Key #6 to a Winning ITFM Implementation- The Right ITFM Solution and Partner

Financial advisor helping man with ITFM solutions

From steering committees and goal alignment to avoiding common pitfalls and “precision traps”, there are many steps to a successful ITFM implementation. The steps outlined in this eBook are key to a prosperous ITFM program no matter which ITFM tool you select.

Best practices like those shared within the eBook should be a value you receive when choosing the right vendor with appropriate domain expertise. As we wrap up this series, here are a few other qualities and features you should look for when selecting a vendor:

Speed of model calculation: An ITFM system not only needs to provide insight into expenses, it must be able to run models quickly, each with various what-if scenarios, to enable interactive conversations about tradeoffs and impacts.

Expense granularity: The product needs to be able to track and provide detail on specific expenses and give users drill-down capability into those expenses.

Supports transferable skills: The more you can leverage current employee capabilities and expertise without requiring additional training, the faster your organization can leverage the tool and gain value.

Ability to leverage current reporting tools: Your organization may already have significant investment and expertise in established BI tools such as Tableau and MS PowerBI. Choose a tool that leverages that investment rather than forcing an ITFM team to learn new reporting engines.

Flexibility to support cost models without extensive customization: Although there are standard cost models, many organizations must adapt them to their specific situations. Choose a product that easily supports these changes.

Flexible deployment model: Some companies have specific requirements around hosting and deployment. There should be parity between on-premises and cloud deployments.

Scalability with different levels of ITFM maturity: As your ITFM practice matures, the tool must adapt accordingly.

Expertise in ITFM: ITFM is a specific area of expertise. Choose a vendor not just for the tool, but for the best practices and guidance implementation staff can offer.

Attention to detail: Ask potential vendors to do a Proof of Concept and track how well they implement the narrow scope. This will represent how they will perform with a broader scope.

Transparent product capabilities: Vendor expenses can seemingly increase in an arbitrary manner. Be clear about your overall goals, which ensures vendors will provide an accurate quote.

ACHIEVE TRUE COST TRANSPARENCY FOR MORE INTELLIGENT IT DECISIONS

As technology becomes more complex, so can your ability to manage IT costs. You not only have to consider the systems and applications themselves, you must contend with various personalities, opinions, and perspectives. When carried out correctly, an ITFM project transforms beliefs into facts, creating cost transparency and fostering smarter technology decisions. Follow these six steps and you can provide that result for your organization.

 

Get eBook: “6 Keys to a Winning ITFM Implementation