IT professionals everywhere are wondering the same thing: How will I ever get my purchases approved in this market environment? With a global pandemic, a stock market in free fall, and pundits talking about layoffs, many are operating under the assumption that their leadership would deny any spending.
The truth is that many companies are far from calling a halt on new spending. Organizational leaders are aware they can’t survive a potential recession by stopping all spending. However, they must also keep in mind that any spending must be focused on what’s vitally important; it has to be on resources that will lead to significant organizational progress.
Strategic Purchasing Is a Must
To be successful with a stricter spending model, it’s important for IT leaders to have a clear framework for how they can evaluate investments when considering submitting those for approval. Evaluating spending strategically will not only help IT admins focus their time on the areas of highest value, but organizational leaders will acknowledge and appreciate the strategy behind their finance requests.
An easy way to think about this is to evaluate spending based on future goals, necessary investments, and the return on investment (ROI) of a project.
Have Clear Goals and Outcomes
Before proposing that organizational leaders approve funding to a project, it’s important that IT leaders know the clear outcome of what they’re asking for. Can the goals be quantified or specified as clearly as possible so leaders can better understand what the result would be?
This can often be challenging in IT where many predicted outcomes are centralized on productivity. Unfortunately, in a difficult market environment those answers may not meet the bar for investment. Knowing what outcomes are possible from a project helps leadership see the intentions behind an IT team’s requests. If the projected results don’t match leadership’s vision for the company moving forward, admins can readjust and better align their goals to suit the company as a whole.
What Investments Are Needed?
Offering clarity on the time, money, (Read more…)