An effective ITFM practice needs a structured implementation approach. Because it has quite a wide scope of action, there are many aspects that need taking care of. Some best practices include:
Align to your organization - Work with your stakeholders to ensure ITFM objectives align with the rest of the business and manage IT spending and resource allocation appropriately.
Create robust ITFM policies and procedures - These should address accounting, budgeting, costing, charging, and financial analysis. Ensure roles and responsibilities are codified in a RACI matrix, so all stakeholders know what to do when engaging with the process.
Don't forget suppliers and partners - Work with the Supplier Management practice to manage supplier relationships and optimize contracts.
Transparency matters - Create regular financial reports for your senior management team to communicate the financial health of your IT department, account for previous spending, report budget utilization, and any cost-saving initiatives.
Build continuous improvement - Create a review schedule for your ITFM practice and build improvements based on stakeholder feedback, lessons learned, audit results, and changing business requirements.