Financial Services and Public sectors organizations are rapidly transforming to become Product-centric, Agile enterprises. Executive buy-in is crucial for product transformations to succeed but can be hindered by lack of a clear connection between the transformation vision and bottom-line business value. Adding to the lack of clarity is that IT spending associated with new ways of doing business is often seen as a necessary cost without a clear understanding of how it contributes to value delivery. Organizations are shifting to Technology Business Management (TBM) principles to better track and align IT spending to the business value it creates. With visibility into new IT spending and an understanding of the return on these investments, executives can clearly see the progress and tangible benefits of transformation.
Why the TBM Model?
The TBM model clearly maps costs and resource consumption from their sources through utilization to show the transformation's value. It also involves collaboration between business leaders and IT, a shared taxonomy and actionable metrics. Organizational buy-in is necessary, and once achieved, the real, lasting benefit of TBM is the enhanced decision-making that better positions the organization to respond to emerging business needs or market disruptions.
Shifting from a Project to a Product mindset involves balancing legacy resources with new applications, including complex Cloud considerations. Visible measures of value, cost and resource consumption allow for timely, collaborative, data-driven decision-making and rapid digital innovation. Noting the rapid increase in spending on Cloud-based and emerging technologies in the last year, xScion’s Chief Transformation Officer, Mason Chaudhry, stresses the importance of “being able to easily visualize technology costs across an enterprise and create actionable insights that drive better business outcomes is crucial for the growth of our Financial Services and Public Sector clients.”
Should You use TBM solutions?
TBM software provides analytic, forecasting and budgeting tools that help organizations understand, control and optimize their IT spending. To get the most out of TBM software, you need a customized, organization-wide TBM strategy and implementation plan that considers the broad range of tools solutions offer and how they can be optimally leveraged to align the organization’s unique business objectives and data with industry-standard TBM taxonomy. The software can help organizations better leverage TBM to reduce complexity and create more actionable reporting and visibility.
xScion Partners With Apptio
Apptio is the leading TBM software and solutions provider used by organizations to provide data-based decision making and drive their digital transformations. xScion recently announced a consulting partnership with Apptio to help clients with their enterprise-wide TBM adoption and implementation strategy, including how to optimally apply Apptio solutions to their unique business needs, improve business decisions and use their transformation initiatives to Turn Change Into Value. Read the press release to learn more about xScion and Apptio.