Organizations today are looking to become as streamlined and efficient as possible. Time to value is becoming an increasingly essential metric, as organizations that can minimize the time between the inception of an idea and the time when the implementation of that idea starts to deliver value will have a significant advantage. The problem is that there are numerous points where time can be lost in that process.
Whether it’s delays in surfacing the idea, problems getting it approved, scheduled and resourced, execution and delivery delays, or challenges operationalizing the solution, there are many places where things can slow down in the pursuit of value. We think ServiceNow can help. Forrester recently performed a total economic impact assessment of ServiceNow’s Strategic Portfolio management) solution, and you can sign up to hear from the experts about those results in a webinar held on Thursday, October 26 at 8AM PST.
Among the many findings regarding SPM on return on investment and significant cost savings was an average eight-week reduction in time to value. That saving was the result of organizations having a single solution to consolidate information about all of their IT and business investment initiatives. This in turn greatly reduced the amount of work necessary to understand proposed work, simplifying – and speeding up, every step of the process.
Reviews also took less time and approvals happened quicker. The greater visibility into all work, regardless of how it was being delivered, made scheduling and resourcing more straightforward. Additionally, the greater understanding provided by ServiceNow SPM of where resources were being invested and time was being spent allowed for non-productive, low value work to be eliminated, freeing up more resources for the initiatives that would drive the business.
When it came to operationalizing solutions, the fact that SPM integrates with ServiceNow’s Now platform made the entire process easier. Organizations have all information on operations, support and discretionary expenditure in one platform, allowing all stakeholders to understand what is happening, and what is necessary to optimize performance.
This kind of improvement in time to value has multiple benefits for organizations. Obviously, it allows the organization to realize a return on its investments more quickly, but the shorter time horizon also serves to make forecasting easier for both people and financial resources. It also reduces threats of competitor actions damaging sales and increases the opportunities of taking advantage of evolving customer demand by providing faster responses.
Overall costs of solution delivery are reduced and in many cases the period of time when value can be earned will be extended, further driving returns on investment. Additionally, a more streamlined and efficient process for strategic delivery encourages employee engagement and motivation, improving overall productivity.
