Poor project execution is costly, and business leaders worldwide are optimizing workflows to boost net revenue and service quality. However, it’s not always simple to conclude how to develop these strategies. Companies can benefit from reviewing ServiceNow ITBM use cases before launching projects.
If you need help jump-starting your next initiative, this article discusses some use cases and benefits of integrating ServiceNow ITBM solutions.
ServiceNow ITBM Benefits
A comprehensive ITBM strategy can help organizations implement an augmented business approach that drives organizational success.
By positioning with an ITBM solution, businesses can:
- Create and execute cost-efficient and low-risk project strategies that support company success and growth
- More successfully manage client demands and forecast resource needs by consolidating project requirements onto a single dashboard
- Design plans that meet resource management requirements by collecting staffing data in order to plan and develop tasks and assign work based on staffing availability
- Leverage a more clear view of project and infrastructure service costs to boost earnings and efficiency
- Establish a quicker product development process to manage development cycles better and report their results to team members
- Utilize vital data and performance metrics to identify what business functions run efficiently, enhancing business services and customer satisfaction
Five ServiceNow ITBM Use Cases
When might a company make good use of these benefits? While many circumstances might qualify, five common ones are as follows:
1. Demand Management: Evaluating Idea Submissions
When team members submit business ideas for consideration, ITBM Demand Management solutions extract and summarize core information from those submissions. The system then provides a summary to stakeholders, who assess and prioritize ideas that warrant further review.
After stakeholders approve ideas for the next steps, the demand manager generates a draft that details the proposed financing needs and includes relevant documentation, such as resource requirements and potential risks. Stakeholders and demand managers leverage this information to evaluate demands and identify which drafts get preliminary approval for a financial commitment.
2. Resource Management: Allocating Workforce
Resource Management gives a holistic view of resource use, availability, and cost throughout the entire system. It generates resource plans, allocates those resources to projects, and assesses existing and future resource requirements.
ServiceNow projects can display resource demands and allocations and assign those resources on an hourly or FTE (full-time equivalent) basis, as indicated in the project cost. These parameters are easily modified, which aids in data accuracy and maintaining flexibility as needs change.
3. Timecard Management: Delegating Tasks
The Timecard Management system gives management a clear picture of time use across the company.
The application allows an organization to customize project roles and rates and set project hours. Team leaders can then assign tasks and hours to specific personnel based on those parameters.
Workers can access the portal to view weekly tasks and submit the corresponding timesheets. Managers then review and approve those timesheets. The system automatically calculates an expense line for the project, pending finance approval.
4. Financial Planning: Tracking Costs
Budgeting becomes more manageable when businesses link financial data to the corresponding demands, projects, and portfolios on a single platform.
ITBM projects can track cost and benefit plans, driving critical metrics like ROI, NPV, and IRR. The cost plan provides estimated expenses and compares them to actual costs over the project’s duration. It also automatically calculates timesheets as well as manual and imported entries.
The benefit plan accounts for both expected and actual earnings. Adjusting and adding expenses is straightforward. It has an immediate impact on automatic forecasting, resulting in more accurate estimates.
ITBM solutions also simplify approving financial plans, asking questions, and making modifications, allowing project and finance teams to work together seamlessly.
5. Reporting: Making Data-Driven Decisions
The Project Status Portal provides current data and trends to stakeholders and managers via pre-existing and configurable reports, allowing them to make quick business decisions. This data lives in a single, centralized storage system, ensuring the information is readily available when needed.
Users can generate these existing status reports for review and team distribution. Accurate reporting decreases risk by giving up-to-date and accurate information, allowing for more informed and confident decision-making.
We Know How to Use ServiceNow ITBM Solutions
ServiceNow ITBM solutions combine features ranging from cost transparency to project portfolio management. Businesses can use ServiceNow ITBM solutions to increase the visibility of business services and create cost savings by leveraging data and analytic metrics.
However, knowing how and when to use these features is sometimes tricky, and referencing case uses might help you get your next project up and running.
Request a quote today and learn how Cask ServiceNow ITBM solutions can help you create time-efficient and cost-friendly projects that maximize resources and boost revenue.