Project Portfolio Management, IT Financial Management Blog

IT Financial Management: Getting the information you need today

By Bruce Randall, Senior Manager, HP Products


 


Recently I attended the Financial Planning and Forecasting Summit in San Diego and presented HP's vision for IT Financial Management to Chief Financial Officers (CFO), Controllers and Directors of Finance attending the show. Here are a few observations about the attendees:


1. Only one CIO or IT leader was present in the room out of roughly 100 in total


2. Only one participant operated IT as a business today (Profit/loss), and this attendee was employed by an IT outsourcing business


3. About half of the participants said IT reported to the CFO/Finance


4. Only one-third stated that IT budgets would increase this year, while the majority of the remainder said IT budgets would remain flat


5. I was met with agreement among much of the audience when I stated that demand on IT will continue to increase at a substantial rate regardless of budgets remaining flat


6. According to a recent survey, 40 percent of an organization's capital spending goes to IT - most attendees in the room found that figure to be too low.


7. The only person in the room who was confident that their IT department was capable of providing accurate budget plans uses HP Project and Portfolio Management Center to achieve this goal.


My presentation addressed why IT Financial Management is needed as a discipline and how today's corporate financial systems fall short in meeting the unique requirements of IT. I discussed how IT Asset Management and Project Portfolio Management solutions can address IT Finance requirements. Because these solutions support the entire IT process lifecycle for managing portfolios, programs, projects and assets, they capture right level of granularity needed for strategic and tactical decision-making.


Enterprise Management Associates, an industry analyst firm, authored the white paper "Taming the Elephant: Achieving Financial Management for IT and it provides many of the details my presentation covered. To learn more about HP's specific solution for IT Financial Management, go here.

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About the Author(s)
  • Brian is a Product Marketing Manager for Application Development Management Solutions with and previously for Project and Application Portfolio Management, with extensive experience in presales and implementation roles.
  • This account is for guest bloggers. The blog post will identify the blogger.
  • The voice of HP PPM. Keep up with us for all things Project and Portfolio Management.
  • I help IT leaders to understand how well IT is performing from a business perspective.
  • Evangelist for IT Financial Management (ITFM), IT Governance and IT Portfolio Management, consulting IT organisations for Close to 15 years on principles of good governance.
  • WW Sr Product Marketing Manager for HP ITPS VP of Apps & HP Load Runner
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