Top 3 Reasons Technology Business Management (TBM) Should Be on Your Priority List

With the TBM conference coming up in the last week of October, CIOs have more reason than ever to consider how new technology can help them better manage their departments and align their goals with the business goals of their organizations. Recent statistics released by CIO Magazine show that an incredible 54% of business executives viewed the IT department as “an obstacle to their mission” and 47% said the CIO was fighting a “turf war” with at least one other C-level executive.[1] Clearly many IT leaders are struggling to coordinate with the business at large, leading to disconnected priorities, inefficiency, and missed opportunities. We think it’s time to not only repair this disconnect, but leapfrog over it into a rethinking of IT. The TBM conference is one way to start accumulating this kind of thinking. (And contacting Wavestone US for a scan of your opportunities is another.)

What is TBM?

TBM, or technology business management, is a relatively new category of SaaS solutions designed for CIOs and IT departments to help them manage their businesses. These tools allow IT Leaders to run their businesses with the accuracy, transparency, and efficiency that modern solutions have afforded their peers, allowing them to more accurately justify costs, optimize efficiency, and align with business goals.

Why should TBM be on my priority list?

1. It is a critical enabler to running IT “as a business.”

IT has unique needs and goals that are not met by generic business management tools. TBM offerings seek to fill this gap by providing purpose-built solutions designed specifically to help IT Leaders run their business. This allows them to move from traditional, often ineffective options, such as spreadsheets. These tools recognize the core truth that IT, like other departments, needs to manage and report costs, performance, and future projects. In order to do this effectively, IT Leaders need solutions that take into account the unique metrics, practices, and challenges of IT. TBM solutions allow IT Leaders to oversee vendors, manage benchmarks, and track project costs to ensure that their department is run efficiently.

2. It is essential in justifying IT spending to the business.

Spending is often one of the greatest areas of contention the organization at-large will have with the IT leader. And because many of the benefits of investment in IT can seem intangible to the average user, many business leaders are left wondering exactly where all that money is going. TBM solutions give IT Leaders the power to more easily show the organization exactly how resources are being spent, to prove that they are having measurable impacts on performance. This is essential in providing the IT leader with the tools they need to maintain their current budget, or even ask for more funding.

3. It facilitates the development of stronger partnerships with the business.

Today, IT is no longer a department with a supporting role, it is often a major source of revenue and competitive advantage. IT enables the primary channels for interfacing with customers, and holds responsibility for boosting productivity within the organization. As the IT department becomes an ever more integral part of daily business functions, it is critical that IT leaders increase their efforts to coordinate their own goals with the goals of the business at large. TBM solutions allow for greater transparency in the IT organization, allowing IT leaders to more effectively align their priorities with those of their business partners and giving them the tools they need to work together to achieve broad business objectives.

To learn more about Wavestone US’ advisory services for strategic IT transformation, visit https://www.wavestone.us/capabilities/. 

[1] http://core0.staticworld.net/images/article/2014/12/soc-2015-ss9-100537680-orig.jpg