IT departments (and their suppliers) in many financial institutions are facing multiple challenges, which could benefit from putting ITSM back in front of the organizational approach: delivering high quality IT Services. Here is why.
Over the past decade, IT organizations have done a lot of work to get rid of the image of being harsh to handle, being rigid and running desperately late behind the real needs of their business. Proper management remains a priority topic, but IT departments are facing challenges which can lead to apparent dullness, while technicians are working hard to get things arranged. Evidently, this is a frustrating situation and needs urgent management attention.
The main challenges IT Service delivery organizations to financial institutions are facing:
IT Challenges | ITSM Business Benefits |
Digitization of Business | ITSM proposes methods and frameworks to evaluate and prioritize digital initiatives. The best practices are focusing essentially on managing, together with business managers, the “change” in business processes and habits. |
Regulatory pressure | The vast majority of requirements stated in DORA, IT Risk and Outsourcing Arrangements are described as best practices in ITSM. |
Legacy Technology | ITSM proposes realistic practices to service lifecycle management and introducing new technologies |
Platform- and Cloud-based delivery model | Meticulous management of the (ITIL) Service Delivery Value Chain is critical to deliver effective services soundly supported by contractually committed third parties |
Integration of new technologies | ITSM describes a pragmatic and adapted Service Strategy roadmap to evaluate new technologies and set implementation out on a timeline |
Cyber-Security | Information Security best practices are profoundly described in ITIL and can be complemented by ISO27001 and similar frameworks. |
The above chart is only a synopsis of the value which can be found in ITIL/ITSM compared to the major challenges IT organizations are facing today. The ITSM library provides a lot more deepness than what can be exposed here.
It needs to be mentioned that, despite the continual shift to bring IT closer to business, it remains critical for organizations to bring attention to developing a mature Enterprise Architecture practice, providing keen insight in business value creation, translated to processes, activities and automation. The Enterprise Architecture practice is a business-wide initiative, essential for strategic alignment and for effective digitization of business.
Putting ITSM back in front of our attention essentially shifts the dynamic from morosely working on regulatory requirements and legacy projects towards building an effective organization with vision and ambition. This is the key message!
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