Press Release Summary:
HP Financial Planning and Analysis enables CIOs to run IT as a business and demonstrate business value of IT services. IT Financial Management (ITFM) solution brings together software and services to promote visibility, governance, accountability, and predictability. Through use of business analytics, IT organizations can optimize decision making, operating efficiency, and business alignment.
Original Press Release:
HP Helps Chief Information Officers Run IT Like a Business
New IT financial management solution helps companies increase transparency and optimize costs
LAS VEGAS, June 16, 2009 - HP today unveiled a solution in its IT Financial Management (ITFM) portfolio to help IT executives establish financial transparency and take action in areas where they can optimize costs.
The HP Financial Planning and Analysis (FP&A) solution enables chief information officers (CIOs) to run IT like a business and demonstrate the business value of IT services.
The solution brings together software and services to provide improved visibility, governance, accountability and predictability to IT finance.
HP FP&A is the first offering in the HP ITFM portfolio designed to help IT organizations use business analytics to improve decision making, operate efficiently and better align with the rest of the business. This transforms IT into a performance-based, metrics-driven organization.
In a recent survey(1) of more than 200 IT leaders worldwide, nearly half of the respondents said they lack investment rigor and have no form of portfolio management in place for aligning IT investment decisions to business priorities. In addition, 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. "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, chief information officer, John Hancock Financial Services. "Our IT organization is better able to attract internal capital for investment by managing itself like a business in a transparent, fact-based manner."
Improved financial governance and transparency
HP FP&A software combines a 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 (ERP) software. This approach provides visibility of the end-to-end costs of a business service.
With this visibility, CIOs can then take action to reduce variances between planned and actual spending, optimize underutilized assets and accurately allocate IT costs to the consumers of IT services.
The software automates the process of consolidating financial information across labor and technology assets for improved financial analysis. HP FP&A can be run as a standalone application or in conjunction with other HP software products such as HP Project Portfolio Management Center, HP Asset Manager and HP Configuration Management System.
HP also announced a newly enhanced version of HP Project Portfolio Management (PPM) Center 8.0 software with improved financial and resource management capabilities. This helps customers more effectively manage IT projects and resources.
The combination of all these HP offerings increases the speed, efficiency and accuracy of IT financial management processes, further aligning IT activity and cost with business services.
The offerings are being demonstrated this week at HP Software Universe 2009, the company's annual customer and partner event focused on its software business.
Additionally, consulting services supply best practices to integrate data from multiple sources, providing better business insight.
New services and best practices help run IT like a business
HP provides comprehensive services for IT financial management, combining years of experience in business intelligence and service management with expertise in implementing industry-leading HP software products. They include:
and provide a use model for customers to automatically discover the IT assets they
have and relate them to the costs of the services they are delivering.
With the HP IT Financial Management portfolio, customers can:
"With HP IT Financial Management, we're driving the financial accountability of our technology organization," said Jeffrey Johnson, deputy chief information officer and vice president of Operations and Infrastructure at Constellation Energy, a Baltimore-based supplier of energy products. "We've benchmarked our IT spending in relationship to our operational expenses, and it is substantially lower than that of our peers. Our unit costs -meaning cost per desktop, per server, per gigabyte of storage - have dropped 14 percent."
"Customers can achieve successful IT financial management with HP's market-leading software products and recognized consulting expertise in business intelligence, service management and IT software implementation," said Thomas E. Hogan, executive vice president, Software and Solutions, HP. "We help CIOs manage the business of IT with the same rigor as any line of business."
HP, the world's largest technology company, simplifies the technology experience for consumers and businesses with a portfolio that spans printing, personal computing, software, services and IT infrastructure. More information about HP (NYSE: HPQ) is available at http://www.hp.com/.
(1) Penn, Schoen & Berland Associates, sponsored by HP, "Software Universe Research," May 2009.
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