Solutions provided by IT professionals are often accompanied by a high return on investment, but companies will never see that ROI if their IT budget is inadequate. Many IT professionals function under some variation of this expectation for the IT department: save the company time and money through tech solutions, but do it without spending money.
The leader of the technology department must advocate for an adequate budget, and the best way to speak a CFO's language is to share numbers to illustrate a point. These 7 statistics might help you make your case:
1. According to the 2015 Cyberthreat Defense Report, 71% of companies had been affected by a cyberattack in the past 12 months and the average cost of a data breach is $3.5 million.
Because security is the company's ethical responsibility and not an upgrade, it is arguably the most important reason to invest in the IT department.
2. According to a study conducted by the Small Business and Entrepreneur Council, mobile apps to manage operations are saving small businesses an average of $14,000 per year.
Additionally, almost 50% stated that using an operations app allowed them to turn hours saved toward sales, increasing revenue and 36% said that they cut overhead costs as a result, too.
3. Gartner, a research firm, estimates that $270 billion in consumer payments will be made from a mobile device in 2017.
B2C companies hoping to get a piece of the pie have to have secure technology that provides convenient options to pay.
4. According to Forbes, companies using business analytics are 500% more likely to make quick decisions.
Decisions are not only quicker, but informed and confident when IT solutions provide transparent, real-time data.
5. A study conducted by KPMG found that companies are using business intelligence in nearly every aspect of their organization.
More specifically, businesses are using the information revealed through BI technologies to:
- Drive process
- Save costs
- Develop new services and products
- Find new customers
- Manage risk
- Drive strategy
- Analyze profitability
- Analyze customer needs
An investment in technology is an investment in all of these areas when the dollars are applied to business intelligence solutions.
6. 59% of millennials consider a company's investment in "state-of-the-art technology" when making decisions about employment, according to a study conducted by PwC.
Furthermore, over a third of workers in America are millennials today, who also indicate that they would rather communicate electronically than via any other means.
7. The average cost of quality cybersecurity is $4,800 annually per employee or $57,600 annually for a company of 50.
The cost may be higher in heavily regulated industries such as banking, clinical research, and healthcare.