ComSci CEO Highlights the Need for Financial Transparency in Technology Spending at Recent ITFMA Conference
Robert Svec, President and CEO of ComSci, LLC, a provider of Technology Financial Management (TFM) solutions, spoke at the recent ITFMA CIO conference held in Riverside, CA, on how visibility and transparency in technology spending and chargeback lead to improved decision making at all levels of an organization. He was joined at the conference by Michael Siniscalchi, Vice President of Business Development at ComSci, who also led a breakout session illustrating ComSci’s web-based TFM product. The sessions were attended by over 100 IT Managers across 40 enterprise firms.
“IT cost allocations are often simply spread across the entire organization, resulting in a kind of ‘tax’ that frustrates the business users – they don’t understand the charge and they are not empowered to control the cost,” commented Svec. “Providing business users with the details of their individual usage allows them better visibility into their consumption of IT services so they can control, manage and be accountable for their utilization of and demand for IT services and expenses.”
Technology Financial Management (TFM) empowers business users to take control of their own technology spend and enables IT departments to work as strategic partners with business users. Many organizations are developing Service Catalogues that define their services and associated rates for each. ComSci’s TFM Solution “operationalizes” that Service Catalogue – transitioning a static Service Catalogue into a dynamic consumption reporting and chargeback tool delivered to the business users every month. This allows organizations to accurately measure the impact of technology costs on profitability by product line, business unit and geography, as well as gain visibility into their consumption and demand for IT services.
In the course of his speech, Svec shared case studies that outlined the results of ComSci’s clients that have implemented an effective chargeback and technology financial management system. Using ComSci’s web-based TFM product, a banking client had saved over $3 million dollars as a result of providing consumption information to the business users. Business users, now aware of the costs of their consumption of IT services, were able to make better decisions about IT priorities and this enabled the bank to eliminate services that were not adding value to the business.
“Technology Financial Management changes the conversation,” said Svec, “from, ‘Why are my workstations so expensive?’ to ‘What technology do we need over the next 12 to 24 months to maintain our competitive edge?’”
ComSci delivers Technology Financial Management solutions that empower organizations to implement more effective IT financial governance. Through decades of experience and a suite of web-based tools, ComSci helps IT organizations enhance technology transparency and visibility, which in turn enables business units to understand and optimize demand and utilization of technology resources. ComSci (www.comsci.com) is headquartered in Edison, New Jersey, and was founded in 1971.