For many IT leaders, The discipline of IT Financial Management (ITFM) is all about one side of the spreadsheet: allocating costs and enforcing budgets. But holistically, ITFM is about much more than that. It’s about managing one resource (your money) to maximize the impact of another (your technology). Even so, many IT finance companies are stuck in the mindset of cost management, where CIOs are given cost reduction targets, using spreadsheets and other manual tools to keep spending in check.

Fortunately, it’s never too late to expand your focus. And whether you’re just starting an ITFM discipline, or need to hone your skills, the following best practices can increase your value and position you as a strategic partner with your business stakeholders.