When prospective clients come to ClearCost for help managing their IT finances, we advocate a continual and controlled approach. A successful IT Financial Management strategy is pragmatic, cost-effective, and sustainable, and it requires appropriate planning and preparation.

Before you can run IT like a business, you must have already mastered crawling and walking, so to speak. IT Financial Management is a marathon, not a sprint. Before you can begin training for a marathon, you should already have a half marathon, 10km, and 5km successfully completed.

You don’t need to be concerned when we say that IT Financial Management is like a marathon, we simply mean it’s a long-term commitment with immense benefits and value along the way. The first stages can see you up and running with an operating an Intelligent ITFM software solution in less than 90 days.

Here are ten ways that implementing an ITFM strategy is like training for a marathon:

1. It requires endurance

Adopting a successful ITFM strategy requires diligence. You must be willing to keep moving forward, even when faced with imperfect data or unforeseen challenges.

2. It requires cross-training

Have you ever met a distance runner who had a sudden enthusiasm for swimming or cycling? In order to prevent injury and strengthen other muscle groups, runners cross-train in activities that are often unfamiliar to them. The same can be said of ITFM. In order to achieve your desired results, your IT team will need to adopt a holistic approach. Don’t neglect any areas of your organisation and look for hidden IT costs. Every department influences your IT budget in some capacity.

3. It improves health and efficiency

Even after just a few weeks of running, you’ll feel leaner, stronger, and more energetic. Likewise, once you begin your ITFM journey, you will rest assured that your finances are under control and defensible.

4. It relieves stress

Exercise has been proven to reduce stress, and many runners look forward to their workouts for this reason. The ritual itself can be therapeutic, and the endorphin rush doesn’t hurt either. While you may not get that runner’s high from analysing your financial reports, your enterprise and the IT team will definitely stress less knowing that the IT investments are optimized to their full potential.

5. You really can make time for it

Let’s face it – we’re all busy. With so many tasks to accomplish in a day, fitting in a workout often seems impossible. However, when you look at top executives who use their time efficiently and find the time to train for a triathlon, a marathon, or a CrossFit competition, these excuses begin to fall short pretty quickly. You probably already spend time on IT finances, just not as efficiently as you could with a purpose-built solution. IT Financial Management software will save you time and produce outstanding ROI.

6. You’ll see improvement quickly

As arduous as this fitness program may seem, you’ll be surprised by how soon you see results. Although it’s a long journey, you will find some quick wins. ClearCost has a proprietary builder program that can have you up and running with your own Intelligent ITFM software in less than 90 days.

7. Benchmarking is helpful, but you’re ultimately competing against yourself

A holistic ITFM program will incorporate benchmarking, so you can compare your spending habits with those of other organizations in your industry. This information can help you broaden your perspective of how your business decisions fit within the big picture. However, it’s important to remember that at the end of the day, you’re competing against yourself to deliver your services more efficiently. Just as in running, you should focus on beating your own personal best.

8. Hold yourself accountable

Since you’re ultimately competing against yourself, you need to hold yourself accountable and track your progress. Runners keep a log of their workouts, analyse their mile times, and even document their meals. With the right ITFM software solution, it is easy to be diligent in monitoring the core elements that impact your IT investments.

9. Don’t lose sight of your goal

Even the most accomplished athletes lose motivation at times, yet they somehow summon the will to persevere. If your CIO & the IT team is struggling at any point during their ITFM journey, remember the ultimate goal. Sometimes all it takes is a reminder of why you’re putting in the work in the first place.

10. Remember how far you’ve come

No matter where you are in your ITFM journey, remember how far you’ve come. Whether you’re ramping up to walk or have already finished a 10km run, think back to the days when you were crawling. Acknowledging your progress will help you realize just how much your ITFM strategy is helping your organisation to save money and time.

Feel like you want to get started on your gold medal IT Financial Management journey? Speak to our team to schedule a live demo of ClearCost ITFM solution.