A Complete Guide to ITBM - Everything You Need to Know

May 17, 2021

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Sarwagya Chaudhary

Assistant Manager, Solutions Marketing

Everything you need to know about IT Business Management

Are you looking to gain more business value from your IT investments? Do you have multiple systems and processes in place to handle your business? Then you need a solution that can provide complete visibility into your IT portfolio from a single point. With the ever-increasing number of technology-related projects, it often becomes cumbersome for enterprises to manage and prioritize demands, allocate the right resources to the right projects, and manage costs.

IT Business Management (ITBM) is a suite of tools that have been designed to provide logistical and financial visibility to enterprises and enhance the effectiveness of their project management and demand management while maintaining a balance of available resources.

Now, you might think that your business doesn’t need ITBM or that your existing system just works fine. But to gain more visibility into your IT, track the impact of your investments, and exploring business scenarios as part of your IT planning process, you need a system that can deliver a portfolio of services that scales up and down against business demand, provide cost optimization options, and help lead IT transformation.

With more businesses focusing on innovation to drive revenue, IT agility and execution are of paramount importance, and therefore, investing in ITBM is crucial to building the essential capabilities to become a value-added supplier for all IT-based services.

Why choose ServiceNow ITBM?

ServiceNow IT Business Management (ITBM) solutions make it easier for you to plan, prioritize, and track work aligned to your business goals. ServiceNow’s set of ITBM tools follow a systemic approach to design IT services that meet the needs of the business, making investments a priority, monitoring the effect of those investments, and proactively keeping an eye on the performance of IT services from a cost and quality perspective.

ServiceNow IT Business Management eases the process of predicting your critical business requirements, allotting resources, and assessing the value of your portfolio. With ServiceNow ITBM, you can prioritize new requests and deliver products proficiently. It also allows you to evaluate important related investments and adjust to plan on an ongoing basis, manage strategic and operational work on a single platform and eliminate bottlenecks to reach the market faster.

If you’re still wondering why you need ServiceNow ITBM for business management, here are some of the benefits it offers for your enterprise.

Deliver faster and better results - ServiceNow ITBM helps you focus on opportunities that deliver the most value so you can improve productivity and deliver the best results.

Prepare for uncertainties - Change doesn’t always give you the time to prepare. Be prepared for every uncertainty with ServiceNow ITBM, adjust according to changing trends, and get the best possible outcomes.

Simplify your fund flows - ServiceNow ITBM helps you create simplified processes for top-down and bottom-up funding so you can easily request and allocate funds to investments.

Complete visibility for better decision-making - ServiceNow ITBM gives your teams key information about investment planning, including ROI and TCO analyses. Get access to data that has been collected, cleaned, and correlated from various sources to improve your decision-making capabilities.

Align your work to your business objectives - The Project Portfolio Management (PPM) feature if ServiceNow ITBM enables you to manage your complete project lifecycle from idea to execution across your technology and business portfolios. This all-inclusive solution and applications can help you manage your project portfolio, demand, resources ideas, and agile delivery.

Engage your employees - By leveraging the Innovation Management feature, you can actively engage your employees and inspire innovation to deliver business results with agility from a single location.

What to expect from your ITBM implementation?

Your ITBM solution is not just a toolset; it is a comprehensive solution that helps you lead IT transformation. Here are some features of ITBM you can leverage to ensure that your IT services meet your business goals.

Performance analytics

Make better decisions and accelerate your business performance with insights that provide clarity. Leverage performance analytics to identify areas of improvement, detect service bottlenecks, redirect service coverage where it is needed, introduce automation and self-service where necessary, and act on KPIs.

Resource management

One of the major agents of IT transformation is resources. Resource management is important to have complete visibility into your available resources and allocate them properly to get maximum value. Your ITBM solution gives you real-time information across all your resources, helps you keep track of the assigned tasks, and matches resources with your needs as they change.

Demand management

Understand market demand better with the demand management feature of your ITBM solution. While it allows you to gain visibility into overall demand patterns, it also helps you track, manage, and forecast demand for products and services based on the evolving market trends. It also helps you collect, organize, and prioritize demand depending on the value it adds to your enterprise.

Project and portfolio management

When uncertainties knock on your door, make sure you’re prepared to deal with them by refocusing your strategies and adapting to the changing trends. Meet your business objectives and add value by aligning your portfolio strategies, investments, and teams with ServiceNow ITBM Project and Portfolio Management. Plan, track, and monitor your project status from a single platform to simplify your work.

Innovation management

Your employees are a great source of innovation that can trigger your business transformation. The innovation management feature helps you collect ideas from across your organization and inspire innovation through impactful idea-sharing and keeping submitters, reviewers, and subscribers notified and engaged through collaborative comment boards.

Scenario planning

With a feature like ‘scenario planning’ at your disposal, you can perform what-if analysis by assessing strategic alignment, benefits, costs, and allocation of resources. It gives you detailed visibility into your investments to enhance agility, helps you adapt quickly to market change and align your business objectives to the best scenarios and track progress, and provides information to stakeholders to determine the best investments.

Application portfolio management

Keep track of underlying hardware and software technologies and simplify your IT infrastructure with the application portfolio management feature. It helps you eliminate obsolete applications, make the right decisions by assessing apps and services that support your business capabilities, and reduce overall IT costs.

Implementing ITBM for your business – do it the right way

While implementing the ITBM solution is easy, if it is not done right, you may not be able to take complete advantage of the implementation. It is always advised to follow the best practices while implementing ITBM. Following the ServiceNow implementation guide makes it easier to follow the necessary steps to get the best out of your ServiceNow ITBM. Here are some steps to implementing ITBM.

Pick out the right partner

No matter how dexterous you are, you will need a reliable partner to complete the implementation properly. With a dedicated implementation partner, you can overcome implementation difficulties and handle the inconsistencies better. Your business can keep the implementation constant with the help of a partner and train your team without hassles. Your implementation partner will ensure that all the bottlenecks are cleared effectively as soon as they arise.

Define your organization goals

Be clear about what you want from your implementation. Your ITBM implementation must be aligned to your business objectives, or else you may not get the ROI you’re expecting. It is crucial that you understand the major challenges your organization is facing at both enterprise and departmental levels and how ITBM will help your company solve them.

Engage your stakeholders

For a successful ITBM implementation, you must engage your key stakeholders, especially if they are not too well-versed in technology. It will usually be your project managers and department heads who will likely benefit from the ITBM implementation, and therefore, they must understand what challenges are resolved by the implementation and how they can use it to get better results.

A long-term plan

An ITBM implementation is not a short-term affair. You should have a long-term objective and plan out future steps in your organization, such as governance of the platform, stakeholders who can approve changes in the ITBM module, and so on.

Experience ITBM with NOUS Infosystems

Engaging with a partner like NOUS Infosystems can not only help you get your implementation right but also help you develop a long-term plan for your implementation. We provide implementation, integration, and managed services for ITSM, ITBM, ITOM, and HRSD through a cost-effective service delivery model. So, if you’re ready to empower your business with ITBM, get in touch with our team right away!

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