Technology Business Management is a non-profit organization in Washington that promotes best practices for running IT as a business. This council offers training and resources for IT managers. These best practices have helped companies run their IT departments more effectively and efficiently. In addition, these practices help employees learn how to run IT as a business.
TBM also helps practitioners integrate IT across business units and align IT goals with business goals. With this approach, IT departments are more responsive to corporate change, and their technology investments can help drive value. The approach can also benefit vendor negotiations, improve collaboration within the organization, and reduce costs. For example, JP Morgan Chase implemented TBM in order to make IT more integrated into its business.
As technology becomes increasingly important to organizations, they need to ensure that they can meet the expectations of customers and stakeholders. To do that, organizations must adapt to a new approach to managing enterprise technology. By aligning IT and business strategies, TBM can reduce IT costs, increase agility, and elevate work to the center of organizational strategy.
The success of TBM depends on the culture of transparency within the enterprise. Companies must ensure that their teams are open about the data they collect and use it to derive meaningful insights. This includes identifying patterns in consumption and spending, and developing cost-effective ways to create value. Furthermore, IT teams must align their budgets with the business units they serve.
By leveraging TBM, organizations can eliminate silos and improve decision making. TBM can also help reduce application redundancy and extraneous IT spending. The Office of Management and Budget encourages agencies to adopt TBM strategies by 2022. However, there are some agencies that are just beginning to take tentative steps to begin a TBM project. The Small Business Administration (SBA) is a shining example of successful TBM implementation.
As organizations grow and change, the technology business management approach should evolve. Any new data source should be integrated into the TBM framework. This approach enables an organization to have a single source of truth, providing insights into IT spending. This knowledge enables them to make decisions about where to spend their resources, including the right investments.
The TBM Council is a non-profit organization that promotes best practices for running IT as a business. Members include CIOs, CTOs, CFOs, and other IT executives. The TBM Index provides a benchmark for companies using TBM. The TBM Index measures metrics such as IT operating model, service orientation, and management capabilities. The index also evaluates satisfaction with TBM.
TBM is a process that helps organizations align their strategy and technology vision. Through this process, organizations can reduce lateral impacts by looking at the human element and the big picture first. Further, TBM helps organizations understand their wider business environment and the challenges that come with it.