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08-22-2024 07:24 AM
Dear all,
I would appreciate your help.
I'm the CIO. I would set the SN to manage the total cost and create a specific report to follow all expensive items.
What is the best practice for doing this
SPM, I'm okay with the Cost Plan for the Project and Demand, but I need to add the recurrent costs, such as maintenance, etc.
Or are there some videos in the portal learning that explain the end-to-end process for managing the cost?
Thanks
Solved! Go to Solution.
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09-05-2024 07:34 AM
Cost management with SPM is related to allocating labor costs and CI costs for project work and tasks. It is not really for ongoing asset costs.
They did add costs to the data model for our Enterprise Architecture workspace (formerly known as Application Portfolio Management) if you are looking for a simple way to track costs on business applications.
If you are trying to track cloud costs, our IT Asset Management has a cloud costing solution: https://docs.servicenow.com/bundle/xanadu-it-asset-management/page/product/cloud-insights/reference/...
There are also vendors who specialize in IT financial management that have built solutions on the platform using standard frameworks and best practices as tracking IT costs can get complicated fast. If you want to look into them: Nicus and Proven Optics.
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05-07-2025 01:40 PM
Sure thing. Just sent you a direct message on the community with some more detail!
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11 hours ago
Good explanation.
But I'm missing the classic ITFM cost management, which is what we use for recurring expenses on on-premise assets.
For cloud costs and generating recurring expenses, we use monthly charges with pre-calculated costs.
Is it still a valid option in ITSM?
Is the Financial Management module for SPM (Service Portfolio Management) still available?
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11 hours ago
>>Is the Financial Management module for SPM (Service Portfolio Management) still available?
No
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11 hours ago
Financial Management for SPM is no longer available.
But, Proven Optics provides very similar ITFM capabilities available via a ServiceNow Store application: Proven Optics Cost Model
You can create cost models (separate from the old financial modeling engine you're referencing) to help with your ITFM Cost Management questions. Here's a link to a quick overview of the application if you're interested to learn more: Proven Optics Cost Model Overview
I'm happy to answer any other specific ITFM questions you have!
