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Software Alone Won’t Solve Your IT Finance Problems

Software Alone Won’t Solve
Your IT Finance Problems

March 24, 2020 Steven Middeldorp

Technology business management is becoming increasingly vital in a modern growing enterprise. It requires that businesses align IT with all enterprise strategic objectives. This can be achieved, however, companies must first better understand technology/IT investments, utilisation, and their relative value to their business. IT represents a greater proportion of overall spending, zooming IT financial management (ITFM) to the top of the priority list.

The challenge facing CIOs is to reduce the costs of running their business while simultaneously funding technology innovation to keep their company ahead of the game. Gaining clarity on IT investments is vital, firstly to meet corporate objectives, and secondly for making more intelligent decisions to optimise technology services delivery.

IT financial management software solutions are an important factor in a best-practice approach to managing the expenses and consumption of IT products and services. Though, not all ITFM solutions are created equal. Just having the technology business management software does not necessarily bring the outcome required – it needs discipline and planning to measure IT as it relates to business outcomes.

Most organisations need additional systems knowledge, industry insight, and awareness of best-practices to realise the full value of their ITFM software solution and reach their business outcomes. Nowhere is this clearer than with IT financial and business management processes and systems.

Spreadsheet-based, non-automated IT software is not up to the mark of providing sufficient detailed insights into the cost of IT products and services. At most, they provide a high level “summary” view that is not sustainable, repeatable, or fully actionable. However, purpose-built IT Financial Management software can deliver a complete and accurate view of existing IT products and services and their total associated costs.  Combine this with IT financial business process services, either in house or sourced externally including experienced operators using best practices for managing the data-intensive operational work can organisations extract the most benefit from an ITFM software solution.

A complete ITFM solution, by definition, adds value to the enterprise as a whole. While software can solve problems, it is only part of the complete solution. A true solution considers all business variables and objectives to solve a problem.

A combination of accurate data, expertise, support services, best-practices, and all required resources is the best way to ensure that ITFM software applications create the expected outcomes – providing accurate clarity into the cost of IT products and services and its consumption.

The best ITFM software solutions require locating, coordinating, continuously verifying, and validating various data. To be successful and ensure that accurate data is correctly inputted into the ITFM software, IT organisations must confirm they have the in-house resources, technology finance, and business analysts on hand when deploying ITFM software. ClearCost offers professional services that can analyse and if necessary recommend and then provide augmentation to your IT team for implementation and operation if required – get started here.

As an experienced ITFM solution provider ClearCost has all the required technical knowledge and IT finance management expertise, to ensure your organisation achieves the best results from your Intelligent ITFM software application without putting additional pressure on in-house teams. The complete ITFM solution can be offered in conjunction with the necessary ITFM professional services that can serve as an extension of your corporate IT finance team, alleviating the need for additional internal human resource investments.

As your ITFM solutions partner, ClearCost guarantees a high level of continuous service and is committed to your CIO and IT team’s success as part of our ongoing engagement.

ClearCost’s Intelligent IT Financial Management software and professional services can add significant value to your enterprise by solving the problem of IT cost and consumption transparency. They do this not merely with the software but with IT financial management best-practices, processes, methodologies, expertise, and intimate domain-knowledge that is transparent and visible across the entire corporate structure.

If you’re ready to think about finding the right partner and find out what sets ClearCost apart from the rest, please speak to our team for a live demonstration.

CategoriesBlog

TagsIT Financial Management software, ITFM, ITFM software, IT Financial Management tool, CIO, CFO, IT Financial Management, Technology business management, TBM

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