Chief Financial Officers (CFOs) and Chief Information Officers need to be concerned with IT Financial Management (ITFM) and technology expense management because they are strategic. IT and Telecommunications are not just one of the top five line-item expenses for nearly every organization, technology and communications are also critical to empowering workers.
CFOs and CIOs should consider IT and telecommunications as a board room topic. There is a need to balance cost management, cybersecurity and the strategic need of maintaining a flexible reliable efficient network.
ITFM, TEM, WEM and/or EMM/MMS programs produce benefits in four main areas:
- Labor efficiencies
- Risk mitigation and better endpoint security
- Reduction of technology service expense
- Indirect savings
CFOs and CIOs care about technology because it represents the next step in a transformative era. With the pandemic lockdowns giving rise to Work from Home (WFM), there are now more mobile users than computer users tethered to desks. Organizations can reduce or eliminate real estate costs, hire and deploy talent globally while mitigating immigration issues, and, enjoy productivity gains. Workers get geographic flexibility (live where they prefer), eliminate commutes, and achieve a better work/life balance.
Corporate profits and opportunities for innovation are multiplying as more organizations harness the power of remote work and mobile technology. The convergence of voice and data networks was big, but the convergence of mobile broadband networks, cloud computing, smarter devices, pervasive connectivity, the ability to program intelligence around us with the Internet of Things (IoT) is going to be even bigger as it dramatically change every industry.
This revolution in technology needs to be managed strategically by CFOs and CIOs. These executives can serve as the catalyst in launching formal initiatives to manage technology and the expenses associated with it. CFOs and CIOs are in a position to understand the challenges of technology expense management and benefit from implementing solutions. CFOs are able to raise their stature in the organization through improved accountability and cost savings. In turn, CIOs are able to reap the benefits from shifting wasteful uncontrolled spending on network services to free funds for projects that drive strategic value and competitive advantage.