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IT Financial Management Aligns Business and Technology as IT Plays an Increasingly Strategic Role in Organizational Success: New Resource From Info-Tech Research Group
News provided byInfo-Tech Research Group
Sep 19, 2023, 12:00 PM ET
The new resource from the firm suggests that IT financial management (ITFM) is often overlooked as a component in successful strategic planning and that including ITFM in a holistic approach will better position organizations for success.
TORONTO, Sept. 19, 2023 /PRNewswire/ - With technology continuing to rapidly evolve in both complexity and capability, the stress placed on operations teams is also increasing. IT leaders are now entrusted to run the IT function as a business, sit at the executive table as a strategic partner, and be involved in making decisions that best suit the organization's long-term success. However, this evolution requires managing a diverse portfolio of needs and expectations. IT financial management helps to fulfill both user and organizational needs while driving effective dialogues between business partners and leadership. To support the evaluation of organizational ITFM practices, Info-Tech Research Group has released a new advisory resource for the IT industry, Assess Your IT Financial Management Maturity Effectively.
"As an organization's ITFM practice matures, IT and business leaders will be able to better understand one another and make better business decisions that are driven by data," says Jennifer Perrier, principal research director of the IT Financial Management Practice
at Info-Tech Research Group. "ITFM embeds technology in financial management practices. Through cost, demand, and value, it effectively brings technology and business together, forging the necessary relationships and starting the right conversations to enable the best decisions for the organization."
The new resource from the global IT research and advisory firm highlights that disregarding ITFM comes with a host of risks and challenges, including shortsightedness and reactivity in planning, a lack of knowledge and understanding around the ITFM function, and the inability to drive consistent dialogues and communication.
Info-Tech's ITFM maturity methodology has been designed to help IT leaders address those areas of concern by building an ITFM foundation, managing and monitoring IT spending, and bridging the communication barrier between IT and other key players. In the resource, the firm indicates three key steps to successfully employing the methodology, as outlined below:
- Step 1: Prepare for the ITFM maturity assessment. The first step asks IT leaders to identify stakeholders, define the context, determine the methodology, and identify assessment participants.
- Step 2: Take the ITFM maturity assessment. Step two requires completing an assessment survey, reviewing the results, and then determining key priorities.
- Step 3: Communicate the ITFM maturity results. The third and final step includes reviewing assessment charts, customizing the assessment report, and communicating results to the organization's stakeholders.
As a trusted partner, IT cannot have effective conversations around budgets and cost optimization without a solid foundation. The firm advises that a thorough understanding of technology spending in relation to business needs and drivers is essential to make informed decisions. It is also important for IT leaders and their teams to recognize that ITFM is not a one-time exercise but rather a continuous, sustainable process to educate, increase transparency, and assign responsibility.
To learn more about the benefits of maturing the IT financial management practice, download the complete Assess Your IT Financial Management Maturity Effectively advisory resource.
For media inquiries on the topic or to get exclusive, timely commentary from Info-Tech analysts, please contact PR manager Sufyan Al-Hassan at email@example.com.
Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm's Media Insiders program. To gain access, contact firstname.lastname@example.org.
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SOURCE Info-Tech Research Group
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