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Manage an IT Budget

Control your budget before it controls you.

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Without an effective budget management process:

  • The CIO gets pulled in different directions with changing demands and is unable to come in on budget at the end of the fiscal year.
  • IT gets viewed as a cost center that is always asking for more money, and the business does not see the value it delivers.

With an effective budget management process:

  • The IT department can proactively respond to changing demands and budget variances, staying on track towards its budget goals.
  • IT can better demonstrate and communicate the value it delivers to the business,  increasing business satisfaction.

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Module 1: Document Budget

The Purpose

The first step of managing your IT budget is to make sure there is a properly documented budget that everyone agrees upon.

Key Benefits Achieved

A properly documented budget facilitates management and communication of the budget.

Activities: Outputs:
1.1 Review budget for the year.
  • Budget broken out into monthly increments and by each account.
1.2 Document each budget in the tool.
  • Budget documented in tool.
1.3 Review CAPEX vs. OPEX.
1.4 Customize accounts to match your organization.
  • Tool customized to reflect organization's specific accounts and terminology.

Module 2: Optimize Documentation Process

The Purpose

A proper documentation process forms the backbone for effective budget management.

Key Benefits Achieved

A streamlined documentation process with accurate inputs that also considers the elements of people and technology.

Activities: Outputs:
2.1 Draw out process flow of current documentation.
2.2 Identify bottlenecks.
  • Process flow of current documentation process with identified bottlenecks.
2.3 Discuss and develop roadmap to solving bottlenecks.
  • Plan to mitigate bottlenecks.

Module 3: Track and Control for Over- and Underspending

The Purpose

Track your planned budget against actual expenditures to catch areas of over- and underspending in a timely manner. Then, leverage control mechanisms to manage variances in your budget.

Key Benefits Achieved

Tracking and controlling for variances will help the IT department stay on track towards its budget goals. It will also help with communicating IT’s value to the business.

Activities: Outputs:
3.1 Walk through the “Overview Bar.”
  • Assess the “Overview Bar.”
3.2 Document actual expenses incurred in fiscal to date.
  • Document actual expenditures and committed expenses up to the current date.
3.3 Review the risk of over- and underspending.
  • Develop a strategy and roadmap for how you will mitigate any current under- or overspends.
3.4 Use the reforecast column to control for over- and underspend.
  • Reforecast expenditures for each account for each month for the remainder of the fiscal year.
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