Service Strategy Financial Management in ITIL - ITIL Course 

Service Strategy Financial Management in ITIL - ITIL Course 

Service Strategy

Financial Management

The Financial Management process provides cost effective management and control of IT assets and financial resources used in providing IT services.

Purpose

The purpose  of financial  management  for IT services  is to secure  the appropriate level of funding to design, develop and deliver services that meet the strategy of the organization.

Objectives

Financial Management generates meaningful critical performance data.

Most importantly, this gives an organization insight in the cost of IT, and the cost of a specific service. This insight will help in determining investments and possible chargeback models.

Financial  Management  deals with budgeting,  planning,  revenues,  cost and market analysis. This helps in quantifying the value of IT services and value of service provisioning assets.

Scope

Financial management consists of three main processes:

Budgeting:   This  is  the  process   of  predicting   and  controlling   the  income  and expenditure of money within the organization. Budgeting consists of a periodic negotiation cycle to set budgets (usually annual) and the monthly monitoring of the current budgets.

Accounting: This is the process that enables the IT organization to account fully for the way its money is spent (particularly  the ability to identify costs by customer, by service  and by activity).  It usually  involves  accounting  systems,  including  ledgers, charts  of accounts,  journals  etc.  and  should  be overseen  by someone  trained  in accountancy.

Charging: This is the process required to bill customers for the services supplied to them. This requires sound IT accounting practices and systems.

Business Case

A  business  case  clarifies  the  reason  for  undertaking   a  service  or  a  process improvement initiative.

Business  case  justifies  the  organizational   goals  that  have  been  stated  by  the organization as well as assess potential benefits and the resources and capabilities required.

The structure of a business case is as follows:

•   Introduction – Presents the business objectives

•              Methods and assumptions – Define the boundaries of the business case such as the time period, the costs and the benefits

•              Business impacts – The financial and non-financial business case results, such as faster time to market, better customer retention or bigger market share

•   Risks and contingency – The probability that alternative results will emerge

•   Recommendations – Specific actions recommended

Service Valuation

Financial Management of IT assists in the task of service valuation which is used to help the business and the IT Service Provider agree upon the value of the IT service.

Service  Valuation  helps  to determine  the balance  demonstrating  the total  cost  of providing an IT service against the total value offered to the business by the service.

Service Valuation focuses on two key concepts that apply in Financial Management are:

•              Provisioning  value – Determines  the minimum  cost baseline for providing  the service

•              Service  value  potential  – Value-added  component  based  on  the  customer’s perception of value from the service or expected marginal utility and warranty

 

Kuwait Jobs News for Latest Updates https://kuwaitjobsnews.com

How To Install IT - Software and Hardware with Network https://how-to-install-it.blogspot.com

Rayachoty360 - Latest News and updates https://rayachoti360.blogspot.com

Home Healthy Tips - Best Food, Health, Yoga https://homehealthytips.blogspot.com

Latest Job Vacancies Kuwait - More Jobs and classifieds https://latestjobvacancieskuwait.blogspot.com

ITIL Course - Information Technology Infrastructure Library https://itil-course.blogspot.com

Kuwait Bus Route - Latest Bus Routes in Kuwait and Bus stops https://kuwaitbusroute.blogspot.com

indianinQ8 - Latest Kuwait Jobs and News Classifieds https://indianinq8.com

Forever Living Kuwait - Health Products and Description https://foreverlivingkuwait.blogspot.com

Free SEO Tool - All In One SEO Tools for free https://free-seotool.com

పట్టుబట్టల దహనం, Friendship story in telugu, Paramanandayya sishyula story in telugu

Telugu Friendship Story Tiger and Rabbit | ది మైటీ టైగర్ అండ్ ది క్లీవర్ రాబిట్ https://friendshipstoriesforkids.blogspot.com/2024/11/telugu-friendship-story-tiger-and-rabbit.html

The Fox and Lion Cubs | ది ఫాక్స్ మరియు సింహం | Friendship Stories for Kids https://friendshipstoriesforkids.blogspot.com/2024/11/the-fox-and-lion-cubs.html

Friendship Story United We Stand | ఫ్రెండ్‌షిప్ స్టోరీ యునైటెడ్ వుయ్ స్టాండ్ https://friendshipstoriesforkids.blogspot.com/2024/11/friendship-story-united-we-stand.html

Greed and Content Moral Story | లొభ మరియు సంతోషం - గుణమైన కథ https://friendshipstoriesforkids.blogspot.com/2024/11/greed-and-content-moral-story.html

Purva Janma Runaanubandhamu | పూర్వజన్మలో మనకు గల ఋణాను బంధాలు https://friendshipstoriesforkids.blogspot.com/2024/11/purva-janma-runaanubandhamu.html

The Lion and the Deer True Friendship Story | సింహం మరియు జింకా https://friendshipstoriesforkids.blogspot.com/2024/11/the-lion-and-deer-true-friendship.html

The Cat and the Dog Friendship Stories | పిల్లి మరియు కుక్క https://friendshipstoriesforkids.blogspot.com/2024/11/the-cat-and-dog-friendship-stories.html

Rabbit and Friends Telugu moral story on friendship | కుందేలు - స్నేహితులు https://friendshipstoriesforkids.blogspot.com/2024/11/rabbit-and-friends-telugu-moral-story.html

Best Friends Moral story on friendship | తాబేలు ఎలుక https://friendshipstoriesforkids.blogspot.com/2024/11/best-friends-moral-story-on-friendship.html

Moral Friendship Story for Kids | నలుగురు స్నేహితులు మరియు వేటగాడు https://friendshipstoriesforkids.blogspot.com/2024/11/moral-friendship-story-for-kids.html

Small friendship moral stories in Telugu | కరణ్ మరియు అర్జున్ https://friendshipstoriesforkids.blogspot.com/2024/11/small-friendship-moral-stories-in-telugu.html

---

మక్కికి మక్కీ జవాబు, Friendship story in telugu, Paramanandayya sishyula story in telugu

Bahrain Bus Route - Latest Bus Routes in Bahrain and Bus stops https://BahrainBus.blogspot.com

Friendship Stories for Kids - Moral Stories for Kids, Neethi Kathalu, Friendship stories https://friendshipstoriesforkids.blogspot.com

ITIL, ITIL Foundation Course, ITIL V3, ITIL Course, ITIL - Course, online itil, itil certification, online material for itil course