Technology Planning and Budgeting for 2021

There’s no doubt, 2020 has been a period of massive change. The pandemic has forced businesses to change the way they do business–for example, more staff are working remotely than ever before. Read on to learn more about what to consider when planning your technology budget for the new year.

Consider Business Objectives First

In 2021, according to a CompTIA report, business technology spending is expected to grow by 4.2% in 2021 reaching over 5 trillion for the first time. Cloud is expected to be significant, showing up again as a trend after being out of the spotlight in 2020. Companies are expected to use the cloud as well as emerging technologies in the coming year to drive digital transformation, support work-from-anywhere requirements and improve communications and collaboration between employees, customers and the supply chain. Technologies like the Internet of Things (IoT) and artificial intelligence (AI) are expected to be embedded in business applications–for example, improving inventory control or for data processing operations.

When considering your tech spending, consider how technology can help reach business goals. Are you expecting remote work to continue, or even to hire more remote workers? Perhaps consider allocating more of your budget to cybersecurity and skills training. One thing to consider is the strength of your network, and whether you need more bandwidth or to focus on network security.