• Thu. May 23rd, 2024

Exponential IT Is Revolutionizing IT Financial and Vendor Management, Says Info-Tech Research Group in New Research

Info-Tech’s new blueprint explores the profound transformation of financial and vendor management in the era of Exponential IT, emphasizing its critical role in driving organizational efficiency and strategic agility in a rapidly evolving technological landscape.

TORONTO, Dec. 6, 2023 /PRNewswire/ – In an era of unprecedented exponential technological advancement and continuous market shifts, the role of financial and vendor management within IT is undergoing a significant transformation. As organizations grapple with these complexities, IT leaders are recognizing the urgent need to adapt their financial and vendor management strategies accordingly. To guide IT leaders through this evolving landscape, global IT research and advisory firm Info-Tech Research Group has released its latest blueprint Exponential IT for Financial and Vendor Management.

Info-Tech Research Group’s “Exponential IT for Financial and Vendor Management” blueprint will help IT leaders move from being a business-as-usual IT spend tracker to a business-leading technology investment manager. (CNW Group/Info-Tech Research Group)

The firm’s newly published research provides a comprehensive framework for IT departments to align their financial and vendor management practices with the rapid pace of technological change, ensuring they remain agile, efficient, and value-driven in a highly dynamic environment.

Today, IT financial management (ITFM) consists of forecasting, seeking approval for, and tracking IT expenditures. This all changes with Exponential IT,” says Dave Kish, IT financial management practice lead at Info-Tech Research Group.The CIO will become the CEO’s partner and peer, co-owning overall business targets. The CIO’s role will be more like that of an investment banker, prioritizing, analyzing, and fine-tuning the technology portfolio in real-time based on its performance. The overall role of ITFM will not only be changed but elevated.

Info-Tech’s research delves into the transformative effects of Exponential IT on financial and vendor management, highlighting a paradigm shift from traditional practices to innovative, AI-driven strategies. The firm’s analysis details how Exponential IT elevates ITFM from basic budgeting and expenditure tracking to a dynamic, value-driven activity. This shift empowers CIOs to reallocate resources from operational maintenance to innovation and growth, leveraging business intelligence and AI for strategic technology investment decisions.

Today, vendor relationship management (VM) struggles to be proactive. Regardless of the effort, whether it is scorecarding the past quarter’s vendor performance or learning there was a new contract for a new vendor signed last week requiring VM to manage the relationship, VM is typically unsuccessful in operating at a strategic level,” says Steve Jeffery, principal research director at Info-Tech Research Group. “Vendor management initiatives must look to the capabilities of AI to propel their influence not only in IT strategy but also in enterprise strategy, as the enterprise’s reliance on vendors for competitive advantages increases. Exponential IT leveraging VM AI will allow IT to improve the enterprise’s competitive advantage by maximizing the value of vendor relationships.”

The research explains that the evolution in IT financial and vendor management is not merely about managing expenditures or contracts; it represents a strategic shift toward maximizing value and fostering innovation. Under the firm’s Exponential IT framework, IT leaders are equipped to transform their approach to funding and vendor relationships, adopting models that are agile, value-focused, and predictive.

The new blueprint offers three key actions to help IT leaders lean into the exponential curve and manage this change:

  1. Fund Exponential Value Creation: IT’s innovation budget must increase by reallocating funds from “keep the lights on” (KTLO) activities to value creation initiatives, particularly through generative AI and other supporting technologies, in a more nimble and agile approach.

  2. Boost Vendor Management Practices: IT’s role should expand to encompass organizational stewardship, managing a diverse portfolio of virtual organizational capability vendors.

  3. Build Outcome Measurement: IT must take on a broader responsibility for achieving organizational targets, in addition to maintaining service targets, thereby aligning IT goals more closely with the overall business objectives.

The insights from the research underscore the critical need for a strategic and proactive approach to IT financial and vendor management in the era of Exponential IT. The firm encourages IT leaders to embrace this transformative framework, focusing on creating value-driven, agile, and predictive financial and vendor strategies. By doing so, they can ensure that their departments are not merely managing technology and contracts but actively propelling the organization forward. Embracing the principles of Exponential IT enables IT departments to transition from traditional operational roles to becoming key catalysts for growth, innovation, and competitive advantage in their organizations.

For exclusive media commentary from Dave Kish and Steve Jeffery, experts in IT financial and vendor management, or to access the complete Exponential IT for Financial and Vendor Management research, please contact Senior PR Manager Sufyan Al-Hassan at [email protected].

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].

For information about Info-Tech Research Group or to view the latest research, visit infotech.com and connect via LinkedIn and X.

Info-Tech Research Group Logo (CNW Group/Info-Tech Research Group)

Info-Tech Research Group Logo (CNW Group/Info-Tech Research Group)

Cision

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/exponential-it-is-revolutionizing-it-financial-and-vendor-management-says-info-tech-research-group-in-new-research-302007933.html

SOURCE Info-Tech Research Group


link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *