In the “new normal” of nonstop, intense, worldwide competition, IT is in the bull’s-eye for cost-cutting and accountability initiatives. That’s why senior management needs a full understanding of how much the CIO is spending and what benefits the business is getting for its investment. Without the right level of detail, IT management doesn’t have enough information to determine which IT services could be provided more efficiently through outsourcing, on-demand services, or the cloud.
However, managing, understanding, and delivering all the data related to IT spending requires far more detailed and integrated information about assets, applications, projects, and IT services spending than what’s available from most corporate financial enterprise resource planning (ERP) systems. Therefore, it’s critical to consider how integrated technology can provide service costing, financial planning, and budgeting data.