V-Soft's Corporate Headquarters

101 Bullitt Lane, Suite #205
Louisville, KY 40222

TOLL FREE: 844.425.8425
FAX: 502.412.5869

Denver, Colorado

6400 South Fiddlers Green Circle Suite #1150
Greenwood Village, CO 80111

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Chicago, Illinois

311 South Wacker Dr. Suite #1710, Chicago, IL 60606

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Madison, Wisconsin

8401 Greenway Boulevard Suite #100
Middleton, WI 53562

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Atlanta, Georgia

1255 Peachtree Parkway Suite #4201
Cumming, GA 30041

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Cincinnati, Ohio

Spectrum Office Tower 11260
Chester Road Suite 350
Cincinnati, OH 45246

Phone: 513.771.0050

Raritan, New Jersey

216 Route 206 Suite 22 Hillsborough Raritan, NJ 08844

Phone: 513.771.0050

Toronto, Canada

1 St. Clair Ave W Suite #902, Toronto, Ontario, M4V 1K6

Phone: 416.663.0900

Hyderabad, India

Incor 9, 3rd Floor, Kavuri Hills
Madhapur, Hyderabad – 500033 India

PHONE: 040-48482789

Noida, India

H-110 - Sector 63 ,
NOIDA , Gautham Budh Nagar ,
UP – 201301

Can ServiceNow's Strategic Portfolio Management Solve the Challenges of IT?

IT Business Management team discussing about Solving IT challenges

The ServiceNow SPM (formerly ITBM) is about managing IT-as-a-business on its own. Strategic utilization of the IT can help the business to achieve meaningful outcomes in terms of strategy, planning, client/customer service, financial visibility, and modeling. ServiceNow SPM (formerly ITBM) offers unique ways to solve the challenges of IT and scale up the digital transformation efforts of businesses.

The Key Challenges of IT

  • Struggling with adding value to the business.
  • High costs incurred in developing, managing and administering the IT for business may not proportional to the value being added.
  • Difficult to project the ROV (Return on Value) for the costs incurred.
  • Perceived value brought to the organization from other departments..

This leaves IT with 3 key questions:

  • How to move to a more proactive role
  • How to develop strategic partnerships within business units
  • How to be value driven and show an ROI benefit

Solutions to IT Challenges with SPM (formerly ITBM)

Answer to all the above challenges lies in connecting cost to value 

In the process of developing solutions, IT must operate like a business focused on strategy, client/customer service, business objectives and value-based outcomes using technology. Even though there are enough best practices like ITIL, Cobit, ISO 20K suggest on strategizing, developing, administering and maintaining, however in practice a lot of gaps in successful implementation of these practices is noticed.

The comprehensive SPM (formerly ITBM) strategy can help the IT with a business focused approach and drives the overall corporate success.

In shifting to an SPM posture, the IT leaders can:

  • More clearly convey the value of IT for business executives
  • Put in place solutions for efficiently managing IT cost, quality, and performance
  • Align IT with enterprise goals and enhance decision-making capabilities
  • Increase business value and lower costs by integrating governance and execution

IT can use the ServiceNow SPM (formerly ITBM) not only in connecting the cost of IT easily to ROI and ROV, but also successfully drive and maintain the direction of IT expenses. This way businesses can get a good understanding into projects and application portfolios along with the detailed insight of financials in to the cost of service. Moreover, businesses can gain better management of demands, resources, and budgets.

With the ServiceNow SPM (formerly ITBM), the IT team can decide intelligently:

  • Understand where to invest to best support organizational goals
  • Gain Visibility into Demand and Financials
  • Align IT Investments with Business Goals
  • How to Optimize Application Portfolios

ServiceNow SPM (formerly ITBM)'s Applications

The wide range of applications the ServiceNow SPM (formerly ITBM) provides are:

  • Demand Management: This application addresses strategic and operational demands help us in capturing in a centralized application and assessing the demands
  • Resource Management: This application enables the people requesting resources to create resource plans, request resources and analyze resource availability and utilization
  • Project Portfolio Management: This application addresses the portfolio, program, and project tracking. Handle activities right from the initiation of a project/program to the completion along with financial planning is addressed here.
  • Agile Development: This application provides solutions to develop applications using agile methodology from creating and planning to manage the releases, sprints, and stories
  • Test Management: This application provides a tool for manual software testing
  • Financial Charging: This application is part of financial management and helps in reporting the financial aspects of a service to stakeholders
  • Financial Planning: This application facilitates planning, managing and performing budget related tasks
  • Financial Modelling: This application facilitates auto-allocation and auto-run of workbench allocations
  • Application Portfolio Management: This application addresses understanding the application portfolio and managing and addressing the budget

Advantages of ServiceNow SPM (formerly ITBM)

Below is the list of ways ServiceNow SPM (formerly ITBM) impacts in managing "IT-as-a-Business":

  • Better visibility to Demands
  • Better utilization of Resources
  • Controlled Project Portfolio Management
  • Enhanced Agile Development mechanisms
  • Better Test Management
  • Facilitates Financial Charging
  • Facilitates Financial Planning
  • Facilitates Financial Modelling
  • Controlled Application Portfolio Management

Want help in getting better understanding about SPM (formerly ITBM) in regards to your industry, contact our experts for a free consultation.

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About Author

Lokesh Kumar Narayana, ITSM process expertLokesh Kumar Narayana works as a ITSM process expert at V-Soft Consulting. He holds 10+ years of experience which spans across both infrastructure management and software development services.  He is a ITIL® 2011 expert, Prince2® practitioner, ISO/IEC 20000® practitioner, certified Scrum® Master and a COBIT® Certified Professional. He has some notable contributions to the overall organizational improvements with his existing knowledge as a Principal Consultant in the ITSM Space.

Topics: Technology, ServiceNow, IT Business management

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