May 26, 2024

What is Technology Business Management?

Technology business management is the practice of running information technology (IT) like a business. It is promoted by the Technology Business Management Council, a Washington, DC-based nonprofit. It aims to provide best practices for IT managers. The council offers a variety of tools and resources to make running IT easier. Its website contains free webinars and articles.

TBM helps organizations improve collaboration between IT and business in order to deliver value and increase ROI. It incorporates Agile methodologies to make the enterprise agile, respond to market forces, and capitalize on emerging technologies. It also allows companies to match capacity with demand, improve financial transparency, and manage spending. This approach enables leaders to take a more holistic view of their organizations and use it to help make more informed decisions.

The TBM Index was created by combining benchmarking data from 250 enterprises and interviews with TBM leaders. Afterwards, businesses can access the results of the survey within 30 minutes, and then compare their answers to the results of other organizations. This will help IT make more informed decisions and improve conversations with business partners.

As an organization grows, the approach to technology business management should evolve to meet the requirements of the business. The new data from various sources should be integrated into the TBM process. This way, the organization can benefit from a single source of truth and insights on its spending and resources. As a result, it can identify opportunities for investment and identify opportunities to cut costs.

TBM software solutions are flexible and can be implemented across an organization. They should be compatible with multiple platforms, so users can access the information they need. Additionally, they should be mobile-friendly. Furthermore, the price of the software will depend on its functionality, size, and number of users. Ultimately, TBM can help organizations improve their overall performance and profitability.

Aside from providing better decision-making, TBM also allows organizations to minimize application redundancy and unnecessary IT spending. A TBM implementation can also streamline governance and day-to-day operations by allowing the leadership to see exactly where IT dollars are being spent. This can help organizations save significant amounts of money while generating more value.

The initial implementation of TBM will depend on the agency’s financial structure, rules, and processes. However, government-wide policies may also impact the process. While financial data at cost pool level is the foundation of TBM, agencies will need to consider other data sources and processes to better understand the support provided by IT. Furthermore, they will need to evaluate the IT landscape, fixed assets, usage, and enterprise architecture.

In addition to the data collection required by TBM, agencies should consider how they will communicate and document their decisions. This will help them maintain momentum for the next TBM sprint or project. By integrating TBM principles and data into the agency’s processes, agencies can share information with stakeholders, share their goals, and foster active participation in TBM discussions.