Jul 26 2023 18 mins
In this episode of the Hitchhiker's Guide to IT podcast, the host Michelle Dawn Mooney discusses technology business management (TBM) with guest Andrew Pratt, the technology business manager for Teladoc Health. TBM focuses on providing cost transparency in IT and ensuring that IT spending aligns with organizational goals. The TBM office acts as an interface between IT and other departments such as finance, accounting, and procurement, translating best practices and financial information to IT leadership.
Pratt emphasizes the importance of understanding an organization's maturity and challenges when implementing TBM. He suggests starting with the low-hanging fruit and addressing pain points identified by executive leadership. By implementing processes and gathering data, the TBM office can provide insights to IT leadership on improving operations, maximizing ROI, and aligning IT with the organization's profitability goals.
Pratt advises on benchmarking IT spend against revenue, assessing the number of software applications and their impact on revenue, and monitoring cloud spend compared to industry standards. These benchmarks help drive objectives and measure the success of TBM implementation or upgrades.
Overall, TBM is crucial for organizations to gain cost transparency, improve financial responsibility, and ensure IT efforts are aligned with organizational goals. By integrating TBM processes and focusing on profitability, organizations can achieve operational excellence in IT management.