Organizations must do more than just operate – they also must grow and evolve to tackle challenges effectively and keep up with an increasingly unpredictable business environment. With technology more widely used and implemented than ever before, business expectations are skyrocketing. When attempting to effectively form a budget for projects, how do you ensure your project teams are meeting strategic objectives and business needs without having to cut loose ends?
Investment Funding from ServiceNow is a new application released in New York that will help efficiently plan and manage the output of your investments. Integrated with Project Portfolio Management (PPM), your team can create and fund investments for projects, demands, programs and portfolios all while keeping the work tasks and their funding separate for better organization.
Investment Funding introduces three different methods for allocating your funds. They are:
- Top-Down
- Instead of coming up with a new initiative or project and estimating an amount to ask for, you will be given your total budget for the year and can take that number and allocate a certain amount towards a project for it’s expected duration.
- Bottom-Up
- This approach is suitable for those who prefer to request funds based off business needs from associated funding sources.
- Continuous
- Unlike annual budgeting, this approach works best for those who like to allocate funds to an investment at any given time.
Whether you are allocating funds directly to investments or requesting funds from funding sources, having a solid approach to how you manage and plan your investments can have a huge impact on projects – helping meet business requirements and strategic objectives while also achieving business goals.
Our team at Pathways has over 55 years of combined experience with ServiceNow with a keen eye for features and changes by product during every release. Interested in adopting Investment Funding into your workflow? Contact a member of our team here.