ITIL® Financial Management SoftwareManage the Cost of IT – from the Business Perspective

The IT Financial Management Opportunity

IT infrastructure and operations comprise the largest chunk of the IT budget, which in itself is a major part of an organization’s annual spend. Consequently, there is increasing pressure on IT to reduce costs and increase value to the business. In order to do this, organizations must closely monitor costs and map them to the business processes and revenue streams they support.

IT Financial Management is critical to successful IT Service Management (ITSM). Clear visibility of cost is critical to balancing IT spend with the quality of services provided – prioritized by business need. Detailed accounting information, measuring the direct and indirect costs of service provision is a must-have for identifying and eliminating inefficiencies and gaining maximum value for money from IT.

The Value of IT Financial Management

• Identify the cost of service provision
• Understand the financial impact on the business resulting from outages, degradation and improvements in services.
• Support IT investment decisions to ensure budget is assigned based on business priority
• Provide accurate budgeting for IT service provision
• Link IT expenditure to business units and revenue generation
• Manage service demand by applying differential charging
• Enable calculation of Total Cost of Ownership (TCO) and Return on Investment (ROI)

We have saved $5.3 million through delivering more than 500 customer-focused improvements with the help of the assyst solution. Shop Direct - View the full case study

Next: assyst ITIL Financial Management Software

ITIL Financial Management Software

The assyst solution is unique in the depth of financial reporting that it enables, supporting Financial Management for both IT Service Management and IT Asset Management. IT Financial Management functionality is integrated with all other ITIL processes to give unparalleled visibility of all costs incurred in the process of service delivery and service support.

Next: Key Features of assyst Financial Management Software

Key Features of assyst Financial Management

Cost Management

Costs are captured at multiple levels – e.g. the cost of a Configuration Item (CI) and its sub-components, licenses for software installed, related support costs, supplier maintenance contracts and depreciation. By capturing this level of detail, costs can be identified and reported against services, individual CIs, product lines, systems, and business units utilizing those services.

License Management

Licenses are recorded as assets and linked to both the infrastructure hardware where the software is installed and the IT services that the software supports. Licenses can be tracked, charged and managed to ensure usage is both compliant and efficient.

Budgeting

Record cost center, purchase orders and budget code information to attribute costs to business units for inclusion in business level budgeting. Use historical budget information in combination with business plans to produce accurate IT budget information.

Accounting & Charging

The cost of service provisioning and support activities can be identified, recorded and attributed to the affected business unit to enable chargebacks – demonstrating the exact cost and value of IT activities to the business.

The assyst solution has acted as the key enabler for sustained annual six figure financial savings. Aviva - View the full case study