Dreading Another Year of Budget Cuts? Stop Defending Your Budget and Become a Value Partner!
Budget season for most is not a pleasant activity. Unless you are seen as a strategic partner in your organization, the revenue producing businesses will be looking to cut your budget and you’ll be forced to defend every dollar. It doesn’t have to be this way - there are steps you can take to be seen as a value partner within your company.
When done correctly, budgeting can be an opportunity to showcase how IT contributes to the bottom line and, in turn, you can benefit to gain even bigger budgets in the process. How you approach the budgeting efforts is key in showing how your department contributes to your company’s bottom line.
Cask has witnessed that the best approach includes enabling Service Portfolio Management to leverage service value capabilities and Demand Management to capture budget changes as they occur. Aspects of Operations Management can also be folded in to accommodate the ongoing dynamic aspects of running your business. These processes have direct linkage to the business you serve and can actually showcase your contribution to the bottom line.
Structuring your Financial Management Model with proper cost models and interfaces to these capabilities will allow you to have a living, breathing budget. With such a short amount of time to develop an annual budget, a Financial Management Model captures actuals against budget with more specifics and details quicker and more efficiently. Capturing these actuals makes the long hours of working on your budget disappear. Change, in business, is a constant and every change becomes an opportunity for IT to show how they contribute to the company’s bottom line.
Come join us at our next webinar where we will discuss “How to Unlock the Hidden Value of Your IT Investments with Service + Financial Management”.