Cost Management or Financial Management with SPM ?

aruscitti · ‎08-22-2024

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

Carina Hatfield · ‎09-05-2024

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.

View solution in original post

Carter1 · ‎05-07-2025

Sure thing. Just sent you a direct message on the community with some more detail!