More than 15 Money-Saving Tips Help Stretch IT Budgets for Finance, IT, and Procurement Leaders
Indianapolis, IN – January 10, 2024 – Tangoe, the leading technology expense and asset management solution for over two decades, today announced the release of its third annual “IT Trends and Savings Recommendations” report after analyzing $34B in IT spending and reflecting on hundreds of digital transformation and cost-reduction projects with clients across every industry.
The report is designed to help finance, IT, and procurement leaders leverage Tangoe’s expertise and database of spending intelligence to make smarter purchasing decisions in the year ahead. With an emphasis on cloud technologies and the impact AI innovation has on cloud expenditures, the report summarizes pricing trends while highlighting common overprovisioning mistakes and the services draining clients’ IT budgets more than necessary.
Investments in AI technologies and new GenAI models can trigger rising cloud expenditures at a time when cloud costs are already problematic – an issue Tangoe executives describe as a side effect that can threaten the long-term financial sustainability of AI innovation when left unmanaged.
“With cloud inflation concerns and Generative AI becoming a major area of investment for 2024, business leaders everywhere are thinking about how they can be smarter investors and better stewards of their IT budgets. Tangoe has unique insights to share from optimizing $34 billion in IT spending for our clients – the largest portfolio in the technology expense management industry,” said James Parker, CEO, Tangoe. “We’re guiding companies in knowing how to make their innovation dollars go the distance.”
Tangoe’s market strength provides an unparallelled vignette into money-saving tips backed by spending data traced across hundreds of technology providers. Some tips for stretching budgets in 2024 include:
- Cloud optimization is the #1 way to reduce overall tech costs, offering the highest savings potential in comparison to mobile and telecommunications costs.
- As market competition heats up, it’s more important to compare cloud infrastructure services and prices. Due diligence can cut costs for direct cloud connections by 50-70% in some cases.
- Infrastructure as a Service (IaaS) pricing models and discounts can be overwhelming due to the number of options and a lack of standardization across providers. This makes AI analytics now essential in identifying the most cost-effective options for decision makers.
- Prepare to combat both the known and potentially unknown impacts of AI investments on IaaS and SaaS expenditures.
- Address “cloud-flation” proactively with FinOps cost management strategies and service providers.
The report includes more than 10 other money-saving ideas focused on trimming IT expenses.
Client engagements with Tangoe’s 60 technology consultants tell a consistent story about how companies need a holistic view yet granular visibility into their cloud costs including more efficient ways to collect, evaluate, and act on the insights gleaned from their complex, multi-cloud environments. In solving these challenges for clients, Tangoe holds a vast reservoir of information from which it ascertains a library of lessons learned. The 2024 report serves as a collective list of tangible cost-reduction recommendations that CFOs, CIOs, and CPOs can take into their organizations.
Tangoe is the leading technology expense and asset management solution. Tangoe seamlessly integrates with hundreds of providers globally to deliver the reporting and insights needed by enterprises of all sizes and scales. Fueled by an innovative automation framework and unified customer experience, Tangoe optimizes spend and resources across telecom, mobile, cloud, and IoT. For more information on the power of Tangoe and how it can transform your business, visit www.tangoe.com or connect with the company on LinkedIn and Twitter.
Vice President, MarCom, Digital and Demand