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Extra info for IT Financial Management
Example text
Nearly always, costs for training are also expected. Where the change is large enough to justify using a project-based approach, additional categories of costs will need to be considered – for example, the use of offices and utilities for the project teams, travel expenses for presentations, coordination meetings and communications. Coordinating and managing the project is another element of cost to be considered. In many cases, project management will be mandatory and specific roles will have to be set up (typically project manager, project management office) which, again, will require internal staff and/or recruitment of external resources and/or acquisition of external services.
Corrective actions will have to be identified and applied to achieve the desired behavior. In some cases, deviations may be caused by erroneous or unsuitable policies that need to be improved. We have described, in practice, the application of the Deming cycle (Plan-Do-Check- Act) to the management of policies. Organizations applying ISO/IEC 20000 are naturally implementing this cycle as part of the requirements of the standard. It is important that in any scenario and regardless of ISO/IEC 20000 commitments, an IT financial management policy is defined, applied and improved.
The cost of running IT financial management practices is influenced by the level of detail of data to be managed and the level of automation. 1 earlier. For example, if detailed information is required on how the time of IT service management staff is spent, the introduction and management of meticulous time management (based on timesheets) will lead to greater effort. Another example is the passive cycle (see glossary), including orders and invoices registration. A higher level of detail and direct allocation of costs to IT services will require a higher number of records to be managed.