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How to budget for an enterprise technology program

In bigger corporations, the annual budget is the key to knowing how much each program will cost. The breakdown of these costs is very important to corporations even with realistic numbers such as $100,000. When you break down all the costs, you make it easier for the financial department to understand all the details and ultimately say yes to the program.

We understand tech pros aren't the best budgeting experts, but here how you can budget for your technology program proposal.

When asking the finance department to make an investment in technology program focus on the benefits the program bring to the company, especially ones that can be easily tracked and quantified. The goal is to show that the program will pay for itself, and then some. Don’t be afraid to think outside of the box, even if that requires research. 

Finance departments want to see:

• the projected return on investment;
• existing costs that technology program can lower or eliminate; and
• how this program can increase efficiency.

For example for a drone program, you could talk about company's current accident records and how drones can help prevent injuries which result in the reduction in worker's compensation rates. Additionally, drones may be able to inspect unreachable areas that typically require cranes or scaffolding, faster and more accurately.

Next step is to include what's required to start your tech-program. You should typically start with the goal of the program and work backward to get to that starting point.

For example for a drone program, initial expenses can include at least one drone, sensors to gather the needed data (such as LiDAR), 8-12 batteries per drone, pilot training and salary, data-processing software and an airspace and operations management platform. 

Most companies have a process for budgeting. Find out what that is, including deadlines for new budget items. Ask the accounting department how to submit a budget request. If it’s a spreadsheet, ask what columns and information should be included. This will make it easier for the financial team to understand the needs at the outset.

Companies invest in technology programs for a wide range of reasons, but the surest way to gain approval is to develop a thoughtful and analytical proposal for how much it will cost and its benefit to the business's bottom line. 

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