Investment funding is a means of securing the capital required to manage, execute and deliver programs and projects involving successful delivery of products or services. To assist businesses strategically manage investment funding, ServiceNow New York release comes with an investment funding application in ServiceNow SPM (formerly ITBM) module that allows businesses to prioritize, strategize and manage investments.
Funding can be internal, external or a combination of both. It can start from a simple investment on a single team to complex, international investments involving a joint venture. In the usual business planning cycle, internal funds are allotted to subsidiaries, business units, regions or departments.
Investment funding in a company requires involving several teams in the organization which can be challenging. The teams involved in managing programs and several projects are linked to deliver products and services. Each team is responsible for the success of their department to ensure the funding proves ROI.
Business units and delivery teams along with program and project teams need funding to deliver products or services. The risks may be external or internal, while the internal risks are validated by management, external risks can’t be ignored. Both external and internal risks can be mitigated. Information about these risks can be sent to management to facilitate better decisions. The investments allotted should be tracked from a top down view and bottom up view. This is why data management becomes a top priority.
The need to manage and deliver data to management in order to facilitate decisions along with managing the investment utilization is where the investment funding application within ServiceNow SPM (formerly ITBM) Module comes in.
Investment Funding in ServiceNow helps management plan, manage and prioritize investments by allocating funds to entities subsidiaries, business units, programs, projects and teams. The Investment Funding features do the following:
Top Down Funding is a model where management allocates funds based on business goals or a strategic initiative. Bottom Up Funding is a model where delivery teams request investments from funding sources in order to achieve an outcome or deliver a product or a service.