IT Financial Management

IT leaders must establish a framework to gain complete financial transparency before they can effectively Run the Business of IT and elevate their status from service provider to strategic partner.

For many executives, IT has become the proverbial ‘black box’ fueling the perception that technology is a cost center rather than a competitive differentiator for the business. CIOs often struggle to demonstrate how IT spend aligns with strategic priorities resulting in consistent pressure to reduce costs and improve the quality of key IT Services (i.e. ‘Do more with less’). In response to these challenges, IT leaders must adopt a financial management framework to gain complete transparency across siloed portfolios and make smarter decisions to maximize ROI for every dollar invested in technology.

UMT360 for IT goes beyond the traditional ‘chart of accounts’ view provided by ERP systems by dynamically aggregating financials through the data model to calculate the fully loaded costs of projects, applications and services. UMT360’s financial governance capabilities help establish a powerful framework to improve IT budgeting and forecasting, effectively track costs and gain greater insight across both operational and capital spend. With UMT360 you can select the right allocation model for your company and automatically create a Bill of IT that clearly communicates the cost and value of IT services to your business partners.

UMT360 for IT helps you:

  • Define Business & IT Services
    Powerful connectors and templates streamline data collection helping create an IT service catalog that is right for your organization. Mapping IT services, projects and applications to higher level business services or capabilities helps eliminate confusing IT jargon ensuring executives can more easily understand how technology is supporting their organization.
  • Derive TCO and Select Allocation Model
    With seamless integration with ERP systems and by dynamically aggregating financials through the data model, UMT360 derives total cost of ownership (TCO) of projects, applications and IT services. Flexible allocation models ensure you can build intuitive chargeback or showback reports.
  • Improve IT Budgeting & Forecasting
    Consolidating all initiatives helps you proactively gain visibility across near term and future IT service demand. UMT360’s powerful financial management best practices creates a dynamic financial blueprint of your IT portfolio eliminating the need for cumbersome spreadsheets and streamlining the IT budgeting and reporting process.
  • Optimize IT Costs & Sourcing
    Insightful dashboards and powerful cost optimization techniques help you effectively collaborate with business partners to identify opportunities to optimize IT spend. With greater insight into IT demand and spend by vendor you can establish ideal staffing ratios and effectively rationalize suppliers and re-negotiate agreements to reduce unit rates and increase overall capacity.
  • Automate Chargeback & Showback Reports
    Automatically create a ‘Bill of IT’ providing a line of business invoice detailing technology services consumed per month. Executives can review a summary of charges by business service and drill down to better understand consumption and price by service tiers, applications and projects