You may have seen our recent release announcing that JPMorgan Chase (JPMC) inducted Apptio into its Hall of Innovation – an extraordinary accomplishment for a company that burst onto the scene only three years ago. What never ceases to amaze me is the impact our solution has made on Fortune 500 companies, like JPMC, in such a short period of time.
It was clear to me when I founded Apptio that IT is under yet another transformation. But unlike inflection points of the previous three decades, this revolution is being driven by the deep need of IT leaders like JPMC to run IT like a business by understanding cost and value of internal and external products and services. Virtualization and the shared-service model require IT leaders to better understand their own cost structure and ability to compare it to the cloud alternatives, better IT agility and value to the business.
Against this backdrop, managing the business economics of IT now requires a shift in mindset and greater dexterity as a business professional. IT leaders can no longer be just technology experts, they have to wear many hats. They must now master the skill of managing a complex supply chain of IT services with a focus on improving quality and value, all while reducing cost of operations. Rather than fear this new paradigm, the CIOs and IT Leaders we work with, like from JPMC, see this as an opportunity to better align IT with serving the customer.
As a renowned global leader in the use of innovative technology to drive strategic advantage, JPMC is once again at the forefront of this transformation in IT. Each year, they pay homage to 3 companies who have partnered with them on particularly key initiatives at the Hall of Innovation ceremony. Earlier this month, Apptio had the honor of being one such company when IT leaders at JPMC shared their experience in transforming IT using Apptio as an integral part of this initiative. JPMC selected our technology based on the impact it made on their business, the disruptive and differentiated nature of our software as service solution, and the partnership we’ve created to successfully help them achieve their business goals.
This award once again reaffirms our decision to continue innovating Apptio from the ground up to help today's IT leaders transform their operations into service-based organizations. I knew early on that companies need a sophisticated, purpose-built solution to manage the supply chain of IT and communicate the cost, quality and value of its IT services. Using Apptio, JPMC now has a complete system of record for both IT financial and operational data to drive real-time decision support, and IT-specific applications to automate and streamline IT-business processes. Apptio was selected for this honor based on that unique problem-solving focus combined with the proven results JPMC has achieved with our software.
We have a clear mission of helping companies align IT with business goals. As we continue on this path, you’ll see us introduce new Technology Business Management (TBM) solutions to communicate the cost and value of IT services to the business, strategically align the planning process around IT services, and drive cost optimization decisions. With this focus, we’re confident you’ll see many more.