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3 weeks ago
Hi all,
It is not clear to me which is the difference in managing budget in "Investment Funding" and "Strategic Planning Workspace".
This is my understanding:
- With "Investment Funding" it is possible to allocate budget at different levels, such as portfolio, project and demand. In addition it is possible to request additional funds (then budget) following a bottom-up approach (e.g. a project manager asks a portfolio manager for additional funds for his/her project).
- With "Strategic Planning Workspace" you can allocate budget at portfolio level (portfolio plan) and also at planning item level such as demand and project. Can the budget also be requested?
It seems to me that the features are pretty much the same, I am missing something?
I also found this sentence in SPW course, but it is unclear the meaning: "Financial Planning experience is not yet compatible with legacy Investment Funding."
Many thanks in advance
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3 weeks ago
Hi @Tommaso2 ,
Both Investment funding and 'Financials in Scenario planning in SPW' offer the ability to allocate budget (or funds) to work items like demands/projects.
Investment Funding is a legacy application which had mature capabilities like allocating funds to high level entities like 'portfolios', 'Business units' etc.
Strategic Planning Workspace is an application as part of our 'next experience' products. It supports holistic planning capabilities like scoring, prioritization, capacity planning, scenario planning besides funding.
From financials perspective, SPW financials is compatible with new financials capabilities which has improved financial planning capabilities like granular budgeting by cost types. You can learn more about the new financial planning experience in detail at this link - https://www.servicenow.com/community/spm-articles/quick-start-guide-for-financial-planning/ta-p/2959...
'Financial Planning experience is not yet compatible with legacy Investment Funding' - Coming to this statement, budget allocation in the new financials uses a new data model that is not compatible backwards with Investment funding. If you want to allocation budget using the new financials interface either from the 'New Project Workspace' or the 'Strategic planning workspace', Investment funding application cannot be used as the both interfaces using different data model.
It is recommended that customers use the new financials experience in SPW when starting newly or migrate from IF to SPW eventually, to be able to leverage the latest offerings and future enhancements from SPM.
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3 weeks ago
Hi @Tommaso2 ,
Both Investment funding and 'Financials in Scenario planning in SPW' offer the ability to allocate budget (or funds) to work items like demands/projects.
Investment Funding is a legacy application which had mature capabilities like allocating funds to high level entities like 'portfolios', 'Business units' etc.
Strategic Planning Workspace is an application as part of our 'next experience' products. It supports holistic planning capabilities like scoring, prioritization, capacity planning, scenario planning besides funding.
From financials perspective, SPW financials is compatible with new financials capabilities which has improved financial planning capabilities like granular budgeting by cost types. You can learn more about the new financial planning experience in detail at this link - https://www.servicenow.com/community/spm-articles/quick-start-guide-for-financial-planning/ta-p/2959...
'Financial Planning experience is not yet compatible with legacy Investment Funding' - Coming to this statement, budget allocation in the new financials uses a new data model that is not compatible backwards with Investment funding. If you want to allocation budget using the new financials interface either from the 'New Project Workspace' or the 'Strategic planning workspace', Investment funding application cannot be used as the both interfaces using different data model.
It is recommended that customers use the new financials experience in SPW when starting newly or migrate from IF to SPW eventually, to be able to leverage the latest offerings and future enhancements from SPM.
