3 must-have calculator tools for tech leaders

Whether you need to calculate the cost of downtime or a new IT project, these TechRepublic Premium calculators can help you prepare for what comes next.

Image: iStock/Chalirmpoj Pimpisarncal

“Expect the best. Prepare for the worst. Take advantage of what comes.” Zig Ziglar, the late salesman, author, and extraordinary motivational speaker, had a point. In both business and technology, you should always be prepared for whatever comes – and do what you need to do to benefit from it.

Especially when it comes to your IT budget. Things can change at any time. At the beginning of 2019, none of us were prepared for the months to come. None of us were aware that a global pandemic would devastate our world and threaten our businesses. And many IT departments were unaware that an immediate need for more resources was coming.

While many organizations quickly reduced their budgets, IT budgets remained the same. In fact, the experts at Deloitte Insights observed flat and rising technology budgets in most organizations in the wake of COVID-19.

While this fact may come as a surprise to some, for savvy IT professionals, the COVID-19 pandemic underlined the need for improved technical infrastructure. Businesses needed remote working capabilities that protected collaboration and productivity. They needed to provide their customers with online experiences that mirrored the in-store shopping experience. Innovation was no longer a choice but a necessity.

Now IT budgets are getting bigger and bigger to take advantage of the hard lessons learned with the advent of the pandemic.

Whether your IT department raises its budget to make room for further innovation or waits to see what happens next, one thing is certain: you need to be prepared for anything and everything. This means closely monitoring potential expenses and costs and developing a plan that takes into account both best and worst case scenarios.

Below are three TechRepublic Premium calculators that can help you calculate everything from system outage costs to computer hardware depreciation.

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System downtime cost calculator

It’s no secret that businesses depend on computer systems. All critical business tasks require computer connectivity, whether that’s talking to customers or fulfilling product orders. When computer systems fail, business stops, which can seriously hurt your bottom line.

For several years, Gartner has said that businesses lose an average of $5,600 for every minute of downtime. However, this number can be much more or much less depending on your business.

The best way to understand the cost of downtime for your organization is to use this TechRepublic Premium calculator. It is designed to help you evaluate the cost of downtime based on your company’s reliance on certain key systems.

This calculator also includes an Assumptions tab, which helps you see which job categories are most affected by major system failures. With this calculator you can calculate how much resources you need to bounce back if the worst happens.

Cost benefit calculator for IT projects

Digital transformation is costly. And while budgets are increasing, organizations still need to be selective about the IT projects they tackle. One of the most important factors in determining which projects to go through is a cost-benefit analysis. And unfortunately, this is one of the most challenging professional tasks.

Effective analysis requires expertise in planning and executing IT projects, developing accurate budgets, and understanding how costs and benefits change throughout a project’s lifecycle. Our calculator can help.

With this calculator you can list and calculate the real cost of your engineering projects. It contains sections for collecting expenses for the first year and for expenses for the second and third years. In addition, there are tabs for listing and estimating a project’s cost savings and revenue opportunities.

Once all tabs are completed, the calculator automatically calculates the total costs and benefits of the project so you can make an informed decision.

Computer hardware depreciation calculator

Every department has to account for depreciation when it comes to finances. This is especially true for IT departments that manage laptops, servers, mobile devices, and more.

Why? You must account for depreciation to determine actual profit and use depreciation values in your tax return. In addition, depreciation gives you a clear insight into when it is the right time to purchase new equipment.

How do you calculate the depreciation of your assets? That depends on timing and other factors. This calculator can help you calculate standard depreciation in several ways, including: