There are significant benefits achieved by undergoing an IT Financial Management (ITFM) transformation. A transformation project is usually undertaken to considerably reduce the time and effort spent doing budget planning and financial decision making. We estimate that clients see a minimum of 50% reduction in time and effort after the transformation has taken place.
This is achieved through this 3 Step modernization approach.
Step 1: Map and prioritize IT service cost to line of business unit value.
Step 2: Scrutinize budget(s) based on specific deliverables and outcomes.
Step 3: Focus on managing IT service demand once budgets and IT service cost are lean and efficient.
Customers are better able to choose investments with greater returns and improve resource decisions, such as:
- Identifying and eliminate fat and waste from proposals and budgets
- Provisioning and sustaining IT services that are clearly defined and measurable
- Allocating staff hours appropriately for IT service management support and projects
- Planning indirect/unbillable IT service cost and resources
- Evaluating vendor and other costs for “make vs. buy” decisions within the context of IT service demand
- Budgeting focused reducing arbitrary policies, such as “use it or lose it”
|“We found some significant savings. Some of it we may have eventually found on our own, but the exercise of creating IT services and monetizing their cost accelerated our achieving several of these money saving opportunities.”
City of Plano CIO