Revenue Generation and the IT Department
By Matt Brennan
Traditionally, the IT department has not been viewed as a revenue center. The projects that they work on consume part of the budget, but the department has not traditionally been expected to generate money for the company. As the sales and marketing processes increasingly rely on technology, that reality is starting to shift.
More businesses are expecting their IT department to add to the company’s bottom line, which is shifting the focus of the role for many chief information officers. Let’s look at some of the increasingly common ways that IT departments are starting to produce revenue for their companies.
Revenue-Producing IT Projects
IT departments across the U.S. and globally are becoming larger. When they bring on new people, they tend to benefit from more creative ideas. These IT departments are taking on an increasing amount of projects in addition to internal business infrastructure. It also becomes easier for decision makers to approve this expansion when the IT department becomes a source of revenue.
Below are some of the types of projects that have transitioned IT departments into the profit game.
Chat-Bots – Artificial intelligence chat bots can enhance customer service and have the potential to close more sales. These tools have the power to make the customer experience more seamless every day. IT departments are a crucial part of implementation and support.
eCommerce Websites – The IT department has the ability to capitalize on the technology necessary to capture more leads. They can put a stronger infrastructure in place for a higher level of sales.
Mobile Apps – Mobile apps can deepen a customer’s relationship with a company. The customer is making the commitment to reserve sacred home screen smart phone space. Every interaction holds the potential for revenue generation.
Data Collection Tools – The IT department can take up the task of data collection in order to streamline services. They can develop the necessary reports that will impact the decision-making process.
Monitor Internal and External Technology Use
In the process of developing revenue-producing IT projects, it’s important to monitor and understand how technology is being used both internally by employees, and externally, by customers. Technology helps to create a more efficient work environment. It can help younger employees feel involved in company culture, and a part of the decision-making process.
It can also help you to engage with customers more frequently, and meaningfully. Technology such as mobile apps can be used to strengthen customer relationships and increase interactions. The bottom line is that the right technology can strengthen your company’s image on more than one front.
Has Your Company Made the Transition?
It may be time to reconsider how your IT department is viewed within the company. With these strategies in mind, IT can become part of the revenue generation cycle, or to provide a foundation of revenue support for other departments.
IT departments can grow and prosper as they learn how to add more value for the company and its customers. When these departments are viewed as revenue generation centers, they can more justifiably expand, and draw higher salaries for their contribution.
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