I am excited to announce the results of our 2024 State of Technology Business Management (TBM) survey, providing you with a fresh look of the growing influence of TBM. We surveyed over 300 technology and finance leaders spanning 29 industries from 34 countries to get a true global perspective on TBM’s impact. This year’s research is a must-read for organizations either just considering TBM, just getting started with TBM, or for those that are trying to accelerate or innovate their TBM practice. It’s just one of the many resources provided by the TBM Council.
TBM is how you unleash the business value of your technology
TBM is the global standard that empowers businesses to unleash the maximum value of their tech investments. It brings together the holy trinity of every company – the business, finance, and technology – using a common language that provides a trusted source of data and insights that an organization can utilize to make great technology decisions. The main goals of TBM are to improve governance, inform optimization, drive business performance, and most importantly, enable the effective identification of cost-saving opportunities to ensure technology and resources are aligned properly to business outcomes. Like I always tell our Council members, if you can understand the cost and consumption of tech services, then you can make better-informed decisions about resource allocation and technology adoption, which in turn allows you to prioritize the initiatives that deliver the greatest impact.
Key findings from our TBM survey
Leveraging TBM is all about seeing results. And the way you see results is highlighted in our latest State of TBM research. This year’s survey highlights several potential strategies for amplifying the impact of TBM, based on key factors we hear from organizations that successfully implement TBM.
Our survey findings show that organizations practicing TBM with a high level of proficiency are seeing many of the key outcomes delivered with TBM:
- 78% of respondents saw an improvement in customer satisfaction.
- 88% saw an increase in funding for innovation.
- 89% saw a decrease in the cost required to serve customers.
- 94% saw an improvement of the organization’s efficiency and performance.
Organizations that are doing the best with TBM are making the right investments and improving their business where it is most wanted and needed.
Our research also reveals several ways our respondents have maximized TBM’s value in their organizations. For example, we found that if you're going to succeed with TBM, you must have strong data. Managing the flood of data that modern businesses generate is an ongoing challenge, but one that TBM practices are positioned to address, as shown by these numbers within organizations:
- 76% plan to invest more in data quality management tools in the next 1-3 years.
- 60% that practiced TBM for 12+ months reported high levels of data access and trust.
In another example, we discovered there are several specific factors that contribute greatly to a successful TBM adoption, as reported by respondents, such as:
- Dedicate at least one full-time staff to their TBM office.
- Be patient -- those who commit to TBM for at least one year are 2.7 times more likely to report positive overall outcomes than those just starting out or not yet adopting TBM.
How the TBM Council can help you
Taking a quote from my son’s favorite comic book (Spiderman) when he was a child, with great power comes great responsibility. That’s why the TBM Council was created over ten years ago. As the world’s largest community dedicated to promoting and advancing the practice of TBM, we provide our nearly 19,000+ members – consisting of technology, finance, and business leaders -- with key benefits that focus on building a successful and sustainable TBM practice including:
- Specialized educational programs and certifications
- Collaborative events to share knowledge and experiences
- Best practices and thought leadership
- TBM Standards including Framework 2.0, Taxonomy 5.0, and a host of other critical assets
- Opportunities to grow your professional careers and networks
The TBM Council is ready and willing to help members succeed with TBM and positively impact their organizations. If you want to learn more about how to get similar returns for your business, check out our latest research and consider joining the TBM Council. And feel free to connect with me directly to set up some time to walk you through how it all works!