The IT demands of today's businesses are rapidly expanding. An increasing dependence upon the cloud for growth and the availability of new and changing technologies to support corporate operability are shining a light on the pressures of IT financial management to enact an effective, measurable plan for technical growth and financial stability.
Contrary to somewhat prevailing perception, the challenges faced by IT financial management are often not due to poor methodology, but instead are hindered by ineffective, inefficient, and outdated tools. IT Management will benefit from the appropriate tools and software which can provide accurate, detail-driven visibility into who is spending, on what, and whether that spending is an effective allocation of the existing budget. At the same time, the best solutions will ease the reporting burden placed upon IT staff and enhance accountability and transparency for the entire organization.
A 2010 study conducted by Duke University and CFO magazine found that today's top executives identified the difficulty of forecasting results as a major internal concern - a concern shared by leaders and managers alike.
The issue for IT finance is then, how to identify the most appropriate, cost-effective resource to address the issue of visibility and forecasting, and how to use that resource to enact positive, measurable change.