5 ServiceNow ITBM Use Cases for Enterprises

Business leaders worldwide are improving their workflows to increase net revenue and improve service quality. However, it's not always easy to determine how to create these strategies. 

 ServiceNow IT BusinessManagement assists them in overcoming these challenges. It enables organizations to manage and develop core business services using pre-established workflows, tools and processes. In addition, IT Business Management assists businesses in achieving their goals by improving three key aspects of an end-to-end delivery process - Visibility Alignment and Velocity. Let's learn the topmost benefits of ITBM and the use cases of ServiceNow ITBM solutions. 

ServiceNow ITBM Benefits

An ITBM strategy that is comprehensive can be used to help organizations create an augmented business approach that will drive organizational success.

Businesses can position themselves with an ITBM solution to:

• Develop and implement cost-effective and low-risk strategies to support the growth and success of your company.
• Client demands can be managed more effectively, and resource forecasts can be made more accessible by consolidating project requirements into a single dashboard
• To increase earnings and efficiency, leverage a clearer view of the costs associated with project and infrastructure services.
• Use vital data and performance metrics for identifying business functions that run efficiently. This will improve business services and customer satisfaction.
  

5 ServiceNow ITBM Usecases

Companies in several situations can use these benefits. Of course, many cases might be eligible, but these five common ones are:

1.     Demand Management: 

ITBM Demand management solutions extract and summarize core information from team members' business ideas. Once the system has been compiled, stakeholders can review it and decide which ideas are most important.

Once stakeholders have approved the ideas, the demand manager creates a draft that details the financing requirements and includes pertinent documentation such as potential risks and resource requirements. 

 

2.     Resource Management: 
Resource Management provides a comprehensive view of the resource availability, cost, and use throughout the system. It creates resource plans, allocates resources to projects, and evaluates future and existing resource needs.

3.     Timecard Management: 
The Timecard Management system provides management with a clear view of the time used across the company. This application allows organizations to set project hours and rates and customize project roles. Team leaders can assign tasks to specific personnel and set hours based on these parameters.

4.     Financial Planning:
Businesses can make budgeting easier by linking financial data with the relevant demands, projects, and portfolios from a single platform.

ITBM projects can track costs and benefit plans, which drives critical metrics such as ROI, NPV and IRR. The cost plan estimates expenses and compares them with actual costs for the project's duration. It automatically calculates timesheets, and manual and imported entries, as well.

 

5.     Reporting
Project Status Portal gives current data and trends to managers and stakeholders via pre-existing, configurable reports. This allows them to make business decisions quickly. In addition, the data is stored in one central storage system, making it easy to access when necessary.

Users for team review and distribution can generate these status reports. Accurate reporting reduces risk by providing up-to-date, accurate information for better decision-making.

Conclusion:

ServiceNow ITBM solutions offer a variety of features, including cost transparency and project portfolio management. ServiceNow ITBM solutions can be used by businesses to improve visibility and save money through the use of data and analytics.