Information Technology Business Management (ITBM) is a set of workflows and tools for optimally developing, delivering, and managing business services through an IT-focused lens. The goal of ITBM is to help organizations more comprehensively understand how their technology environment relates to their business goals, strategies, and needs. ITBM encompasses:
Why Businesses Need ITBM
Traditionally, organizations have used legacy business management systems and workflows to understand their overall business needs and how IT resources can optimally be used to support these needs. These systems require an organization to manually gather and analyze all of their data. Indeed, businesses often rely on a combination of emails, spreadsheets, manual integrations, and unstructured workflows.
As a result of these business management processes, organizations waste resources and get suboptimal outcomes:
ServiceNow as a company implemented ServiceNow ITBM within its own enterprise to quantify the benefits of ServiceNow ITBM. As a result of fully implementing ServiceNow ITBM, the ServiceNow company reported achieving the following results: 20% acceleration in time-to-value from project approval to capability delivery. 60% reduction in average time to screen and approve projects. 4,342 hours saved per year through real-time reporting and dashboards. $354,900 saved each year in project management costs.
Quantified Benefits Of ServiceNow ITBM
ServiceNow ITBM focuses on improving the alignment of business services, accelerating service delivery, and offering comprehensive financial visibility. Forrester Research interviewed ServiceNow ITBM customers and identified the following as key benefits of ServiceNow ITBM:
Why Businesses Choose ServiceNow For ITBM
Strategic Portfolio Management, also known as Project Portfolio Management, is one of the key elements of mature ITBM processes. The Project Management Institute found that successful Strategic Portfolio Management has the following attributes:
In 2017, Forrester Research conducted an in-depth analysis of Strategic Portfolio Management platforms. Forrester ranked ServiceNow’s ITBM platform as a Leader in the industry; it was the first time that ServiceNow was evaluated in Forrester’s annual Strategic Portfolio Management rankings. Forrester evaluated Strategic Portfolio Management vendors against 27 criteria, focusing on their offerings, strategy, and market presence.
Where ITBM and ServiceNow Are Headed
The growth of the ITBM industry has been made possible through advances in cloud computing that have enabled organizations to unify and comprehensively understand historically siloed parts of their business. The firm Grand View Research estimates that the global Project Portfolio Management market will grow into an $8.9 billion industry by 2025.
Businesses are still learning how to utilize ITBM tools for maximum effectiveness. A 2018 study in the Project Management Institute found that:
ServiceNow originally introduced its ITBM offerings in 2008 and is continuing to significantly expand them. ServiceNow has stated that it is driven to invest in ITBM because the company believes ServiceNow’s service management model, combined with ServiceNow’s intelligent automation, can optimally serve organizations seeking next-generation ITBM solutions.
Businesses that use ServiceNow are able to rapidly achieve improved self-service capabilities for all users (both employees and customers) and elevated efficiencies in service operations.
Information Technology Service Management
ServiceNow IT Service Management (ITSM) helps you accelerate your digital transformation by enabling services for your end-users wherever they are, whenever they need it, and from any device they have.
Information Technology Asset Management
Information Technology Asset Management (ITAM) is a set of business practices and tools for optimally supporting lifecycle management of IT assets with the goal of ITAM helping organizations manage their hardware and software inventory more effectively.
Customer Service Management
Customer Service Management (CSM) is a set of workflows and tools for optimally overseeing and tracking all interactions with a business’s customers with the goal to comprehensively manage the customer experience (CX).
Software Asset Management
Software Asset Management (SAM) is a set of business practices and strategies for optimally managing acquisition, usage, and lifecycle maintenance of software that enables organizations to create an accurate system of record for all software assets.
Human Resource Service Delivery
HR Service Delivery (HRSD), also known as HR Service Delivery, is a best-practices approach for automating and standardizing HR processes within your organization that enables organizations to provide engaging, holistic HR services to employees.
Information Technology Service Management
Information Technology Service Management (ITSM) is a set of workflows and tools for optimally developing, delivering, and managing IT services. ITSM is used to handle incidents, service requests, problems, and changes—all of which are typically linked through an ITSM platform such as ServiceNow.
THE BUSINESS CASE FOR SERVICENOW
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According to Forrester Consulting’s 2017 The Total Economic Impact of ServiceNow report, ServiceNow customers benefit from a 20% increase in IT productivity and enjoy, on average, a 195% ROI and payback in less than nine months.
While Forrester provides numerous benefits and statistics quantifying ServiceNow’s ROI, businesses should also develop a customized business case for their own organization. Crossfuze can create a detailed ServiceNow business case for any qualified organization that requests one.
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Must-read Resources While Evaluating ServiceNow
Are you considering investing in the ServiceNow platform for your organization? Or have you recently invested in the ServiceNow platform and want to make sure you get the most from your investment? Put away your search engine of choice, because we’ve done all the research for you. Here’s a handy list of resources to help you learn more about ServiceNow.
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