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How to Secure Funding for an IT Project

April 27, 2023

IT projects are becoming critical to the success of a company. Securing funding for an IT project, however, can be challenging, especially if it is not seen as a top priority by management or the board. As it is the start of a new tax year, now is the perfect time to secure funding and improve your IT infrastructure to help you get the most out of your business. In this article, we will discuss some tips on how to secure funding for an IT project.

 

Opportune Time for IT Funding

 

The start of a new tax year for most businesses is an opportune time to secure funding for IT projects. This is the time when businesses are creating their yearly budgets, and IT managers/directors, finance directors, or managing directors can take advantage of this opportunity to request funds for IT infrastructures, software, and resources.

The importance of having good IT infrastructure is often overlooked by most businesses. Now more and more businesses are undergoing some form of digital transformation, and having strong IT systems in place ensures extra efficiency and security for your next IT project.

 

Tips to Secure Funding For an IT Project

 

Develop a Business Case

Before requesting funding for an IT project, it’s essential to develop a business case that outlines the benefits and costs of the project. This should include a clear outline of how the project will improve the company’s operations, increase revenue, or reduce costs. A good pitch goes a long way when suggesting funding for something so important to a business.

 

Speak the Language of the Business

IT professionals often speak a different language than other business professionals. When presenting the business case, it’s essential to use language that is familiar to the decision-makers. This will help to ensure that they understand the benefits of the project and are more likely to approve the funding.

 

Align With Business Objectives

Ensure that the IT project aligns with the business’s objectives. Decision-makers are more likely to approve funding if they see how the project aligns with the company’s goals. Outline clearly how good IT infrastructure will benefit your next big project or venture.

 

Prioritise the Projects

IT departments are often inundated with requests for new projects. It’s important to prioritise these projects and present the most critical ones first. This will help to ensure that the decision-makers focus on the most important projects and are more likely to approve funding for them.

 

Provide a Detailed Budget

When requesting funding, it’s important to provide a detailed budget that outlines the costs of the project. This should include all costs, such as hardware, software, labour, and any other associated expenses. It’s important to stay realistic when requesting funding for something like an IT project, but don’t forget to stress its importance.

 

Demonstrate Return on Investment (ROI)

Decision-makers want to see a return on their investment. It’s important to demonstrate how the IT project will provide a return on investment, such as increased revenue, cost savings, or improved efficiency. Give clear examples of how the IT project will improve or benefit the business and be specific in what areas they will be able to see these improvements.

 

Signs Your Business Needs Better IT Resources

 

Having good IT resources is critical to running successful IT projects. Here are some signs that your business might need better IT resources:

 

Slow Performance

If your computer systems are running slowly, it may be time to upgrade your hardware or software. This can result in a lot of downtimes and lost productivity for your business if your employees are waiting for computers to load basic programmes or software all day. It can also slow customer service operations and lead to customer dissatisfaction if not improved.

 

Security Breaches

If your company is experiencing security breaches, it may be time to invest in better security software or training for employees. Cyber-attacks are one of the biggest digital threats to businesses, so it’s important that you are as prepared as possible against all kinds of cyber threats. Incident resolution systems also play an important part in recovering from cyber-attacks quickly.

You can learn more about cybersecurity in our informative article Cybersecurity and Cybercrime Explained.

 

Lack of Mobility

If your employees are tied to their desks and unable to work remotely, it may be time to invest in mobile devices or remote access software. More and more employees are opting for more flexible working options, which include remote or hybrid working with less time spent in the office. Incompatible systems with remote working can lead to your employees becoming more frustrated and reduce overall employee satisfaction with your business.

 

Inefficient Processes

If your company is using outdated software or has lots of manual processes, it may be time to invest in automation or new software to improve efficiency. Again this can lead to increased downtime and lower productivity levels but also less progress and achievements for your business on an almost daily basis.

 

Inability to Meet Customer Demands

If your company is unable to meet customer demands due to outdated systems, it may be time to invest in new technology to improve customer service and satisfaction. Your customers are at the forefront of your business therefore an inability to keep up with customer demands could result in a decrease in customer loyalty and overall sales.

 

Inadequate Recovery Systems

As businesses rely more and more on digital and automated systems, the risk of error increases due to inadequate recovery systems. Backup and recovery plans are as important as investing in good IT infrastructure to ensure all your business and customer data is kept safe.

 

Final Thoughts

 

Outdated and substandard IT infrastructure can cost your business time and money and often frustration from your employees. Investing in systems that will improve overall business efficiency is vital for success. Although it can be a challenge securing funding for IT projects, by following the advice in this article you stand a better chance of getting your IT project off the ground.

 

Why choose Eventura for your digital transformation journey?

 

Eventura have been helping businesses in their digital transformation journey for two decades. From the implementation of industry-leading ERP solutions such as Sage 200 and NetSuite, to helping them move their entire operations to the cloud and away from costly and restrictive on-premise solutions.

As well as being NetSuite Solution Providers, Sage 200 Partners and Microsoft Gold Partners, we also offer a wide range of managed IT services, meaning we can take your business as a whole and help it achieve digital transformation.

If you would like to speak to one of our experts, you can request a free call back here.

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