New TeamQuest Tool Creates Seamless Connection Between Finance and IT
How connecting finance and IT departments can make budgeting easier.
All IT departments stress the importance of capacity management, and work towards maximizing the efficiency of their digital network. Towards this end, the best of these departments use focused analysis of present and past performance to reallocate infrastructure and plan for future use. But getting a network to run efficiently is always touch and go, and companies must be agile and adaptable to achieve success.
Curiously, the same thing could be said of the finance departments at the very same companies. Unfortunately, many of these divisions have little contact with each other, making both of their jobs more difficult — especially considering the potential for the seamless flow of information through interconnected digital systems. But with capacity management from TeamQuest, interweaving these two departments has never been simpler.
Each quarter, every company must sit down and reassess its gains and losses. But each year brings new products with new capabilities — and new means of product promotion and customer retention. As teams plan for the next year, they make rolling forecasts to get an idea of what their revenue growth estimates will be and how they’ll integrate new systems.
But the lack of interaction between IT and finance departments often leads to inaccurate portrayals of IT expenditures in annual financial reports. By putting TeamQuest's services to use, companies can plan for and predict these expenditures and make sure that their money is well allocated. In general, this promotes a deeper understanding of how capital should be best spent to promote effective services — or remove them — and will create transparency surrounding IT infrastructure and its use.
But more specifically, what does this process entail? Companies must enlist the services of a finance officer armed with preexisting tech skills, and who can then assemble a team to collect and analyze overall performance levels. The team’s initial task should be to inventory current IT tools and to run a quick performance test to see which areas need improvement. Afterwards, the team will establish a more concrete financial plan based around three major components: people, processes, and tools.
This strategy has its backbone in driver-based planning (described here by David Kellog in his Kellblog), whose core is centered on business goals and expectations. By taking the data recorded by TeamQuest, this elite financial team can examine how incoming reports compare against historical data while tracking the effectiveness of infrastructural layouts. These reports will highlight any deviations from the originally projected financial results, which will help corporate experts better harness their already strong decision-making abilities.
Under this system, annual financial plans will no longer entail hypothetical predictions, instead comprised entirely of data-based projections. Specifically, TeamQuest Predictor gives finance departments the ability to prepare easy-to-interpret graphics that outline how their network usage is impacting their general spending, allowing them to better allocate IT expenditures and services.
In giving these experts the ability to pull all relevant information out of this powerful system, an emphasis on fact-based decision making remains in place (the virtues of which are expanded upon here by CFE writer Gregory V. Milano), further leveraged by technology.
Perhaps most importantly, incorporating TeamQuest’s easy-to-use programs will create a more fluid relationship between IT and finance departments. When each division understands the other’s work better, your company’s network is immeasurably strengthened, not to mention that excess expenditures are minimized. All in all, it’s crucial that your company’s network operates at peak performance, allowing your employees to reach their highest potential in the process.
Learn more about how TeamQuest's tools will help you master the risk, cost and health of your budget.
(Main image credit: Tulane Public Relations/flickr)