Tips for a positive working relationship – on both sides

Now you understand a little more about why ITAM is so important to both the bottom line and top line. However, the following question remains: how can finance get involved?

I have a few suggestions for how finance and IT can work better together; the first step is simply realizing just how much they need each other!:

1. Schedule recurring meetings: Finance should always know what is going on with IT, and vice versa. Monthly or even quarterly update meetings will be mutually beneficial for both parties. Discuss new projects coming up, new initiatives being taken, and use each other to help accelerate your mutual goals. This should also be an opportunity for the finance team to check in on projects that they have previously approved. Most executives approve a budget and leave it at that. Both parties should always be in the know regarding ongoing and even completed projects.
2. Always consult the tech guys: IT is usually brought in at the last minute when more software licenses or hardware are needed due to a large business change. This is a big mistake. When IT is given the chance to plan ahead, they have a greater leverage and potential to save money for the organization. Last minute decisions will end up costing more in the short and long term. Bring in the IT department from the beginning, and make it a collaborative process.
3. Make ITAM a priority, for everyone: I have explained how ITAM can equal significant cost savings. The next step is getting buy in across the organization. An ongoing ITAM program needs to be on everyone's priority list in order for it to work. This includes the C-Suite. An alignment between the finance and IT departments is an important step, but in order to keep the project going, it's important that these two departments work together to keep the rest of the organization in the same mindset.

Implementing an effective ITAM program within your organization is a positive step toward lowering risk, increasing compliance, and creating optimal efficiency. The marriage between finance and IT is imperative to its success. Marriages are never perfect, so you can expect some bumps along the way. However, working in tandem, with open lines of communication, is in the best interests of the organization and, more importantly, the bottom line.