Tracking forecasted spend by vendor and actual spend - ITBM / PPM

[Alex120]

Hi All,

We have recently procured ITBM and I've been looking at PPM for managing budgets and spend.

I want to look at being able to track our IT Departments budgeted spend which has already been forecasted for the year per vendor. We would like to also track the actuals against each forecasted budget spend per vendor, to provide useful insights

I was wondering what would be best practise in achieving this and setting this up.
I was thinking of creating a single portfolio for the year and having individual demands/ projects / programs which relate to the target spend for each vendor with cost plans as well as tracking the actuals too.

Would be great to get others thoughts on if my potential method would work or if there would be better practise to achieve this please?

Many Thanks

[Dhiren Aghera]

Hi Alex,

I would also recommend to look at the Investment Funding feature available within SPM. This helps the Portfolio leader or Budget owners to allocate and manage funds to the investment entities and also track the actuals. It also supports both top down and bottom up approaches to manage and track funds. 

Hope this helps.

[Alex120]

Hi Dhiren,

Thanks for the help and response.
However, I believe we will not be able to use the Investment Funding feature and we are on ITBM Standard.

Thanks