Over the past few years to provide the IT
services economically and with the maximum efficiency to the stakeholders or client
becoming a very tough task. With the evolving technologies and infrastructure,
the number of corporate financial investors and related agencies are growing
day by day. Due to this a rise in the expectations from the IT services to
contribute more towards the business value of the organization. To tackle such
a high expectation from the IT services and strategies made it essential to use
the best practices in the industry such as frameworks like Information
Technology Infrastructure Libraries- ITIL. Purpose of the Financial Management
for IT services is to assure the balanced funding options to design, implement,
and deliver the services that are meeting the strategical goals of the organization
1. Part of this ITIL framework includes the ITIL Financial Management which
identifies, manages and communicates the overall cost associated with the
provision of the services, evaluation of the overall impact on service
provider’s budget due to the change in the IT strategies due to the client’s
demand or under any other circumstances, secure the enough funds to provide the
services and balancing the expenditure and profit ratio.