Insurance CIOs can tell you plenty about budgeting, as well as the struggle that comes with managing money wisely. However, it seems that CIOs have found a new, efficient way to handle IT without breaking the bank – contractors.
CIO Magazine recently reported on the cautiousness of CIOs as the economy slowly recovers – no one wants to spend money on in-house IT professionals. The U.S. Bureau of Labor Statistics shows that only 77,600 IT jobs have been added over the past year.
Bringing in IT contractors appears to be a viable solution to many, but are companies skimping on quality by outsourcing the work? Professionals in the industry don’t believe quality will be an issue, including Laura McGarrity from Mondo, an IT recruiting, staffing and consulting firm.
“Budgets for contract spending are increasing, especially in the media, communications, publishing and higher-ed markets,” McGarrity told CIO Magazine. “What we see from our clients is they are using those budgets to invest in IT contractors skilled at maximizing and squeezing additional value out of their existing technology platforms.”
Getting the most for your dollar
If you’re already outsourcing IT and you still want to squeeze more out of your budget, there are a couple of tricks you can use to manage money effectively.
Measuring ROI is the key to spending wisely. Knowing which pieces of technology have yielded positive results for your company can verify that your money is in the right place – and tip you off to which items you should avoid purchasing in the future. Working closely with other budget stakeholders can also help you keep a close eye on the money.
In addition to exercising smart spending yourself, you’ll want to make sure that your colleagues in other departments are doing the same.
Finally, think about starting the budget management process by making a list of your biggest needs. Perhaps your company’s computers are in dire need of an updated operating system. Maybe your department could benefit from new printers. Regardless of the issues, jotting them down and prioritizing everything can make it easier.
No one likes wasting money, and your company doesn’t have to. With a little strategic planning and some assistance from contract workers, you can look like a budgeting pro.
