Business Technology You Should Consider When Budgeting for 2022

The technology industry grows in strength and numbers each year. More technology tools and systems allow us greater accessibility than we’ve ever been capable of before. As 2020 came to a close and 2021 started anew, there were several influxes of major technology utilizations, like data collection and data usage, that some companies didn’t plan for – but certainly paid for. Now looking forward to 2022, it’s important to pay attention to both internal and external factors in order to prepare for all possibilities. Here is a list of three items that we believe every leadership team should account for within their technology budget for 2022.

The Must-Haves

Software Spending

Spending on software tools that allow your people to efficiently communicate, collaborate, and enhance productivity is crucial in a time with a more geographically divided workforce. Software systems are and should be evolving to meet the growing capabilities of technology, and your team should be completely prepared. An internal, digital communication tool beyond email will be crucial as work-from-home employees try to collaborate – and client-facing employees try to manage their accounts well. Project management software and other organizational tools will also be crucial if physically separated workers are to collaborate in real-time effectively.

Data Utilization

In 2020, 79% of companies in the US stated they collect personal data from their subjects living in the region. Data collection is a valuable asset to any company that members of each department can use to leverage for analytics, artificial intelligence, and business process automation, but only if that data can be organized, analyzed, and interpreted in a way that’s valuable. With a massive intake of data and information, it’s critical to implement or update your systems that consistently filter out any irrelevant information and set your business analysts up for success. It’s highly important to focus on the growth of these processes – invest in data integration tools that support your company’s inner-efficiency and allow viable, relevant data to facilitate your boost in revenue.

IT Security

As the accessibility to information expands, companies will see an even greater risk of security lapses. Security provider, Upguard, reports that 1,473 corporate data breaches occurred in 2019 and 27% of companies experienced a ransomware attack. These numbers were gathered only a few years back, but we can only infer that these numbers will continue to grow for years to come. How do companies ensure all of this information is protected? Data is one of the most rapidly, unavoidable growing factors of our era. Collecting more useful data means an urgent need for upgrading network security solutions.

Looking Ahead

As we continue treading new ground in the era of tech advancements, knowing the right trends to stay keen on can be tough. The biggest lesson to keep in mind during your budgeting process is to know where your company stands on the spectrum – are you actively establishing the best practices and managing your costs effectively? Understanding the power of your technology and allocating your resources to uphold that power is crucial. If you find yourself struggling to keep up with the rest, there are people who can help. At Madison Taylor Technology, we can provide you with clear and concise tech consultation to help you see through the ever-changing industry.

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