- June 12, 2020
IT Investment in North America Financial
IT INVESTMENT IN NORTH AMERICA FINANCIAL 4
ITInvestment in North America Financial
ITInvestment in North America Financial
Theprocess of categorizing and prioritizing a project is an importantaspect during the initial stages of designing a project. According toThakurta,(2013) projectcategorization and prioritization can help save companyresourcesthat would otherwise overspendif this process isnot givena thorough and rigorous analysis. Therefore for Cathy Benson to besuccessful in this project,this is one criticalstage that she should focus.On the other hand, she needs to payparticular attention toboth the governance of IT in her organization and the benefits it’ssupposed to bring to the teamat all levels in the different departments. Nevertheless, Cathy needsto carry out an annual planning process on the IT thataimsat bringing development to her organization. The paper gives thesekey areas aparticularattention in the discussion below and why they are essential inCathy’s team.
Firstly,there is a needto design and develop the project method of categorization to bringabout prioritization of the best system to install. The best systemshould be able to putan easy yet efficient bank investment process that will lead to ahighly optimized process when compared to the old one. Prioritizingofa project ensuresthe elimination of low key significance schemes that do not meet theorganization’s goals and strategic plans. The rigorous methodpicked on willcausethe project to beinvestedon adds value and its business capabilities.
Cathycan adopt this method of prioritization by ensuring that the IT planto be used is prioritized based on how aligned it is with theorganization strategy. Also, the project should be able to share theidea of the team and thus benefiting the enterprise in itsdevelopment and processes intended.The design has to pose a high value of return investment (Thakurta,2013). Similarly,the venture prioritized must be able to reduce the rate ofoperational costs,and essentialscrutiny to focuson the technical conditions of the new system such as technicalskills required hardware resources.
Onthe issue of governance of resources, it`sspending,and the benefits to beenjoyedfrom the project, Cathy is obligated to lay down and clearly definethe objectives of the organization and what they want to achieve. AnIT plan should be formulated that encompasses policies of theorganization, its principles,and road map that it intends to giveits focus.From this,a management portfolio ofthe organization’s investment should becreated,and a team developed to manage the respective portfolios.
Lastbut not least, all IT processeshaveto bemonitoredby a committee that consists of the IT financial experts (Pajares& Lopez-Paredes, 2011). Cathyhas to adopt this technologicalcourse,and the process is to be carried out annually aimed at achievingtransparency and criticalaccountability on all IT spending in the organization. Also,the formulation ofanIT spending strategy is a dire need for the organization. It willensure that data is recorded at seriouspoints to ensure the IT project is on the right track with theorganization’s key strategies and the value or benefits it bringsto the business. Lastly,Cathy shouldmake surea rolling financial plan cycle is adopted where an IT budget iscreated on an annual basis and updated quarterly to take care ofchanges and revised additions.
Insummary, threekey steps needto be carefully taken care of before an IT design is declaredsuccessful and beneficial to an organization. First, projectselection (categorization) and prioritization, second, completegovernance of IT fiscalspending and value to the business and lastly a key annual IT processaimed at achieving transparency and fundamental accountability.
Thakurta,R. (2013). A framework for prioritization of quality requirements forinclusion in a software project. SoftwareQuality Journal, 21(4),573-597.
Pajares,J., & Lopez-Paredes, A. (2011). Anextension of the EVM analysis for project monitoring: The CostControl Index and the Schedule Control Index. InternationalJournal of Project Management, 29(5),615-621.