What is COBIT 5 and why businesses need it?
COBIT 5 gives you a simple formula of governance. Let us first ask ourselves, why do we need governance at all?
Where there is responsibility, there is governance. At least, there should be. The right kind of IT governance in business is equal to successful:
- Risk Management
- Performance Mapping
- Strategy Development
- Value Creation and Delivery
Good governance is the most important asset businesses can have in the 21st century.
COBIT (Controlled Objective for Information and Related Technologies) by ISACA (Information Systems Audit and Control Association) is the sole framework in the world that is wholly dedicated to IT Governance practices. Private and public organizations around the globe have immense faith in COBIT Methodologies. In order to successfully practice them, numerous organizations believe in investing in COBIT Training and Certification.
Canadian Tire Financial Services, Ltd. picked COBIT because the members thought their organization needed effective controls and better IT government implementations.
ITGAF, the Government of Dubai, trusts COBIT for its integrated IT processes to serve their citizens and residents better with more advanced control objectives.
COBIT 5 is ISACA’s brand-new brainchild; it is an upgraded set of logical, organized and standardized IT-related processes that help IT enterprises achieve positive results.
What is COBIT 5?
An initiative that started in 1996, has now fructified to its most efficacious version COBIT 5.
Many brains have joined hands to create and review COBIT 5. ISACA report says that about a hundred experts from all over the world had come together to contribute to this global task of IT Governance evolution. They wanted to design something that matches today’s business requirements and what they got was better than anyone’s expectations.
COBIT 5 Framework has everything in one package:
- Improved risk management
- Protection against cybercrime
- Better communication between businesses
- Enhanced IT delivery
- Latest outlook to audit and control
- Maximized trust and value
- Systematic, integrated and relevant
- Works very well with other frameworks
Moreover, understanding COBIT 5 Framework grants you awareness about IT Governance, IT Management and the dissimilarity between them. COBIT 5 Certification Training makes it quite simple, sorted and makes control smooth as butter for you and your team. It is right what they say, “IT might be complicated, but IT Government doesn’t have to be complicated at all.”
How to apply COBIT at work?
COBIT Framework is suited for organizations of all sizes. The approaches and guidelines to be used at work, have been formed in a simple and non-technical language that even a layman can comprehend. It provides a ready-to-use set of tools, RACI chart and Process Capability Assessment Model which help you a great deal in identifying your risks, limitations, strengths and opportunities for improvement.
Here are the COBIT 5 principles that you can learn to apply effectively at work:
COBIT 5 is very relevant to the ever-changing technology trends of this age. It is flexible, just like ITIL, for you to be able to efficiently customize your own IT governance strategy.
Why do businesses need COBIT 5
COBIT helps you monitor your team better so that your teamies don’t have to look over their shoulder at all times.
BTW, I hope you know about the raging topic of the corporates these days – low retention rate.
Do you wonder why are employees job-hopping so much now than ever before? Is it because we don’t practice the right way to govern, don’t follow (perhaps, don’t train our teams to follow) the processes or forget the fundamental difference between management and government? Definitely, it has to be something that businesses are inadvertently doing wrong with the governance.
Lack of a clear focus on goals is another reason why your business needs COBIT Implementations.
When at work, one should always ask herself/ himself this question every hour of every day: ‘Is what I am doing right now headed toward achieving one of my organization’s goals?’ Are your visions clear as an organization, as a governance officer, as a teammate?
COBIT will fix your ‘missing audit report’ issues right away!
How do you map progress for your stakeholders? Are your audit and assurance reports in place? If you make a work plan, you need to check whether it is working out or not.
Adapting COBIT 5 is adapting clarity.
Coming back to the basic notion of governance, where there is governance, there should be transparency. Openness between a boss and an employee, between stakeholders, teams, committees, and board of directors must exist. Because only then the transparency between the service provider and the customer will be well-maintained.
Also, it boosts employee satisfaction. Without employee satisfaction, never will a business earn customer satisfaction, it’s an equation we all know. COBIT 5 will bring that transparency into the picture for you.
Well, let me tell you that these are just SOME of the many reasons you need COBIT 5 Certification Training. Adopting a COBIT Framework can actually be a transformative move for your organization. It acts as an enabler for processes that collectively lead to achieving business goals.
A world without COBIT would be more than a tad bit disastrous for Enterprise IT!
Organize, organize, and organize. Execute all 37 processes. Govern. Make decisions. That’s not how a COBIT works.
To the contrary, COBIT 5 is focused on getting clarity, best practices, feedback, more automation and tools, optimum decision-making support, adjusting to changes, and many more things.
In the end, you can’t get work done without governance, at least getting it done using the right tactics is in your hands. Finally, this is the simple formula you should probably stick on your desk-wall for the starters:
Resilient processes + appropriate guidance + flexibility + addressing pain areas with proactive solutions + common vocabulary and understanding = Easy IT governance.
Of course, there is more to it. Perhaps, practising the right kind will help you add to the list.
So, choose governance that inspires. Choose IT courses like COBIT 5 Certification Training that let you grow, and do choose a globally ‘Registered Education Provider’ organization to confirm your skills to the world.
Happy upgrading to you! 🙂