IT Finance Management (ITFM)

As users and demands for new technologies increase, CIOs continue to grapple with understanding the true cost and financial value of IT services. In addition, the complex nature of accounting for IT usage often leads to dissatisfaction and questionable ‘value for money’ of the services themselves.

ITFM needs to be viewed as a foundational process, to plan, control and run its business. It is just like any other business unit and not a secondary process for tracking budgets and costs. ITFM allows CIOs to:

  • Save money now and plan/predict IT expenditures required to maintain or improve services
  • Ensure expenditures fall within approved plan guidelines and that money is well-spent
  • Implement technology solutions that provides a competitive edge and save money in the process
  • Assist senior management in understanding the ongoing total cost of a proposed IT initiative
  • Promote a better understanding of the costs associated with providing specific services
  • Foster an environment of control to ensure IT services are effectively and efficiently used