By: Kalin Broadie, PMP, Rigil Corporation
The successful implementation of TBM requires proper planning, time, communication, knowledgeable team and a good software solution to ensure that the implementation of TBM for your agency is effective. The last thing you would want to do is spend thousands of dollars on reporting software that uses inaccurate data! An official data repository should be designated in the beginning of the process to ensure that there is a commitment from stakeholders to maintain quality data for accurate reporting for TBM and other requirements.
The IT Modernization Initiative across federal agencies requires transparent data and effective communication for stakeholders with different interests to share a common lexicon. The challenge among C-suite Executives to conduct quantifiable analysis of the value of IT to cost has created a demand for Technology Business Management (TBM). According to the White House, “TBM reporting over a phased implementation, will start the process to transition to leveraging TBM data for the CPIC data in the future.” Let’s explore the Top 5 Steps your team should take in order to leverage quality data for the reporting process.
Data Quality Assurance. Review current financial data ma nagement system. If your team is only using spreadsheets to manage data without a method of transparency andaccountability for quality assurance there is a problem. A financial management system should operate as the official data repository system to build a spend plan with unique identifiers that will be leveraged during data modeling. This ensures transparency and accuracy of the budget planning and execution process.
Identify and engage stakeholders. Develop a committee that is accountable for the governance, management and oversight of data associated with reporting requirements. A TBM Communication & Implementation Plan should be developed for strategic and effective outreach. Stakeholders should be engaged in the planning, implementation, performance & benchmarking processes.
Define baseline & TBM KPIs for performance measurement. The KPIs provides a method of comparing cost, value and performance to ensure that the agency’s goals are being met. The benchmarking and measuring of data to KPIs will allow the team to determine if objectives are being met and make changes that are necessary for a data driven decision making process.
TBM Taxonomy Mapping to data. The committee should provide oversight of the mapping of TBM taxonomies to the financial data with unique identifiers.
Monitor & Measure Performance. The data should be reviewed and updated based on the parameters established by the committee for a data driven decision making process.
Pankaj Sharma, COO of Rigil Corporation, stated “It is important for software companies to remain forward thinking and innovative to meet the OPM FY 2020 IT Budget- Capital Planning Guidance framework for government agencies to implement TBM.” He believes that agencies need to think of implementing TBM taxonomy at the time the data is create, rather than think of it as a reporting function. If you create TBM data at the same time when the financial and other business data is created, it will be a relatively very easy to meet the reporting requirements.
Rigil developed iViews to facilitate cross-functional collaboration across budget, contract and project management operations. The tracking of the budget with unique identifiers provides a data model that is easily leveraged for identifying TBM taxonomies, CPIC Investments and other classifications necessary for data analysis and reporting. The replacement of spreadsheets with a tool, such as iVIews, provides a level of transparency, traceability and accountability of financial and contract data. As a result, data quality is improved and decision makers are able to trust the quality of the information obtained for reporting. Rigil welcomes the opportunity to demonstrate how iViews can support the business process to help your agency become TBM ready.