What should your IT Spend be?
The amount you spend on your IT, technology and cyber security are all complex issues – this whitepaper addresses all of them.
How much should your IT spend really be?
A question that our IT consultants often hear is: “How much should my IT spend be and is it worth it?”
The answer lies in our IT Spend whitepaper which shows you how to calculate the right amount for your business and what you should consider when putting your IT budget together.
The value of your IT spend is naturally determined by the type of industry that your business operates within. Some are typically more reliant on IT than others and so your IT budget and spend will reflect this.
For example, a Deloitte study found that on average, the banking and securities industry invests 7.16% of annual turnover into IT. Whereas the construction industry only spends 1.51%.
Even if IT isn’t a large part of your business strategy right now, you need to consider the future and how an IT strategy review could take your business to the next level.
Download our IT spend guide now and ensure you are investing in your IT sufficiently to allow it to meet its growth objectives.
IT Spend: MSP vs Break/Fix
“Not all MSPs are created equal.”
Many businesses outsource their IT support to an IT company with a break/fix business model.
This works out cheaper than working with an experienced managed service partner (MSP) but comes with significant drawbacks.
Break/fix is reactive, whereas an experienced MSP will deal with IT issues proactively.
Strategy-focused support from an MSP adds value to your business, making IT decisions based on your wider business strategy. Conversely, break/fix adds no value to your business and will ultimately result in you spending more money than you save.
Ultimately – with IT support, you typically get what you pay for.
How good is your data management?
Data breaches are catastrophic – for any business.
They’re expensive, erode trust, and the cleanup can take a really long time.
A data breach is also a signal to cyber criminals that your business is ripe for exploitation. This increases the risk of another cyber attack.
You can minimise this risk with a robust IT strategy and cyber security plan, as part of a managed service.
In short, cyber crime will cost your business money in some form.
Our view is that prevention is better than cure.
Let’s look at the statistics.
The average cost of a data breach is estimated to be around £2.95m. Furthermore, fines for a GDPR data breach can reach up to €20 million, or 4% of global annual turnover. Even a much smaller fine will still cost your business more than any investment in your IT.
Just like using break/fix IT support, a fine is not investment. On the other hand, investment in managed IT support is a positive, proactive and outgoing decision for your business.