Technology Business Management (TBM) is an IT management framework that implements a standard IT spend taxonomy. TBM enables organisations to disaggregate IT spending into smaller, consistent categories to provide CIOs and other IT Leaders with a more accurate and detailed insight into their organisation’s IT costs. This allows CIOs to identify duplicative or unnecessary spending and to make better informed decisions regarding future investments.

Founded on transparency of costs, consumption, and performance, TBM gives technology leaders and their business partners the facts they need to collaborate on business aligned decisions. Your CIO in particular can benefit tremendously from automated IT financial management software solutions – but they aren’t the only one.

TBM software has an impact across your entire organisation:

The CIO

The role of the CIO is evolving along with new technology and shifting business demands. Many CIOs are under pressure to drive innovation with limited budgets and severe time constraints. With an automated IT Financial Management software solution to monitor expenses, CIOs are able to improve investments of both their time and finances.

The CEO

With fully transparent information, the CEO can make informed decisions to improve business outcomes. Technology Business Management best practices support strategic decision making, taking into consideration the true cost of any objective. For example, the CEO can decide whether or not to pursue an acquisition, to outsource any IT projects, or to implement a new strategy based on IT costs and ROI. Simply put, the CEO will be able to make long-term plans in accordance with multi-year projections for IT budgets projected using ITFM software.

The CFO

Would you pay your credit card bill without reviewing the itemised list of charges? You probably review your statement each month before making a payment. The CFO applies the same reasoning on a much larger scale when he or she reviews the final bill for IT at the end of the year. Only in this case, when the CFO requests a detailed breakdown of the charges, what if there isn’t one? Imagine if the CFO actually could access this information, down to the dollar. Bringing Intelligent ITFM software in to the business means this type of information is available on tap and to each C-suite executive involved.

Finance and Accounting

The Finance team won’t have to worry about tracking down members of the IT department to ask questions about the budget. With a fully automated ITFM software system, the IT cost breakdown will integrate directly with the General Ledger, meaning managing interdepartmental billings becomes a simple exercise.

The Business Office

The entire business office benefits from Intelligent IT financial management software. When business professionals can review clear reports of how their demands impact the IT budget, they will be in a position to improve the projections for next year. Plus, they will gain more appreciation for the support that their IT department provides the organisation.

Procurement

Not only will your procurement team be in control of internal costs, but they will also be able to track spending with vendors and benchmark costs against those of your peers. ClearCost’s ITFM benchmarking feature allows you to compare your cost of services against those of other organisations within your industry using ClearCost market data and applying common terminology to allow external benchmarking.

IT Service Management

The CIO isn’t the only one in the IT department who can benefit from TBM software. Those in charge of IT Service Management can quickly identify asset capacity dependence for services, with a cost and activity breakdown for each service.

Data Centre

With TBM software, all of your application dependencies will be visible, and your infrastructure will be fully costed. Your data centre architects can focus on innovation and security without having to worry about the financials behind the scenes.

As you can see, TBM influences and impacts across the width of your entire organisation, not just your CIO. Having the right kind of software solution enables the seamless management of IT spend by automating and expanding analysis, planning and forecasting of your IT costs.

For a deeper look into how TBM software benefits every department in your organisation, Speak To Our Team.