* IT budget is a wish list of funding for every conceivable project and technology that’s expected to be reduced, trimmed, and rejected. * IT budget can be divided across various categories, depending on the complexity and sophistication of your department and its structure – Hardware, Software, Support and maintenance, Backup and contingency costs, IT Department Staff, Project Cost, and Miscellaneous. * Like a project plan or IT roadmap, the budget provides direction and a holistic view of your department and its funding requirements. It lets you quickly determine whether resources are overcommitted in one area or another.
Environmental (E): Description: Efficient IT budget planning can reduce unnecessary spending on energy-intensive technologies. Example: Allocating budget for energy-efficient server hardware that reduces electricity consumption. Social (S): Description: Budget planning ensures resources are allocated to support employees and customers. Example: Allocating budget for training programs that enhance employee skills and customer support services. Governance (G): Description: Good governance ensures transparency and accountability in budget allocation. Example: Implementing a governance structure that reviews and approves IT budgets to prevent misallocation.
