HP unveils IT Financial Management portfolio

Bangalore: HP has unveiled its Financial Planning and Analysis (FP&A) solution, an IT Financial Management portfolio. It will help IT executives to establish financial transparency and take action to optimize the costs in areas where they feel the necessity.HP has unveiled its Financial Planning and Analysis (FP&A) solution, an IT Financial Management portfolio. It will help IT executives to establish financial transparency and take action to optimize the costs in areas where they feel the necessity.

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The FP&A solution enhance the Chief Information Officers' (CIOs) operations to run IT like a business and demonstrate the business value of IT services. The solution combines software and services to provide improved visibility, governance, accountability and predictability to IT finance, with better coordination in the business.

"Customers can achieve successful IT financial management with HP's market-leading software products and recognized consulting expertise in business intelligence, service management and IT software implementation. We help CIOs manage the business of IT with the same rigor as any line of business," said Kamal Dutt, Director, HP Software & Solutions, Hewlett Packard India sales.

More than about 200 IT leaders worldwide surveyed, had agreed lacking investment rigor and have no form of portfolio management for joining IT investment decisions to business priorities. While 66 percent of senior IT leaders defined IT-spending transparency as "very important" for their business stakeholders, only 44 percent reported that their stakeholders are "very satisfied" with their organizations' spending transparency.

"Our IT organization is better able to attract internal capital for investment by managing itself like a business in a transparent, fact-based manner," said Allan Hackney, Chief Information Officer, John Hancock Financial Services.

FP&A software unites financial planning and analysis capability linked to financial data model. It consolidates financial information from project, asset and configuration management systems, as well as enterprise resource planning (ERP) software. This will help CIO's to reduce variances between planned and actual spending, optimizing underutilized assets and accurately allocate IT costs. It helps to consolidate financial information across labor and technology.

It can be run as a stand-alone application or in conjunction with other HP software products such as Portfolio Management Center, Asset Manager and Configuration Management System.

Along with this, the company has also announced enhanced version of Project Portfolio Management Center 8.0 software with improved financial and resource management capabilities.

All these products will be demonstrated at their annual event HP Software Universe 2009.HP Software Universe 2009.