Asset Purchase Forecasts and Oomnitza: FactSet's Success Story
Accurate asset purchase forecasts are crucial for any organization, particularly those that rely heavily on IT assets. They play a significant role in budgeting, lifecycle management, and strategic planning. This blog post will explore how Oomnitza helped FactSet create near real-time asset purchase forecasts, leading to improved budgeting and cost management.
The Importance of Asset Purchase Forecasts
Asset purchase forecasts are predictions about the need for new assets, based on factors such as growth plans, asset lifecycles, and technological trends. These forecasts are critical for several reasons:
- Budgeting - accurate forecasts help companies allocate funds appropriately, ensuring sufficient resources for planned purchases.
- Lifecycle Management - by predicting when assets will need replacing, companies can better plan for end-of-life processes and new purchases.
- Strategic Planning - forecasts inform about when and where new technology should be implemented, aiding in strategic planning.
FactSet, a global provider of integrated financial information and analytics, faced challenges in creating accurate asset purchase forecasts. The company had a large, diverse IT estate, with thousands of assets located in 37 offices across 20 countries. With such a vast and geographically dispersed inventory, making accurate, real-time predictions about asset purchases was a difficult task.
The Oomnitza Solution
FactSet chose Oomnitza's cloud-based Enterprise Technology Management solution to manage its IT assets and create accurate asset purchase forecasts. Oomnitza’s solution provided a single pane of glass view into FactSet's IT estate, making it easier for the company to track assets and their lifecycle stages.
With Oomnitza, FactSet was able to create near real-time asset purchase forecasts in just ten minutes. The system provided an up-to-date view of asset purchase dates, helping FactSet track the age of devices more accurately.
With more accurate data, FactSet makes more informed decisions about asset purchases. Knowing the exact age of assets allowed FactSet to delay new purchases when necessary. Even though the company had shortened its asset refresh cycle from four years to three, Oomnitza helped FactSet make more strategic decisions about asset purchases, pushing nonessential ones to the next fiscal year.
Oomnitza's Enterprise Technology Management solution has proved to be a game-changer for FactSet, transforming their approach to asset purchase forecasts. By providing real-time data and a unified view of all IT assets, Oomnitza has empowered FactSet to make strategic, informed decisions, improving budgeting and lifecycle management, while optimizing costs.
Would you like to learn more about a best practice 5-step process to orchestrate the IT budgeting and procurement forecasting process, from Plan to Procure? We have an important webinar resource for you - Procurement Forecasting, P2P.
In this informative session you will learn how to:
- Automate the technology refresh management and renewals processes
- Align IT with Finance for predictable budgeting and a bigger seat at the business table
- Automate the lifecycle of your technology assets from procurement to end of life.
This video is on-demand and is available at your schedule. Be sure to view this webinar during your next lunch hour!