Technology Business Management (TBM) software helps IT leaders optimize costs and make informed investments. CIOs in particular can benefit tremendously from automated financial management solutions – but they aren’t the only ones.
Here’s how TBM software impacts the entire organization:
The role of the CIO is evolving along with new technology and shifting business demands. Many CIOs are under pressure to drive innovation with limited budgets and severe time constraints. With an automated software solution to monitor expenses, CIOs will be able to improve investments of both their time and finances.
With fully transparent information, the CEO can make informed decisions to improve business outcomes. Technology Business Management best practices support strategic decision making, taking into consideration the true cost of any objective. For example, the CEO can decide whether or not to pursue an acquisition, to outsource any IT projects, or to implement a new strategy based on IT costs. Simply put, the CEO will be able to make long-term plans in accordance with multi-year projections for IT budgets.
Would you pay your credit card bill without reviewing the itemized list of charges? You probably review your statement each month before making a payment. The CFO applies the same reasoning on a much larger scale when he or she reviews the final bill for IT at the end of the year. Only in this case, when the CFO requests a detailed breakdown of the charges, there isn’t one! Imagine if the CFO actually could access this information, down to the penny.
Finance and Accounting
The Finance team won’t have to worry about tracking down members of the IT department to ask questions about the budget. With a fully automated system, the IT cost breakdown will integrate directly with the General Ledger. Managing interdepartmental billings will be a breeze!
The Business Office
Yes, the entire business office benefits from full IT financial management. When business professionals can review clear reports of how their demands impact the IT budget, they will be in a position to improve the projections for next year. Plus, they will gain more appreciation for the support that their IT department provides the organization.
Not only will you be in control of your internal costs, but you’ll also be able to track your spending with vendors and benchmark your costs with those of your peers.
IT Service Management
The CIO isn’t the only one in the IT department who can benefit from TBM software. Those in charge of IT Service Management can quickly identify asset capacity dependence for services, with a cost and activity breakdown for each service.
With TBM software, all of your application dependencies will be visible, and your infrastructure will be fully costed. Your data center architects can focus on innovation and security without having to worry about the financials behind the scenes.
For a deeper look into how TBM software benefits every department in your organization, visit our interactive ACME corporation. Click on doors to enter different offices, and hover over the quote icons for more details!
Photo by Rawpixel.com/Adobe Stock