IT Financial Management (ITFM) has become one of the most important initiatives for any organization. When IT can improve service while lowering costs, everyone benefits. Unfortunately, this is not always the result with ITFM implementation.
Bad implementations happen. In fact, according to Gartner Inc., “Through 2021, 30% of ITFM tool implementations will fail to provide the desired benefit, due to the lack of clear IT leadership mandate/charter, bad data discipline and poorly executed cost-model designs.”1
But with the right planning and roadmap, your ITFM deployment will not only succeed – it will flourish. Long-term ITFM success begins with taking the right steps today.
The success of your ITFM project starts with prudent and informed decisions. To make that idea a reality, it’s critical to create a steering committee composed of multiple perspectives. This allows each affected department to voice its goals and concerns, which fosters consensus for the strategic and tactical choices an ITFM implementation will require and inspires collaboration toward shared objectives.
A cross-functional steering committee is only the first of many critical steps in a successful ITFM implementation. This team should form in the beginning but must stay connected to ensure the ongoing goals of the business are met with the chosen ITFM tool.
In the next blog, we’ll discuss the importance of clearly defined strategic goals, supported by aligned tactical goals and plans. Don’t want to wait?
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1 Gartner, Five Success Factors for IT Financial Management Tool Initiatives, June, 2017