June 16, 2009 HP today offered a new solution designed to help companies increase transparency and optimize costs as part of its IT Financial Management (ITFM) portfolio.
The HP Financial Planning and Analysis (FP&A) solution is the first entry in a portfolio meant to help IT organizations use business analytics to improve decision-making, operate efficiently and improve ITs portfolio alignment with the rest of the business, according to HP.
The announcement is supported by services to assist companies accelerate a single version of the truth HP Configuration Management System Best Practices as well as solution strategy and implementation services.
HP pointed to a PSB Research global survey of more than 200 IT leaders worldwide to emphasize the need for better portfolio strategy. Nearly half of survey respondents said they lack investment rigor and have no form of portfolio management in place for aligning IT investment decisions to business priorities. While 66 percent of senior IT leaders said IT-spending transparency is very important to their business stakeholders, only 44 percent reported that their stakeholders are very satisfied with their organizations spending transparency.
Ongoing studies from Forrester Research with corporate technology leaders also find IT executives struggling to show the value of their spending. Productivity, business alignment and return on IT investment were identified as primary challenges in a survey of 122 North American and European CIOs. IT brings these pressures on itself because technology organizations typically don't specify detailed costs or measure business results according to Bobby Cameron, vice president and principal analyst for Forrester.
HP is helping us enhance operational and strategic decision-making by identifying ways to drive more value to our business while driving out inefficiencies, said Allan Hackney, CIO, John Hancock Financial Services.in a statement.Our IT organization is better able to attract internal capital for investment by managing itself like a business in a transparent, fact-based manner.
Jeffery Johnson, deputy CIO at Constellation Energy also said in the release that HPs Financial Management had lowered IT unit costs by 14 percent.
HP FP&A software combines financial planning and analysis capability linked to a financial data model. It consolidates financial information from project, asset and configuration management systems, as well as enterprise resource planning software.
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