TEM Software: Actionable Data Analytics Fit for the CIO
The Chief Information Officer (CIO) is more and more faced with a growing and ever-evolving technological environment. Having access to actionable data and key information is the 51st reason to go beyond TEM.
In order to elaborate a concrete business plan – aligned with the enterprise’s goal -, the Chief Information Officer has to understand every aspect of the technological environment he has to deal with. That includes: inventory of IT assets, extensive costs and usage reports, multiple invoices intended for different people, and much more. Therefore, the impacts of digital transformation on CIOs are to be considered. It’s at this point that a successful technology expense management software becomes the right-hand man for any ambitious CIO who wants to make good business decisions.
But, before relying entirely on a TEM software, there are a few basics to define.
You are a Chief Information Officer, or you are working with one, and you’re wondering how to access as many resources as possible. First of all, be sure to establish the basics in order to make the CIO’s task more proactive and relevant when it’s time to make business-related decisions.
Raw Data or Actionable Data?
What do we mean when we talk about data? First, it’s important to acknowledge that there is not only one type of data. There is raw data, and actionable data. Without necessarily being co-dependent, actionable data is often what comes out of raw data. The goal is ultimately to be able to analyze this data, to be able to extract information and to use this information intelligently to make decisions, change a process, improve results, achieve objectives, etc. To do this, you need an action plan:
- Define the data
- Establish a reference framework
- Look at the data in action
Of course, these three steps are only the beginning of a solid action plan to clarify your data and extract relevant information from it, but the more organized you are, the faster your process will be.
Collaboration is Key
The advent of modern IT brings different departments of a company to work more closely since they often use similar technology and are therefore required to interact and collaborate. But you must never forget that many people in the company possess useful knowledge that can benefit the CIO.
By elaborating the departments’ needs with each manager, the CIO will be able to provide right and relevant services. Increased harmony between departments and the IT team (as well as between departments themselves) fosters a culture of IT costs transparency and greatly benefits the company’s growth and consolidation.
Automate for Efficiency
Once departments and CIOs work together to make IT services and management effective, it is important to consider automation. Automation is not always easy, especially when nothing is already automated, or when not everybody is on the same page. But don’t forget to consider the contribution of IT to each department and what it brings to their work. In addition, learn how to communicate more clearly with our specially designed tips for CIOs. With all those resources at hand, you’ll be ready to take the next step.
The Benefits of Combining Data
With the basics you have established, you are finally ready to start using a good TEM software. Excellent! This software will allow you to automate tasks, accelerate processes and keep a global vision of your IT.
But most importantly, this will allow you to bring together – and in one place – the usable data analysis and key information that really matter.
Because who can make an informed decision without having seen all the data to consider? This is why a clear, concise – and customizable – consolidation of relevant information helps you more than ever to make business decisions that are in harmony with all departments, but also aligned with the company’s goal. And with the ability to automate everything on a weekly or monthly basis, you’ll really have time to concentrate on finding solutions that will definitely help your company.
And remember: a CIO who’s able to make the right decisions can greatly benefit the company revenues and growth.