What’s your budget process for 2022?
So many of our conversations today are about how to spend or allocate budgets for “2022”
As you might guess, the question I have is…where are you with your digital roadmap?
The answer I get back is usually along the lines of “Well we have a corporate strategy with some digital elements included”
It gets worse…
Now I ask, “which digital elements are you including?”
This is where the conversation goes sideways as I’m now told it’s in the hands of the CIO and they make that decision as to what they need!
Yikes…what we have here is a basic misunderstanding of what a Digital organization looks like
So I begin to ask some follow-up questions assuming there’s still a conversation going!
- Are you increasing your spending on HR in order to find more qualified people? If so how?
- Are you increasing your spending on procurement tools and processes?
- What about production, inventory, and product development?
- Are customer experience and user experience on your list?
- Are data management and IT infrastructure a concern for you in 2022?
- How are your sales and marketing budgets going to be addressed?
And I am just getting warmed up!
All of these areas are incredibly important in and of themselves… but not all of them can be addressed at the same time!
What are your key priorities?
- New Customer Acquisition
- Account growth
- Market penetration
- Operational efficiencies
- HR costs
- Procurement costs
- Marketing costs
- New product development and research
- Customer Experience
- Data management
So the answer to this series of questions is … you need a digital roadmap!
More importantly, it would help if you had a Digital Workshops at the Executive and leadership levels in order to get this all put in place
There is still time for this to be done!
It’s not costly and it will pay for itself many times over
Just keep doing what you are doing and hope things get better, that always works!