IT Financial Management (ITFM)
Defition of IT Financial Management (ITFM) [1]
IT financial management (ITFM) is the oversight of expenditures required to deliver IT products and services. The discipline is based on traditional enterprise financial and accounting best practices, such as mandating documentation of expenses and requiring regular audits and reports. However, IT financial management methods and practices are adapted to address the particular requirements of managing IT assets and resources.
Gartner professes that most organizations prioritize the following ITFM capabilities in their practices:
- Budgeting
- Forecasting
- Variance analysis
- Cost optimization[2]
IT Financial Management (ITFM) Roadmap[3]
Below is a representation of how to plan your Financial Management Transformation Roadmap
See Also
IT Cost Allocation
Technology Business Management (TBM)
IT Chargeback
IT Cost Optimization
Federal IT Acquisition Reform Act (FITARA)
Total Cost of Ownership (TCO)
References
- ↑ Defining IT Financial Management (ITFM) Techtarget
- ↑ ITFM Capabilities Upland Software
- ↑ Planning your Financial Management Transformation Roadmap IBM
Further Reading
- Basics of IT Financial Management - What you need to know and why IBM