examples of companies that have seen results from process automation. Among those included was snack food company Frito-Lay which saw a savings of 30,000 to 50,000 work hours per year after automating it’s purchasing processes.
IT process automation helps businesses streamline their operations to work more efficiently. Process automation also reduces chances for human error, a costly drain on businesses, by taking humans out of the equation. This frees up staff to take on other tasks, letting you prioritize your resources and put people in the places they’re needed most.
Blockchain
Spending on blockchain technology skyrocketed in 2018 and it’s only expected to continue rising this year. For example, health-related blockchain spending was estimated at approximately $177 million in 2018 but is expected to rise to more than $5.6 billion by 2025.
Thanks to the cryptocurrency market, blockchain is a major buzzword at the moment. Executing a blockchain project is a great way to promote your business, but the technology is about more than buzz. Blockchain can be used to simplify your business’ transactions and improve security. It can also be beneficial in supply chain management and change the way you store data.
Data Visualization
It’s no secret people are more receptive to pictures than words. According to the American Management Association, written information is 70 percent more memorable when it is combined with visuals and actions, visual language improves problem-solving effectiveness by 19 percent, and visual language produces 22 percent higher results in 13 percent less time.
These statistics demonstrate the power of data visualization and the benefits of using it to improve storytelling. Every company has data sources that can provide them with valuable insight, but it’s important to take this data and put it into a form that is easily digestible for the public and your own staff. Data visualization gives your company the tools to communicate a strong and clear message to the public. And in the office, according to the AMA, the use of data visualization can shorten business meetings by 24 percent.
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At Treehouse Technology Group we want to help you use your IT dollars wisely. We’ve worked with several groups to automate their processes, harness the power of blockchain and integrate data visualization to bring their organizations into the 21st century. If you’re interested in transforming your operation and want to work with a company with a successful track record, contact TTG for a free consultation. We specialize in helping companies develop robust solutions best suited for their specific business needs.
