IT budgeting Definitions

  • I

    IT procurement

    IT procurement is the series of activities and procedures necessary to acquire information technology products or services.

  • IT productivity

    IT productivity is a reference to the relationship between an organization's technology investments and its corresponding efficiency gains, or return on investment.

  • IT strategic plan (information technology strategic plan)

    An IT strategic plan outlines a company's technology-enabled business management processes that it uses to guide operations and prioritize business goals.

  • IT strategy (information technology strategy)

    IT strategy (information technology strategy) is a comprehensive plan that outlines how technology should be used to meet IT and business goals.

  • L

    labor automation

    Labor automation refers to the use of technology to perform specific tasks or jobs traditionally done by humans. As artificial intelligence and machine learning become integral to labor automation, experts believe entire jobs, not just specific tasks, will be automated.

  • P

    project management

    Project management is the discipline of using established principles, procedures and policies to successfully guide a project from conception through completion.

  • R

    reshoring

    Reshoring is the practice of bringing outsourced personnel and services back to the location from which they were originally offshored. 

  • ROI (return on investment)

    For a given use of money in an enterprise, the ROI (return on investment) is how much profit or cost saving is realized as a result.

  • S

    shared services

    Shared services is the consolidation of business operations that are used by multiple parts of the same organization.  

  • SkunkWorks project (Skunk Works)

    A SkunkWorks project (also known as Skunk Works) is an innovative undertaking, involving a small group of people, that is outside the normal research and development channels within an organization.

  • sunk cost (SC)

    A sunk cost is money that has already been spent and cannot be recovered. Logic dictates that because sunk costs will not change -- no matter what actions are taken -- they should not play a role in decision-making. Emotionally, however, the more someone invests time, effort and money on something, the harder it becomes to leave it and move on.

  • V

    value innovation

    Value innovation is the implementation of upgrades or new technologies designed to help a company differentiate its products or services while lowering costs.

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