ServiceNow IT Cost Management quantifies the financial costs of IT services and assets. This fit-for-purpose application not only provides insight into what is being spent, but also where – and why – costs are being incurred. ServiceNow IT Cost Management consolidates the reporting and tracking of costs to provide service and project views of expenditure.
Organizations are under increasing pressure to calculate what IT actually costs, and the business value it delivers in return. Visibility into the cost of services is often challenging because financial data is scattered across multiple tools, making reporting difficult and unreliable. With ServiceNow IT Cost Management, IT can:
IT Cost Management leverages the single data model within ServiceNow so that all IT cost data related to assets and people are in a single system of record. As a result, organizations can use this application to manage IT service costs and gain control of IT finances.
IT Cost Management takes advantage of the ServiceNow Configuration Management Database (CMDB) and a relationship hierarchy to aggregate related expenses to each service. The service configuration items then drive the key categorizations, both for capturing costs and allocating consumption.
The application can take the total cost of a service and allocate a percentage back to cost centers, based on consumption.
And, because IT Cost Management is built on the ServiceNow Service Automation Platform, customers can leverage built-in reporting to make more informed decisions leading to further efficiencies and cost reductions.