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IT Financial Management
Align IT spending with business objectives and achieve greater financial visibility.
What is IT Financial Management (ITFM)?
IT financial management (ITFM) is a framework that consists of the processes and tools necessary to provide IT leaders with the key capabilities to effectively account for, manage, and analyze IT costs and communicate their value to the business. ITFM enables IT leaders to understand their IT costs and align their investments with business priorities to maximize value. ITFM involves analyzing, planning, and controlling the costs associated with IT operations, projects, and services, and ensuring that IT spending is transparent, accountable, and optimized for efficiency.
Effective ITFM involves establishing financial governance, creating and maintaining a comprehensive IT budget, tracking expenses, and performing cost-benefit analyses of IT investments. By implementing ITFM practices, organizations can gain greater visibility into their IT spending and make more informed decisions regarding budget allocation and investment. This can lead to cost savings, better business outcomes, and improved IT performance, while also promoting transparency and accountability across the organization.
ITFM's Value for Stakeholders
Proper implementation of the ITFM process will help multiple groups across the organization drive better decisions and collaboration around IT spend.
Analyze and plan IT spend faster with insights and action plans that surface optimization opportunities and drive spend accountability.
Reduce risk to the business and ensure the highest return on investment from your technology spend.
Demonstrate IT financial stewardship to the business by driving a continuous spend optimization process.
ITFM Success Stories with Apptio
Increased Forecasting Accuracy While Reducing IT Planning Cycles by 85%
How TBM & Product TCO Helped Lowe’s Modernize their Annual Investment Planning Process
Reduced IT Cost and Complexity Through Application Portfolio Management
“It's difficult to be business-aligned if you're not able to show how IT spend and IT costs are aligning with business priorities. My team and I wouldn't have been able to do that without the transparency that Apptio provides.”
IT Financial Management Solutions
ITFM solutions help you ditch labor-intensive, error-prone spreadsheets, bloated budgets, and tedious, time-consuming processes. You’ll be able to:
- Uncover insights to get a complete, connected understanding of the value of your IT investments
- Optimize cost structures to reduce waste and align investments to strategic priorities
- Accelerate forecasting cycles to make data-driven decisions at the speed of business
The IT Leader’s Guide to Effective IT Financial Management
Navigating spending versus impact is a complex challenge for even the most experienced tech leaders. Effective ITFM encompasses much more—it enhances visibility, increases accountability, and optimizes spending for better outcomes. With a sound ITFM strategy, CIOs and their teams can make well-supported spending decisions, transforming IT into a pivotal business ally.