The goal of today’s ITFM leader is to deliver insights that drive optimal decision making within the organization. A critical component of this process is the delivery of both annual and “instant On-Demand” IT reports to business leaders.
Regardless of size, businesses look to IT leaders to do more than deliver a service or report on a cost—they look to leaders to drive down IT costs, mitigate risk, and increase performance. Yet, many IT leaders struggle to clearly and concisely report what is driving IT costs across the organization.
For this reason, interest in IT Financial analytics is growing.
We know that IT financial management is a new and rapidly-evolving practice. It is becoming increasingly obvious that ITFM is not a native skill.
Here’s what I mean by that:
April is the month of the year for folks in IT Financial Management to meet up and share knowledge and experiences on the ITFM journey. First from April 18-22, we saw the ITFMA conference run in Chicago. The following week, we saw the IQPC ITFM Week conference – also held in Chicago!
Both conferences treated attendees to some excellent content delivered on a wide range of topics around IT Financial Management.
The ProvenIT Finance team is thrilled to have Frank Davis joining our ranks.
Impactful IT financial management hinges on a firm understanding of what decisions IT must support, or enable, the business to make. This activity is called “decisioning”—and it is often the most overlooked element of the overall IT financial management practice.
With a recently developed chargeback process using ITFM software, a Fortune 500 company needed to design custom stakeholder reports to effectively communicate financial data, context and insights to enterprise leaders.
These reports needed to be consistent, but also needed to be customized based on the stakeholder level. The business needed to aggregate very detailed information at the appropriate level, and incorporate a consistent storyline of IT.
Prior to our work, an inconsistent approach for reporting was being delivered by different groups leveraging different financial information, storylines and frameworks.
A Fortune 500 company enlisted our services after uncovering a failure during an internal financial audit.
In short, a lack of transparency between “run” and “build” funding were driving misunderstandings of what funds were available within IT. As a result, investment funds were mistakenly being used to manage “run” activities. Due to the lack of transparency in IT financials, this issue went under the radar for quite some time.
The IT leader reached out to ProvenIT Finance to resolve the audit issue and to help the business evolve their ITFM capabilities.
A Fortune 500 company in the public sector desired a more systemic way to manage IT chargeback throughout the enterprise.
Prior to our work, the company was relying on Microsoft Excel and a web of interdependent spreadsheets to identify or estimate how business segments should be charged for their consumption of IT. Traditionally, this was a showback model rather than a chargeback. Wanting to evolve, the business purchased an ITFM software solution but was struggling to get what they needed from the software.
To maximize their investment in the software and mature their ITFM capability, the business needed assistance in creating and implementing a cost model within the tool to facilitate a new chargeback solution. They came to us for a solution.