Developing inventory for the projects: Proper inventory for all the projects of the organization must be developed properly.
Approved scope statement: The scope statement of the project must be approved with the help of higher authority of the bank.
Detailed project plan: The project plan that is developed must provide appropriate as well as detailed information about the project activities (Kerzner, 2013).
Identification of proper strategic alignment as well as key deliverables: The various types of strategic alignment as well as key deliverables must be identified in the bank’s project.
Involving senior management approval: The higher authority must provide proper approval of the project so that the director of the IT investment team can be able to design as well as implement detailed investment optimization procedure.2.For building proper comprehensive and appropriate governance that is associated with both benefits delivery as well as IT spending at all the levels, following points need to be followed:
Build robust business intelligence: Proper business intelligent between IT as well as business on technical dependencies (Salami, Johl & Ibrahim, 2014). It is quite difficult to understand as well as build proper comprehensive and holistic governance that is associated with both benefit delivery as well as IT spending at all levels.
Defining peer groups: The peer groups of the organization must be defined as well as elaborated properly. This helps in providing information about the groups and it is analyzed that their involvement helps in achieving proper benefit delivery as well as IT spending at various levels.
Benchmarking operational as well as capital spending: Both the operational as well as capital spending of the bank must be properly benchmarked. This activity will be helpful in developing the IT spending and benefits delivery at all levels within the organization properly.
Analyzing IT spending: It is very much significant to analyze as well as monitor both the cost that is related with staffing as well as IT department of the organization (Gao, Song & Zhu, 2013). Proper comprehensive as well as appropriate IT spending can be developed at all levels of the organization if the revenue spent on IT department as well as on other staffs is analyzed properly.
It is identified that benefits can only be gained if the business can properly co-operate with the IT department. As IT solutions are becoming much more standardized, it is analyzed that the ownership as well as key driver that exist behind the IT investment are generally placed within the business units.
3It is identified that an annual IT planning procedure generally helps in providing transparency as well as accountability for various types of spending that is related with IT. It is mainly helps in creating an integrated as well as strategically aligned developed portfolio. It is assumed that both budgeting as well as planning plays an important role in making proper decisions as well as in moving towards the future direction if it is done properly. There are number of functions that must be followed:
Discussion on future expansion: Both the business as well as IT need to discuss on the future expansion plan as well as on expenditure in order to achieve proper information about the future expansion plan.
Aligning IT budget: The IT budget must be aligned properly with the proper strategic plan of the business in order to achieve proper success.
Form groups: Proper groups must be formed within the bank in order to monitor the entire spending of IT department (Friend & Jessop, 2013). It not only helps in monitoring but also assists in analyzing the utilization of budget.
Incorporating BI metric: Proper as well as appropriate BI metric like NPV as well as ROI must be utilized for tracking the spending of the entire business trend.
It is identified that portfolio management is mainly driven with the help of a corporate centre or with the help of PM office (Spangenberg, Von & Settele, 2014). The hallmark that is present on portfolio management reflects the willingness of continuously assessing as well as optimizing the portfolio. It is generally referred as a technique of balanced planning and steering of the initiative of portfolio that mainly aims to provide highest value for the entire organization.
Friend, J., & Jessop, N. (2013). Local Government and Strategic Choice (Routledge Revivals): An Operational Research Approach to the Processes of Public Planning. Routledge.
Gao, X., Song, Y. & Zhu, X. (2013). Integration and coordination: Advancing China's fragmented e-government to holistic governance. Government Information Quarterly, 30(2), pp.173-181.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Martinelli, R.J. & Milosevic, D.Z. (2016). Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.
Salami, O.L., Johl, S.K. & Ibrahim, M.Y. (2014). Holistic approach to corporate governance: A conceptual framework. Global Business and Management Research, 6(3), p.251.
Spangenberg, J. H., von Haaren, C., & Settele, J. (2014). The ecosystem service cascade: Further developing the metaphor. Integrating societal processes to accommodate social processes and planning, and the case of bioenergy. Ecological Economics, 104, 22-32.
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