Are you aware that project management challenges cost businesses $109 million for every $1 billion invested in a project? Or that 1 in 6 IT projects have a cost overrun of 200%? Most productivity hacks and solutions provided by many project management tools while accelerating your project timelines can negatively impact your resource management, resulting in your projects going way over your original budget.

Does that mean you should stop using project management tools? Not necessarily. You only need a business management solution that can budget and staff projects on priority, eliminate non-essential processes and applications, reduce your time to market, make changes in the organization to meet market demand and fluctuations, and manage testing and development progress so that you have power over your IT.

Enter – ServiceNow IT Business Management (ITBM) suite to put the power of IT in your hands!

The ServiceNow IT Business Management (ITBM) suite offers a powerful and instinctual way to manage your internal processes and workflows across your organization. This integrated business management suite for business operations and governance provides you with tools to:

  • Optimize your available resources
  • Manage projects competitively and timely
  • Manage demand
  • Plan your budget and map costs
  • Have comprehensive insights into your performance and advanced reporting
  • Track time and performance across projects

ServiceNow ITBM provides a range of features and components for your business that can bring comprehensive visibility and reduce your IT expenses.

Project and portfolio management

Project and portfolio management provides a simplified approach to manage projects and portfolios across your organizations. With features like demand management, project, resource, portfolio, and program management, you can follow a team-oriented approach to projects and tasks. ServiceNow equips you with tools to manage projects, capture demand signals, manage tasks, create resource plans, evaluate ideas, track time, and more from a single platform.

Application portfolio management

With Application portfolio management, you can get a complete understanding of the applications used in your organization, identify redundancies, and reduce costs. It gives you the tools to identify the applications that need an upgrade and helps you decide whether you need to sustain, invest, or replace applications based on your business objectives.

Agile development

Agile development comes in handy for delivering software projects efficiently by tracking and managing software development lifecycles. Agile development pulls software development lifecycle workflows into a single system and helps you manage task backlogs.

Financial management

ServiceNow’s financial management application helps you allocate, track, and report the expenses of your business in a simplified way. From allowing your organization to holistically process expenses and match them with the features applied in IT to monitoring their cost-effectiveness and providing detailed reports, this application helps you understand exactly how much of your expenditures are related to IT.

Innovation management

Modern enterprises cannot sustain themselves without ideas and innovation. The innovation management application from ServiceNow helps you capture and assess ideas effectively and process the ideas that have the greatest potential for implementation.

Simple steps to implement ServiceNow ITBM in your business

Are you ready to align your IT to your business goals? Then find out how to implement ServiceNow ITBM in your business.

1. Pick a reliable and certified partner

While it may seem that implementing ServiceNow ITBM is a simple task, you will need help in getting the most out of your implementation, and only a trusted partner can help you navigate the situation. It’s a good idea to assess your business needs internally and then engage a partner, so you’re clear about what you want from the implementation.

With an experienced and certified ServiceNow partner like Nous Infosystems, you can benefit from their deep understanding of the platform and how to best address the challenges your business is facing by leveraging the ServiceNow tools.

2. Assess your business goals and define a long-term plan

You must be clear about what you expect from your ServiceNow ITBM implementation. You can start with evaluating your initial needs and then have a detailed requirements specification. You should plan for things like overall governance of the platform in the future, how adding ITBM may change the dynamics of your organization, and who should be authorized to make changes to the ITBM modules.

3. Follow ServiceNow best practices

ServiceNow has prescribed certain best practices for smooth ITBM implementation for enterprises. It’s advisable to follow ServiceNow ITBM best practices for a new implementation or redesign your ITBM processes based on these practices to minimize customizations. While ServiceNow offerings provide flexibility and adaptability, the best practices are designed to help you avoid errors, overcome bottlenecks, and avoid disruptions. While discussing and deciding your implementation plan with your partner, you should research and document the best practices that you’d want to follow. You must also constantly analyze your internal business processes to see how they can be improved to get the maximum benefit out of the platform.

4. Be transparent and consider training your staff

Moving to a new platform can be a huge change for an organization, and it will especially have your employees worried. You can encourage the adoption of this new platform by being transparent about your goals with your staff. They should be able to understand clearly why the change has been made and how it will benefit them and the organization. They should also understand how it will impact their daily work, and they should feel comfortable with the technology.

You should consider training your employees in the new technology and feel empowered to work with the new tools. When you arm your employees with relevant information, the adoption rate goes up, and employees feel confident to work autonomously.

5. Add focused automation to manual tasks

One of the most important perks of ServiceNow ITBM is automation. By automating time-consuming manual tasks, you help your staff work on complex projects. But you must understand which tasks to automate and how it is supported by the targeted business process. Consult with your ServiceNow implementation partner to understand focused automation and find tasks to automate that will have the most impact.

Put an end to your business management woes with Nous

Working with a trusted and experienced partner is essential for the success of your ITBM implementation. Our team of certified experts will assess your business needs and work with you to align the implementation to your business goals. Get in touch with Nous Infosystems today to discuss your requirements!

Vivek Ravindran
Senior Manager - Solutions Marketing

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