Below, we’ve identified five areas representing the best uses for your IT budget for your small business.

1. Hiring and training

This probably isn’t the first thing that enters your mind when you think about your IT budget, but it’s first on this list because hiring and training qualified IT professionals is the most important use of your tech funds in the year ahead.

Moving forward, you need to hire IT professionals with experience in applied machine learning, data science, digital transformation, and other specialized subject areas.

2. The internet of things

Besides using the IoT for high-ticket operations like facility automation and fleet management, you can use it just as well for smaller projects such as temperature control, smart doors, and power sensors. These solutions are cheap, easily accessible, and can significantly reduce your business’ administrative overheads.

3. The cloud

These days, most businesses rely on cloud applications for streamlined operations. The cloud makes access extremely convenient, and offers a cheaper solution for businesses looking to dodge infrastructure and implementation costs. Cloud apps are scalable, and let you track and manage real-time data.

This kind of flexibility and agility is a must in today’s competitive arena.

4. Cybersecurity

Having a holistic and expansive cybersecurity strategy expands your business’s technological capabilities, improves your reaction times to potential issues, and creates a system of accountability around your data security operations. If these lower priority issues aren’t addressed, risks associated with cybercrime can drive up costs, open you up to liability, and fracture processes crucial to the survival of your business.

5. Big data analytics

You can use data to analyze and optimize all aspects of your operations. Whether you’re aiming to improve core efficiencies, improve and validate your decision-making process, or recruit better employees, data science can have a huge impact on your business.

Remember: you’re only as good as the best data you have on hand, so make sure your IT budget shows some love to actionable analytics.

 

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