Provide a paragraph each for below with one reference each:
Please provide a paragraph each for below with one reference each:
Posting #1:
What impact does the IT budget have on the company, both short-term and long-term?
Also, define and explain the IT Processes.
Posting #2 Reply for below
“A good IT budget not only gives the organization the ability to manage its IT costs in both the short and long term, but it also provides the agility needed to adjust IT spending in response to changes in the business environment. In the final analysis, a good IT budget provides a competitive advantage because it helps organizations better execute in achieving their missions. CPAs should play a critical role in helping their organizations gain this competitive edge”
Companies having a good IT budget can help keep cost down. This can help with over spending and managing the budget easier.
Retrieved from: https://www.journalofaccountancy.com/issues/2012/mar/20114439.html#:~:text=A%20good%20IT%20budget%20not,changes%20in%20the%20business%20environment.
The IT Process domain provides a way to manage your IT infrastructure in a planned, controlled and repeatable manner.
Posting #3 Reply for Below
An IT budget allows a company to plan for how they will spend money in order to meet the company’s organizational goals. It impacts short-term costs in the area of operating expenses (OPEX). These are expenses that are necessary for the operation of the day-to-day activities such as cost of goods, employee’s salaries/benefits, building supplies, etc. An IT budget impacts long-term costs in the area of capital expenses (CAPEX). These expenses are related to investments. These are related to assets purchased and to be used long term.
The IT Process is how a company plans and budgets. The IT Process includes:
1) Establishing Corporate Fiscal Policy
2) Setting IT Spending Levels
3) Establishing The Strategic Goals for IT & BU Determines the IT Strategic Priority Investments.
The establishment of a corporate policy involves defining the return on investment (ROI) and defining short-term and long-term goals.
The setting of spending levels involves discussing changes in regulations/legislation, competition, products/services and company’s previous year spending and growth.
The establishment of strategic goals is necessary to ensure the budget is aligned with the corporate goals.
Smith, J.D.M.H. A. (2019). IT Strategy: Issues and Practices. [DeVry]. Retrieved from https://devry.vitalsource.com/#/books/9780135822272/ (Links to an external site.)
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