COBIT is a tool that offers guidance on how to organize the activities that go on in IT within all business activities, and tools to ensure it is happening as predicted and reliably. Following are the components of COBIT 5 which will help you understand better how it works.
A process model
It helps the companies to understand the nature of all the activities that are related to IT and how to organize them so that they can be performed and understood well and done the right way. COBIT 5 models of 37 processes across governance and management, covering things like managing a change, defining a strategy or running the service desk.
COBIT 5 provides you the guidelines on what to do in each process. This helps to ensure that the processes are working properly and correctly that will result in the best output.
COBIT 5 also gives a set of tools which can be used to perform meaningful objectives, and monitor metrics. In addition, there are Capability maturity techniques which allow an organization to assess the maturity level of all processes according to defined criteria.
Once you put in place all the things as told above you are ready to experience how COBIT 5 works in the betterment pf your business and following are the benefits that you can expect from the use of it.
A direct impact on business performance
Once you start using COBIT 5 in your business you fell that a drastic change has come in your performance. This change falls under two categories
- Operational- we all know that IT has become a integral part of every business and is required for everyday operations. COBIT 5 will help in reducing the running costs and increase the reliability of these IT operations.
- Strategic-if you are looking for a business opportunity you will often require IT support here the use of COBIT 5 comes in handy. COBIT 5 ensures that the strategies are met with the necessary support to succeed.
Cobit 5 has the best practice and reliable processes that help to mitigate risk in the following area:-
- Risk of wasted investment and expense
- Risk of breached security
- Risk of unreliable data integrity
- Risk that relevant information cannot reach its destination
- Risk of loss of service
- Risk of inadequate infrastructure
- Risk of it projects failing due to lack of accountability.
But by using COBIT 5 you can save your business in becoming a prey to the above risks and reap a lot more benefits that the companies or other rivals that are not using COBIT 5.
Technology is growing its influence on people’s life everyday all over the world. This demands the increase in the role of regulation. Regulators expect IT to be used reliably and safely. COBIT 5 enables proper compliance, and makes it far easier to demonstrate hoe it’s been done, using the COBIT model.
In today’s business world, all the firms are mostly IT based. SMEs are also IT dependent and they have to do business strategies which is where COBIT has been really helpful. COBIT is a good tool for improving IT service delivery in alignment with the business’s needs.
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COBIT 5 is expansion of COBIT 4.1 by integrating all the major frameworks, standards and resources including Risk Information Technology and Business Management Information System.
1- Easily manages the risk and security.
2- Shows adaptability towards the demand of the users.
3- Shows compliance towards industry regulations and its initiatives.
4- It serves as an excellent investment by any organization as it maximizes the value of the intellectual property.