In a prior assessment engagement provided by ProvenIT Finance, the business had identified 13 areas of deficiency that were prohibiting IT finance from realizing the level of transparency, reporting and decisioning required for the business.
Moreover, the ability to develop these capabilities was not inherent in the current labor force of the IT finance team. IT finance staffing and existing roles were not currently structured to drive enhanced maturity in this space.
The company again reached out to ProvenIT Finance to determine how to best implement the 13 recommendations from our previous assessment.
Aligning the 13 recommendations with the overall business goals, we developed a roadmap to deliver these capabilities within the current fiscal year.
A bridge process was designed and implemented to help stand up the capabilities, allowing IT to begin operating within the new framework. Enterprise systems (i.e., general ledger, enterprise financial reporting, allocation processes) were also updated to incorporate the business requirements and capabilities inherent during the bridging process.
For the first time, the business is now able to see their “build” versus “run” funding and activities in a way that translates to the enterprise financial systems of record. The benefits of this exercise are being felt across the entire organization. For example:
- IT is now able to understand the factors driving their expense footprint
- IT is now able to track and monitor the results of their decisioning
- IT Finance is now able to establish and understand a clear and accurate IT forecast and plan
- Finance and IT now work together to drive previously disconnected decisioning
- The enterprise portfolio group now understands the true cost of investments as influenced by resource management, general ledger, and corporate allocations.
Previously unable to see budgets and/or actuals for their respective areas, IT leaders are now able to drive decisioning and accountability within the organization. This is the true power of a mature ITFM capability at work.