ITIL

Financial Management for IT Services (otherwise known as ITSM) is an aspect of the service delivery section of the Information Technology Infrastructure Library (ITIL) best practice framework. Its goal is to ensure that IT Services are cost effective and within the limitations of both the budget and the agreed amounts within the Service Level Agreement (SLA). It is constructed in such a manner as to plan for and control expenses, and recovers them whenever necessary.

The Financial Management team is in charge of three primary sub-processes:

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Availability management is the process of measuring and identifying the available levels of IT capacity and resources which can be used in service level reviews with clientele. Prior to the inception of service, the quantity and nature of resources must be defined within a Service Level Agreement (SLA).

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IT service continuity management is the process through which plans are created and executed in order to guarantee that IT services can be recovered and continue operation in the event that a serious incident, such as a natural disaster, should occur. Its responsibilities cover more than just the reaction to such an occurrence, however. The IT service continuity team is also charged with the responsibility of minimizing the risk of severe damage in the first place.

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Capacity management is one of the processes involved in managing information technology (IT). The foremost concern is to guarantee that IT capacity can keep pace with the requirements of both present and future business, while remaining cost effective. As viewed through the lens of the Information Technology Infrastructure Library (ITIL), capacity management is primarily composed of three sub-processes: service capacity management, business capacity management, and component capacity management (essentially, management of available resources).

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Service level management, a component of the service selivery process, is the method of continually identifying, monitoring and reviewing the level of various IT services consented to in the Service Level Agreements (SLAs). The process of service level management guarantees that all the proper plans and arrangements in the form of Operational Level Agreements (OLAs) and Underpinning Contracts (UCs) have been agreed upon by both internal IT Support-Providers and various external suppliers.

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