Financial Statuses
Tracking financial details in your CMDB (Configuration Management Database) offers several benefits that directly contribute to a positive Return on Investment (ROI). Here are key points highlighting the importance of incorporating financial data within your CMDB:
Improved Financial Planning: By including financial statuses in your CMDB, you gain better visibility into the costs associated with each configuration item (CI). This detailed insight facilitates more accurate budgeting and financial planning for IT assets.
Cost Optimization: With financial data at your fingertips, it becomes easier to identify underutilized or overutilized assets. This enables the organization to optimize costs by reallocating or retiring assets, ensuring that investments are aligned with business needs.
Enhanced Decision Making: Financial information within the CMDB supports more informed decision-making. When IT and financial departments have access to a comprehensive view of asset costs, decisions regarding upgrades, renewals, and expansions are made with a clear understanding of their financial impact.
Asset Lifecycle Management: The inclusion of financial statuses helps manage the lifecycle of assets more effectively. Understanding the financial aspect of each CI helps determine the appropriate time for investments, maintenance, and decommissioning, based on cost-effectiveness and depreciation.
Risk Management: Tracking the financial status of assets can also help in managing risks associated with IT operations. It enables the organization to identify areas where financial risks may be high (e.g., due to aging infrastructure) and take preventative action.
Tracking financials in your CMDB is worth the effort due to its substantial contribution to efficient asset management, cost optimization, and strategic financial planning. The effort invested in configuring and maintaining this aspect of your CMDB is likely to be justified by the benefits of improved financial oversight and decision-making capabilities.
You can define financial statuses which Analysts can select when specifying the CMDB item details.
You may define as many financial statuses as you wish. You can create, rename and delete these financial statuses.
Creating a Financial Status
Select the Menu button, then Admin, and then select System Administration. The System Administration window is displayed.
In the Explorer pane expand CMDB.
Select Financial Status to open the window.
Select the new icon. A new row is added to the browse table.
In the Name list, type the name or description of the new financial status.
Repeat for each financial status you want to create.
Save the changes.
Provide the Change Reasons if prompted to do so.
Once you select to save your changes, the browse table displays the entries in alphabetical order.
Renaming a Financial Status
Select the Menu button, then Admin, and then select System Administration. The System Administration window is displayed.
In the Explorer pane expand CMDB.
Select Financial Status to open the window.
Select the financial status entry you want to rename.
Type the name you want to assign for the selected financial status.
Save the changes.
Provide the Change Reasons if prompted to do so.
Deleting a Financial Status
Select the Menu button, then Admin, and then select System Administration. The System Administration window is displayed.
In the Explorer pane expand CMDB.
Select Financial Status to open the window.
Select the financial status entry you want to delete.
Select the delete icon. If you attempt to delete the system default, you will receive a warning message.
Save the changes.
Provide the Change Reasons if prompted to do so.
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