- Vertice survey reveals that friction between financial and technology leaders prevents companies from controlling cloud spending
Vertice launches a new solution for cloud cost control: a cloud cost optimization platform that allows companies to reduce spend by up to 25%.
MADRID, Sept. 20, 2023 /PRNewswire/ -- Vertice, the first optimization platform for SaaS and cloud spend, today announced the results of its global survey, revealing that the lack of alignment between financial and technology leaders is preventing companies from controlling cloud spending.
Amid an average 35% year-over-year* increase in cloud costs, Vertice surveyed 600 finance and technology leaders and found that cutting cloud spending was the top priority for finance leaders; 78% included it among their top three cost-saving priorities and 33.5% consider it their number one priority. Only 9% of technical leaders say reducing cloud costs is a top concern; 4 in 10 say their priority is hiring qualified cloud employees.
55% of finance leaders blame a lack of transparency from technology leaders, 44% say they can't get visibility into costs, and 39% have difficulty negotiating costs because technical staff own the relationships with suppliers. 55% of technology leaders say the tension is because non-technical staff lack the knowledge to understand cloud investments.
To help organizations address cloud spend, Vertice today launched its Cloud Cost Optimization platform, enabling businesses to reduce cloud spend by up to 25%. Vertice, which already helps customers save 20% to 30% on SaaS, has designed the platform to solve the serious problems facing financial and technology leaders.
Vertice tracks cloud spend in real-time from a unified dashboard for finance and technology, removing barriers between teams and allowing finance leaders to accurately forecast spend. Use automation to ease the burden on busy engineering teams and elevate all aspects of cloud cost optimization by performing continuous testing to highlight where efficiencies can be achieved with minimal engineering effort, as well as automatically managing reserved instance commitments.
Eldar Porquey, CEO and co-founder of Vertice:
"With businesses grappling with volatile cloud bills and costs rising as much as 500% in a single year for some organizations, it is critical that CFOs and CIOs have a unified cloud cost optimization strategy. CFOs demand access to accurate forecasts, with shared insights visibility and automation tools to help them act on cost-saving initiatives There are more than 200 Amazon Web Service products, making cloud spend management complex and time-consuming "Automating cost optimization in the cloud leads to greater time and money savings, and frees up resources for growth and innovation."
Notes to editors:
The survey was conducted online in August 2023 and the total sample size was 600 senior finance and technology leaders and decision-makers in the US and UK.
*Vertice analyzed its customers' cloud spending between August 2022 and 2023 and found that companies are experiencing average cost increases of 35%.
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