Instinctively, many business leaders will look to curb tech spending over the next couple of years, when in actual fact, according to experts, they should be viewing IT as a business driver – not a cost centre – and investing in key areas of IT to maintain their positions.

The question is, in which technologies must a business prioritise its spending to maximise long and short-term opportunities? Expert problem solvers at UK IT consultancy, Propel Tech, outline five ways to unlock value and business possibilities through tech in the next 18 months.

Avoid tech FOMO

Emerging and new innovations, like new developments in AI, machine learning, blockchain and cryptocurrency, are setting the tech world alight. Indeed, burgeoning IT can help reduce costs and provide agility and adaptability to a changing economic environment, but it’s also easy to be pulled into the hype, resulting in increased risk and costs in a bid to be seen to be using the latest tech.

Chris Kirkham, technology operations expert, recommends taking a step back: “Trends are as big in tech as there are in any other industry. Of course, innovation is exciting and responsible for some of the biggest improvements in all of our lives, but it's important to see the full picture and not be seduced by the buzz.

“Be pragmatic, speak to experts, and get a true understanding of the pros and cons, like increased costs, limitations, your ability to scale and improve using this technology, and the impact on the people in your business.”

Stay out of technical debt

Budgets are tight and the economy is shrinking, but cutting back on essential, ongoing tech maintenance will leave businesses in significant technical debt, requiring huge investment to get things back on track further down the line. A false economy.

Experienced software developer, David Hopson, explains how to stay on top of debt: “When a business faces difficult times, it's critical they have a maintenance plan in place. Everything from updating operating systems and database maintenance to the protection of malware and control of software licenses must be managed on a continuous basis to maximise efficiency and avoid lost opportunities.”

Keep hackers at bay

Data breaches happen every day, with huge financial and reputational costs to organisations, and no business is immune. Sadly, because a breach hasn’t happened, security may be the first area to experience cuts. The Open Web Security Project’s (OWASP) top ten list of risk factors is an ideal starting point for all businesses to maximise their software security.

Neil Hewitt, Senior Cloud Developer, says: “Developers can see when individuals have tried to hack the system, and most companies will be surprised to see attempts have been made. This usually forces businesses to think twice about neglecting their software security.”

Spread your security budget

Companies worldwide, some with massive security budgets, will invest millions in the latest firewalls and hardware, with up to 95% of security provisions being spent on network security. Yet application security is often overlooked, despite most bugs being generally based in software. 

Ben Hopper, Specialist Software Security Practitioner, says: “It’s reported that one in five companies have suffered some form of cyber-attack, all targeted at software. Money may be tight, but businesses must be careful when tempted to cut corners. Good security is generally an ‘invisible’ function in a company – if the security team is quiet, things are going well, but make no mistake, it’s a constant battle for any sector.”

Think twice before writing-off established technology 

Certain systems which form the control core of a company, such as Progress, may be seen as old and expensive in the face of exciting-sounding newer technologies. However, the expense may simply be due to the system requiring an overhaul. When a company moves from one major platform to another, there can be a knock-on effect on human resources, training and overall company processes, not to mention potentially expensive teething problems.

Diego Aires, Software Developer of 20 years, comments: “Quick wins can result in long-term issues. An in-depth, independent review of your system versus alternative technologies is essential when considering change. Established software that’s been around for a long time can have many benefits, such as regular updates, reliability, and problem-free performance, which may outweigh short-lived cost savings.” 

Propel Tech, the UK IT firm that makes tech possibilities happen across manufacturing, automotive, real estate, and many other sectors, says that before IT budgets are agreed upon, it's prudent for a business to first establish and understand its tech status. Is it a ‘Technology Now’, ‘Technology Forward’ or ‘Technology Future’ company? 

Technology Now companies are businesses that use existing tech purely as a support system. Technology Forward firms will invest in tech to move the business forward. Technology Future businesses are the type that put tech at the heart of their business, often disruptive start-up companies. 

Andy Brown, the founder of Propel Tech, explains: “Understanding your business type is a reality check which sometimes gives an answer you don’t want to hear – but is a critical starting point to enable an organisation to keep up with constant change and get the best possible value from their tech spend. A realistic and pragmatic approach to technology investment can improve efficiency, reduce risk, and put a business on the front foot in tough economic times.”

Propel Tech’s free, quick and easy online assessment will provide an instant evaluation of your business type. The consultancy, which has provided bespoke software development and testing, web and mobile app development, system integration, and digital transformation for major companies throughout the past 10 years, has also produced a white paper to give businesses the tools they need to supercharge their technology value proposition.