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IT Cost Management

Unlock the Value of IT Services

Application Summary

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.    

Benefits to Enterprise IT

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:

  • Better Understand IT Costs
    • Aggregate asset costs, including hardware, software and contracts
    • Inventory labor costs related to staff work time, project tasks, incident change and other tickets, request tasks, and more
  • Manage and Optimize IT Budgets
    • Leverage IT cost data and realize financial efficiencies to justify further investment in resources, infrastructure or services
    • Use demand management and variable pricing to drive down peak-period service usage 
  • Deliver Financial Transparency
    • Use chargeback or showback to allocate or illustrate the costs of IT service delivery
    • Report IT expenses by department, by project or by service
    • Make financial benchmark comparisons with ServiceNow Performance Analytics

 

IT Cost Management and the CMDB

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.

 

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