How fit are your IT Finances?
Regardless of your line of work, chances are that you tend to overextend yourself at times. Many of us get so caught up in our professional and personal responsibilities that we fail to take care of ourselves.
No matter how busy life gets, it’s important to make your health a priority. It may not always be convenient to cook a healthy meal, work out at the gym, or go for a run – but these decisions are vital to your long-term health and wellness.
Although it’s difficult to establish a new routine, it begins with a single daily decision – and continues with recurring daily decisions in the future. If you want to get in better shape, you must reevaluate your current habits and commit to a fitness plan that is right for you. It won’t happen overnight, and it won’t be easy – but it will be worth it in the long run.
You can apply the same reasoning and discipline to getting your IT finances on track. In the all-too-often chaotic world of managing an IT department, tech executives are torn between managing daily operations, driving innovation, and monitoring the budget. When we are so focused on our seemingly endless to-do list, adding just one more task can be overwhelming – even if that task is in our best interest.
IT Financial Management is more than a vitamin, an antibiotic, or a painkiller – it’s a comprehensive fitness plan for your organisation. As with any effective fitness program, it requires a commitment to making healthy decisions.
Monitor these five metrics to get your IT finances back on track:
As with health care, a holistic approach is essential to a successful (ITFM) IT Financial Management strategy. With purpose-built software, you can review analytics on all aspects of your investments. When you are equipped with relevant data, you can make more informed decisions about your IT financial fitness.
2. Activity and Capacity Reporting
Your fitness app of choice may give you reminders throughout the day to take more steps, watch your calorie intake, or drink more water. An (ITFM) software solution will allow you to track budgeted resources, external costs, and indirect costs to activities performed and capacity generated. Hold yourself accountable with accurate reports and forecasts
3. Service Catalogue
In order to commit to any fitness program, you need to be able to align your plans, goals, and outcomes. With a comprehensive service catalogue you can see the real return on your investments, track your progress, celebrate your milestones, and fine tune your training program as necessary.
5. Contract Management
Remember that overpriced gym membership you signed up for three years ago? You should probably cancel that and find a more affordable option. With contract management functionality, ITFM software will identify any agreements that are no longer serving your bottom line.
Investing in your IT financial fitness is a decision that has the potential to transform your business. Your organisation will soon become more agile, efficient, and nimble than you ever thought possible.
Do you have questions about how to get started with your IT financial fitness plan? Schedule an ITFM checkup today.