ServiceNow is on track to launch the latest add-on to its portfolio workbench application. The newest update equips the dashboard with Scenarios - a versatile feature enabling portfolio managers to visualize different strategies and their implications better.
Making Investment Decisions with ServiceNow
ServiceNow's ITBM bench moves forward with the primary goal of helping businesses fare better in these changing times. With that said, ServiceNow has adopted a simple six pillar model to better drive value and portfolio planning.
Strategy - The strategy for the time to come shall always align with business goals. And with different strategies comes the aspect of various projects, which a manager can fixate upon for the next steps in planning.
Funding - It is crucial to decide what, when, and how to fund projects prior-hand to achieve the maximum return on investments.
Resources - ServiceNow takes care of the day-to-day inventory management of the business. Glance through your available resources for the current portfolio, and help your workforce evolve with skillsets for the upcoming projects.
Work - Aligned with the strategy component mentioned above, work is meticulously planned to meet business ends effectively and efficiently.
Forecasted Cost - With the work outline laid out in a timeline, the cost can be forecasted with ease, and budgetary allowances shall follow the course.
Forecasted Resources - Last, but not the least - drawing up the resources required for the projects. This is the last bit of the puzzle that completes a plan and makes it ready to take action upon.
The model described above works well and is known to provide tangible results. But that's not to say things couldn't be taken one step further. Most modern managers face a strenuous task of making their business sail through such a rapid-changing environment. The generous plan drawn up today might serve no purpose at all tomorrow. And with that, comes the need to explore different avenues, and what it holds for a business.
Scenario Planning - Scenarios help you draw up different portfolio groupings, with each group having its own list of priorities. This enables managers to divide all current projects and regroup them under their respective objectives. And once it's decided which approach to take for the upcoming year, managers can quickly obtain the plans essential only for that particular goal.
For example, this year's main objective might be to improve the customer experience. Accordingly, you can classify only the projects which align with the goal and leave out other plans for the time being. Alongside, the following features of scenarios shall help put things into perspective from a planning point of view.
- Be able to rank the projects according to their priorities.
- Append strategies to each project to have a better idea of the ends being met by the plans.
- Visualize Opex/Capex budget at a granular level for individual projects.
- Ultimately, compare different scenarios for the grand scheme of things and realize what each scenario costs the business against how much benefits it offers.
Scenarios are being rolled out for all ServiceNow ITBM standard license users from May 14th onwards, and we believe it shall serve customers' needs better than before.
Credits : https://www.youtube.com/watch?v=H1CStr_-rd8&feature=youtu.be
