Aligning IT Projects with Business Objectives for Strategic Growth

Client's Background

A leading global financial services firm operates across multiple continents delivering a comprehensive suite of financial products and services. The organization prioritizes strategic alignment between its IT investments and business objectives. They aimed to gain visibility into project performance, optimize resource utilization, and boost their overall IT business management capabilities.

Challenges

  • Lack of Project Visibility:

    The company struggled to obtain real-time, comprehensive insights into the performance of its diverse IT project portfolio.

  • Inefficient Resource Allocation:

    Optimizing the deployment of IT resources across numerous projects was challenging, leading to inefficiencies and cost overruns.

  • Need for Enhanced IT Business Management Capabilities:

    The organization faced challenges in streamlining its IT business management processes and establishing a more effective and data-driven approach.

Project Requirements

  • Integrated Project Management:

    Integrated tools for project management that enable the organization to access data from a centralized system and gain overall visibility across the organization, targeting a 25% improvement in project tracking accuracy.

  • Strategic Alignment:

    Streamlined workflows that align IT projects with the firm’s business goals, resulting in efficient resource allocation, swift project deliveries, and a 15% increase in projects aligned with strategic objectives.

  • Efficient Resource Allocation:

    Optimized resource allocation that helps them have complete control over their IT spending for future financial efficiency. A real-time dashboard that helped the company track skills, availability, and workload, reducing resource conflicts by 30% and improving resource utilization by 45%.

The Suma Soft Approach

Our team thoroughly analyzed the firm’s existing project management processes and identified key inefficiencies. We helped the financial services firm implement ServiceNow IT Business Management (ITBM) to streamline project management, enhance strategic alignment, and optimize resource allocation. The implementation focused on utilizing Project Portfolio Management (PPM), Demand Management, and Resource Management to provide a unified approach to managing IT projects, ensuring alignment with business goals and improved decision-making.

ServiceNow Solution

  • Improved Project Visibility:

    With end-to-end visibility into the entire project lifecycle, our ITBM Services developed innovative strategies to address project status, budget, and resource utilization, leading to better decision-making. The organization reduced project overruns by 30% and improved on-time project delivery by 45%.

  • Better Strategic Alignment:

    IT projects aligned more effectively with business objectives, ensuring resources were focused on high-priority initiatives, eliminating waste, and maximizing ROI with ServiceNow services. This led the organization to increase the number of projects aligned with strategic objectives by 20% and overall portfolio ROI by 25%.

  • Optimized Resource Utilization:

    Resource allocation was streamlined, improving efficiency and reducing project delays by 25%. Our advanced solutions ensured their team had the tools and training to deliver exceptional results.

Conclusion

Implementing ServiceNow ITBM allowed the financial services firm to achieve the following:

  • 30% reduction in project overruns.

  • 45% improvement in on-time project delivery.

  • 20% increase in the number of projects aligned with strategic objectives.

  • 25% increase in overall portfolio ROI.

  • 25% reduction in project delays.

  • 30% reduction in resource conflicts.

  • 45% improvement in resource utilization.

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