IT Financial Management Tools: Introduction
- IT financial management tools are specially designed to improve IT financial decisions. IT financial management tools provide organizations the visibility of detailed consumption and cost analysis required to run IT like a business. IT financial management tools also help organizations in controlling the IT cost.
- IT financial management tools provide organizations accuracy, financial visibility, and discipline to manage their business. As per TMR analysis, IT financial management tools can improve total IT operations efficiencies up to 25%.
- The global IT financial management tools market is projected to expand at a rapid pace during the forecast period, due to increasing adoption of IT financial management tools among organizations across the globe.
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Global IT Financial Management Tools Market: Dynamics
Global IT Financial Management Tools Market: Key Drivers and Restraints
- Increasing demand to improve efficiency and reduce operational costs among end-users is expected to boost the IT financial management tools market during the forecast period globally.
- Growing technological advancements and changing consumer behavior have encouraged business organizations to adopt innovative solutions to transform business processes. Additionally, demand for IT financial management tools is likely to increase during the forecast period to cater to fast-changing market conditions.
- IT financial management tools provide access of information in real-time environments, which is expected to boost the demand for these tools across the globe.
- Growing demand to make better business decisions based on facts have pushed the demand for IT financial management tools.
- However, high cost of IT financial management tools restricts their adoption by small enterprises and thus it is expected to hamper the IT financial management tools market during the forecast period.
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Impact of COVID-19 on the Global IT Financial Management Tools Market
- The COVID-19 pandemic is expected to adversely impact the global IT financial management tools market in the short term. Investment on IT infrastructure and assets among organizations has reduced significantly due to the lockdown globally caused by COVID-19. However, businesses and people are completely dependent on online solutions or services for their essential needs, and working remotely from home, which in turn is projected to have a positive impact on the global IT financial management tools market during the forecast period. This is primarily because organizations now need to transform or reform their IT infrastructure as per new working environments or norms.
North America to Hold Major Share of the Global IT Financial Management Tools Market
- In terms of region, the global IT financial management tools market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global IT financial management tools market in 2019, due to the significant adoption of IT financial management tools in the region. The U.S. is the key market for IT financial management tools. In the U.S., around 65% of companies have already adopted IT financial management tools.
- The IT financial management tools market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing investments by organizations on digitalization and technology deployment, which in turn increases the adoption of IT financial management tools in the region.
Global IT Financial Management Tools Market: Competition Landscape
Several local, regional, and international players are active in the IT financial management tools market with a strong presence. Rapid technological advancements have led to opportunities in the global IT financial management tools market. Solution vendors of digital operations are focusing on inorganic growth strategies such as strategic collaborations and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach. For instance, in February 2018, Apptio, Inc. acquired Digital Fuel SV, LLC, a U.S. based provider of IT financial management SaaS software for billing and planning.
Key Players Operating in the Global IT Financial Management Tools Market
- ACCIOD Group
- Apptio, Inc.
- BMC Software, Inc.
- Broadcom Inc. (CA Technologies)
- Micro Focus International plc
- Nicus Software
- PMCS GmbH & Co. KGSAP SE
- ServiceNow Inc.
- Serviceware SE (Anafee)
- Upland Software, Inc.
- USU Software AG
- VMware, Inc.
Global IT Financial Management Tools Market: Research Scope
Global IT Financial Management Tools Market, by Deployment
Global IT Financial Management Tools Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global IT Financial Management Tools Market, by End-user
- IT & Telecommunication
- Retail & E-commerce
- Media & Entertainment
Global IT Financial Management Tools Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.