Proven IT Finance Delivers Customized Stakeholder IT Reporting Framework For Fortune 500 Insurance Company

Written by William Miller Published on Apr 15, 2016 9:45:00 AM
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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.

Our Approach 

We defined a standardized framework for which stakeholder reporting would take place going forward. The proposed framework incorporated the ProvenIT Finance methodology of data collection, information, context, and insight to drive relevance in the IT conversation.

Custom reports were tailored by stakeholder based upon the required level of information, context, and insight that each stakeholder needed to manage their domain.

The Results

Senior executives now have access to reporting that enables them to make sound decisions to manage the business. The company now has a comprehensive stakeholder reporting package that empowers the story of IT. 

  • The right level of data and information identified for each stakeholder level
  • Decision enablement with a framework to identify decisions that need to be made, and their financial impacts to the organization over multiple years
  • The ability to track the financial results and outcomes of IT decisions
  • Identification of the analytics that will drive value-added conversations between IT and the business
  • Consistency across interviews, financial reports and IT storyline
  • Clear understanding, both within IT stakeholders and external business stakeholders, of what’s driving their IT cost footprint

The activities performed here helped us drive value for both stakeholders within IT and outside of IT. Being able to take the massive amount of chargeback information from a new consumption based IT cost model and put it in a few slides resonates with stakeholders as a monumental improvement.

This approach allowed the organization to understand when changes in direction need to occur, what options are on the table, and what decisions have already been made that are driving current payoffs.