Intelligent CIO Europe Issue 61 - Page 42

FEATURE : PRIORITIES FOR 2023
As we enter a new year , CIOs are coming to terms with what it is they ’ ll need to prioritise for business success . Sam Wilson , UK Country
Manager at Serviceware , offers insight into the world of Technology Business Management ( TBM ) and why it is important to implement across the business , the benefits and considerations that need to be made when integrating TBM , and why now is the time for CIOs and
CFOs to evaluate cost overview and investment-added value . in a governance phase , in which investments must be redistributed and their value creation potential explored .
Technology Business Management at the heart of entrepreneurial transformation
Today , there are already comprehensive technology alternatives for IT Financial Management ( ITFM ) that simplify the data collection process for businesses and ensure control and optimisation of IT costs . Such ITFM tools help organisations of all sizes capture critical operational , project and supplier cost data in realtime and provide executives with the ability to identify and manage the cost , quality and value of technology services deployed across the enterprise . According to a Gartner forecast , by 2024 , 70 % of CIOs will use a dedicated ITFM system or tool to manage and analyse total IT spend . However , ITFM provides comparatively little concrete guidance in measuring or driving the business value that can be measurably achieved through IT investments such as cloud .

Progressive digitisation and the associated technological innovations have been one of the most important investment points in companies since the COVID-19 pandemic . According to a recent Sage study , the majority ( 92 %) of UK businesses see technology as integral to their business resilience and survival , but worry about lack of capital , knowing where to invest and not having the right policy framework to enable economic growth . Although a lot of digital investments must be made quickly to maintain business operations , rising inflation costs mean that companies are now finding themselves

Determining this added value is the task of another discipline that leads to managing IT as a business : Technology Business Management ( TBM ). TBM starts with aligning organisations around a common business objective . This requires them to create full transparency about IT and shared services by breaking down and presenting the costs of IT purchases , involving all affected departments and addressing their needs . The main goal , then , is to use an ITFM solution to determine the value of all IT investments and make the costs transparent . This will enable CIOs and CFOs to make a data-driven assessment of the value created by IT services and investments . In principle , any company can start quickly , as method and taxonomy are predefined based on the guidelines of the Technology Business Management Council .

Technology Business Management – Essential now more than ever for CIOs consideration and selection

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