ComSci's Solution Reinforces the Six Best Practices for IT Financial Management
Download this press release in PDF format
Edison, NJ, January 12, 2010 - In a recent Forrester Research report, both IT financial management and cost transparency were highlighted as the foundation to running IT like a business. The report outlined six best practices that IT organizations have used to make the transition to full cost transparency. These best practices are: create well-defined governance structures, re-align the organization for success, deploy IT services catalogs, develop a cost model for each service, optimize delivery through right-sourcing IT services, and invoice IT ‘customers' for IT services consumption and the related costs to rationalize behaviors.
"The service catalog coupled with the invoice becomes an extremely valuable component for IT demand management," writes Craig Symons of Forrester Research. The report, Best Practices In IT Financial Management, was published November 6, 2009. "It enables business executives and managers to have fact-based dialogues with their IT relationship or account managers about their requirements for IT services." Going a step further, Symons states that, "At budgeting time, rather than looking at last year's expense plus some growth factor, managers can look at specific demand and cost drivers and make rational decisions about future demand. This leads to more accurate forecasting and planning. It also enables business managers to look at the ROI of each service (i.e., the business value)."
"Our own experience in working with clients proves out these six IT finance management best practices," commented Robert Svec, president and CEO of ComSci, a leading provider of Technology Financial Management™ (TFM) solutions for IT cost transparency and consumption invoicing, also known as showback/chargeback. "Accurate consumption invoicing, in particular, is the crucial element needed to help the business unit-level managers understand their true cost of IT usage and how it links to business value, which in turn reinforces the right behaviors and choices throughout the organization."
"Many of our clients, upon implementation of our consumption invoice practice, have identified at least 6% across the board IT cost savings", concluded Svec. Business users, aware of the costs of their consumption of IT services, are able to make better decisions about IT priorities and this enables them to eliminate services that are not adding value to the business.
About ComSci
ComSci delivers Technology Financial Management™ solutions that empower organizations to implement more effective IT financial governance. Through decades of experience and a suite of web-based tools, ComSci helps IT organizations enhance technology transparency and visibility, which in turn enables business units to understand and optimize demand and utilization of technology resources. ComSci is headquartered in Edison, New Jersey, and was founded in 1971.