As we move into December, winding down in the final weeks of 2018 and planning for the coming year, many companies take this time to consider budgets. They continue searching for the most economically efficient ways to run their businesses and recollect on areas of improvement from the closing fiscal year.
One area not to be overlooked during these discussions is technology spending. As the Forrester report, “US Tech Market Outlook for 2018 and 2019”, suggests, the global tech market will see a 5 percent increase in spend over the next year. (https://www.zdnet.com/article/why-cios-must-lead-2019-it-budget-planning-with-digital-transformation/). This increasing expenditure stems from the growing trend towards digitization. While the global mindset evolves, what does that mean for companies’ pending budgetary decisions?
Some sources believe the only way to go digital effectively requires reimagining the way companies create their budgets. This philosophy often comes hand-in-hand with the “breaking the bank” mentality necessary to meet technological demands. Making this change, whether by increasing the IT department’s budget or budgeting with an overall digital mentality, companies risk overspending and taking costly actions.
The ultimatum at hand is difficult. It demands that you choose between spending too much to stay ahead or risk falling behind to stay within acceptable budget limits. Neither is particularly appealing. However, there is a third alternative. Calling this option the middle ground would be a misnomer, suggesting that a company has to compromise what it wants. This option implements the use of one low-code, flexible platform that can be leveraged to service multiple digital needs with economically efficient fees. With this option, companies can stay in the digital game without conceding their entire budget. As financial discussions continue and digital pressures ensue, companies should consider using innovative, process automation, digital platforms. Such platforms work seamlessly with existing applications across the organization at a lower price point. In this way, companies can free up funds for other areas of their businesses!
Is your company pursuing the digital transformation while also staying within the budget?
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