Enterprise cloud solutions company, ServiceNow (NYSE:NOW), has announced the launch of a cloud solution that gives IT leaders visibility to financial, project and application portfolios on a single platform. ServiceNow IT Business Management Suite (ITBM) is an innovation that would better align IT outcomes to business goals. Its goal is to put IT in the driver’s seat to manage change and speed innovation.
Larger companies can have hundreds, if not thousands, of applications including many not directly under the control of IT. Money is wasted through duplication, under-utilization and licensing compliance issues. Further problems would arise when the business demands new capabilities as it’s not always clear whether to invest in an existing application or build/buy a new one.
Complexity would grow in the cloud-first era, where the rapid rise of cloud services can challenge CIOs to achieve a 360-degree view of the entire portfolio of business applications. IT costs can be harder to predict.
“With ServiceNow ITBM, we are delivering a command center to the CIO,” said Kevin Nanney, senior director, Product Management, ITBM, ServiceNow. “Every IT leader can now have a vantage point over all IT resources, projects and costs to make sure they are driving the business forward.”
ServiceNow ITBM combines Project and Portfolio Management, IT Financial Management and Application Portfolio Management on a single, cloud-based platform. The solution would provide core information about thousands of IT applications, assets, services, projects, service levels and risk profiles – all connected to the customer’s configuration management database (CMDB).
Key benefits of ServiceNow ITBM would include:
- Complete Financial and Portfolio Visibility – ITBM links real costs from the general ledger to a full inventory of IT’s infrastructure, applications and business services with no point product integrations. A 360-degree view of the entire IT portfolio of services and business applications would make it easy for IT leaders to identify waste, evaluate projects and applications on key management criteria, and allocate budget more efficiently.
- Strategic Alignment of IT Services and Investments with Application Rationalization – IT leaders can use a dynamic scoring engine to set priorities based on business strategy and prioritize all demand in one system with Demand Management. Collaborative governance and funding modeling based on Program and Portfolio Workbenches and a detailed repository of business applications to drive the application roadmap can be built on the platform.
- More Agile IT and Accelerated Delivery of Innovative Services – ITBM from ServiceNow would go beyond traditional Technology Business Management (TBM) and break down the silos of ‘run the business’ and ‘change the business’ work. IT leaders have one place to get cost, resource, and project status data, regardless of the development method (e.g., agile, waterfall, hybrid) using collaborative work management features like ServiceNow Connect and Visual Task Boards. Teams would work faster and smarter.