IT Financial Management

IT Financial Management (ITFM) is the practice within an organization that plans and accounts for IT spend. It has been existing for many decades, and it adopts the traditional accounting principles. It provides basic cost visibility broken down by IT functions and cost categories. It purely focuses on the financial activities and views of IT cost/plan. The maximum value it delivers is cost transparency in a financial language.

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ITFM is still a required component in the TBM practice to provide that basic financial transparency level. However, its value is limited to those who understand the financial language and does not speak into a language that all IT and Business stakeholders fully understand.

The traditional ITFM Manager role is responsible for (but not limited to):
⦁ IT FP&A (IT financial planning & analysis)
⦁ Accurately account for IT cost for both OpEx and CapEx
⦁ Manage & control IT budget and variance
⦁ Provide basic cost visibility broken down by major cost categories and IT functions
⦁ Define and monitor IT financial KPIs
⦁ Help with IT cost optimization initiatives

IT Financial Management

IT Financial Management

ITFM is still a required component in the TBM practice to provide that basic financial transparency level. However, its value is limited to those who understand the financial language and does not speak into a language that all IT and Business stakeholders fully understand.

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