A challenge that we see in the financial industry is that many organizations realize the potential of cloud computing to deploy powerful analytics to their business, but they often overlook the massive opportunity to build a cloud computing roadmap with a SaaS solution for IT management.
By adopting cloud-based PPM and Application Portfolio Management (APM) solutions, some financial organizations have achieved the same deep analytics and reporting capabilities across their IT portfolios that other areas of their businesses have already deployed.
These IT management solutions are improving an organization's ability to collaborate and prioritize strategic areas of the business and associated projects that provide customer value and increase wallet share. IT management solutions are enabling their teams to focus on the projects that are central to profitable growth, rather than building and maintaining internal applications.
From our work with financial organizations, we have learned that implementing a SaaS PPM solution has improved productivity by eliminating about 50 percent of an IT organization’s previous "workarounds" that end-users had relied on to deal with legacy computer system shortcomings. The competitive landscape for banking institutions requires this sort of return on investment to compete globally.
These cloud-based IT management investments raise the bar by shifting the focus of IT implementations away from simply installing new technology to re-engineering business processes and facilitating change management.
IT solution providers should become strategic partners to IT organizations to help them make the transition from cost center to change agent. PPM and APM solutions could be one instrument in the arsenal of tools to achieve this transition.
Lee Iacocca once commented when discussing Chrysler's turnaround, "there are those who make the dust and those that eat it." Cloud computing and cloud-based IT management solutions are the V8 engines creating the dust these days. The time to make the move is now because procrastination is the thief of dreams.
Kevin Kern is the CEO of Innotas.