Small budget, big impact
January 29, 2019
Not everyone has the luxury of a multimillion-pound budget for a large-scale IT project. So how do you keep up with those who do? In this article, we discuss how sometimes, when it comes to IT budgets, bigger isn’t necessarily always better…
Technology projects are growing year on year as IT systems become an increasingly important factor across almost every industry’s business model. With this growth comes a higher level of risk. And as we know, IT is all about innovation and is therefore often unpredictable and things can go wrong.
A change in times
Researchers for Mckinsey and Oxford University found that 50% of all the large IT projects with over 15m budgets they studied actually blow their budget, while 7% weren’t delivered on time and went on to deliver much less value than originally predicted. As times change and our approach to innovation evolves, it looks like these larger projects may become a thing of the past.
While some may see small budgets as an obstacle, others see them as a gift. Pradip Sitaram, SV an CIO at Enterprise Community partners once said: “If you have constraints, you’re forced to think outside of the box, to think innovatively and say, ‘How can I best make use of the limited resources I have in time, money and people to come up with good solutions.’
Moving forwards, organisations must accept that ‘not every experiment will succeed, not every idea will become reality and not every innovation exercise will result in profit’ says Pradip. ‘You will fail more often than you succeed, but will learn valuable lessons along the way.’ This approach will no doubt create a culture that accepts that it’s okay to test things out and learn from mistakes, eventually venturing out of the safe zone where the magic will happen.
Although the road to digital transformation is a long, bumpy, unpredictable ride, that doesn’t mean you can’t create meaningful impacts one small step at a time, one small project at a time to get where you need to be.
At Q, we appreciate the ongoing budgetary barriers which more and more companies are facing. Internal expectations of technology are increasing, yet budgets remain static, or worse are starting to decline. We understand the battle between Cap-Ex and Op-Ex funding, and therefore offer a range of smart financial solutions to help our customers maximise their budgets and efficiency. Contact us today to find out more.