Effective communication is critical to the success of all businesses. For the technical manager-whether internal or external, shared services or level two support-understanding the financial goals underlying in an organization's business strategy is a fundamental component of successful partnerships within an organization.
The most successful technical managers engage with their business partners through a shared understanding-and language-of an organization's financial goals and requirements. Honing that understanding by learning the financial terms and concepts involved increases cooperation and provides more opportunity for achieving success.
As a business-focused manager, it is imperative to communicate how technical activities translate into financial benefits that impact the business as well as how business strategy can incorporate more effective technical support to achieve its goals. Technical managers can add more value to their organizations by developing an understanding of costing, planning (budgeting/forecasting), accounting, valuing, and communicating that information to the business in financial terms.
This course will provide the tools to develop this understanding and explore core concepts such as total cost of ownership, return on investment, and value analysis (all essential to justify changes, prioritize work, and obtain support for initiatives).