What is IT Expense Management?
Lightening the load of managing technology for the IT department is the 64th reason to go beyond TEM and manage the enterprise digital footprint.
You may have heard of it as IT cost management, or ITEM. Back in January, Gartner predicted that global IT spend would hit $3.7 Trillion in 2018. Businesses are making more and more IT investments, particularly in driving digital transformation efforts. In fact, more and more businesses are investing in enterprise software, with worldwide software spend predicted to rise by 9.5% in 2018, and a further 8.4% in 2019. As a business, there will eventually come a time for you to invest in different hardware and software to help improve overall productivity and efficiency. Businesses that want to grow need to not only make the right choices when picking out hardware and software, but also need insight into the associated costs and assets.
How Does ITEM Help?
ITEM is a way for businesses to have an ongoing process for managing IT costs and budget in the works. IT assets include things like hardware and software, both of which can be assessed and fully optimized. From software licenses, to purchased or leased hardware, ITEM handles the management of just about all IT assets. Gaining perspective over the entire IT environment allows businesses to better understand where their IT spend is going, and whether they’re making the right investments. It’s essential to maintain control over the IT budget in order to make the best possible decisions, while planning for the future. A future-focused solution keeps you prepared for what’s to come, as it provides business intelligence analytics that bring out insight from past investments and licenses. All in all, an efficient ITEM solution has the necessary tools and data visualization to help improve future decision-making.
There are a variety of ways in which an all-inclusive ITEM solution can help:
- Better manage IT costs and the IT budget
- Fully analyze data pertaining to IT costs and assets, to drive better decision-making and future IT investments
- Automate lengthy and tedious processes like approval processes and workflows
- Maintain an accurate IT inventory
Solutions like Cimpl offer an ITEM solution that is all-inclusive, capable of managing all sorts of assets, from IT, to IoT, to cloud. You’ll want to consider an ITEM solution that collects and distills data over time, helping bring out key areas of your IT environment with the potential for optimization. There are many more opportunities for cost and time savings that arise from using an ITEM solution. If you’d like to learn everything there is to know about IT Expense Management, and the value it offers, read our latest ePaper, “What is ITEM?” You’ll learn about what constitutes as an IT asset, and how managing the associated costs can benefit your business.