Vertice launches new cloud cost control solution: a cloud cost optimization platform that helps businesses reduce expenses by up to 25%.PARIS , September 25, 2023 /PRNewswire/ — Vertice , the leading platform for optimizing expenses related to SaaS and Cloud infrastructure, today revealed the results of its global survey. The survey shows that disagreements between financial and technical leaders prevent companies from better controlling their Cloud spending.
With cloud costs increasing by an average of 35% year over year*, Vertice surveyed 600 finance and technology leaders and found that reducing cloud spending was the top priority for finance leaders , 78 % of them ranking it among their top three cost reduction priorities and 33.5% in first position. Only 9% of technology leaders say reducing cloud costs is a major concern; 4 in 10 say their priority is to hire qualified cloud employees.
55% of finance leaders report a lack of transparency from technical managers, with 44% saying they have no visibility into costs and 39% saying they struggle to negotiate costs because technical staff already maintain relationships with suppliers. 55% of tech leaders say tensions are caused by non-technical staff not having the knowledge to understand cloud investments.
To help businesses reduce their cloud spending, Vertice today launched its Cloud Cost Optimization Platform , which allows businesses to reduce their cloud spending by up to 25%. Vertice, which already helps its customers save 20-30% on SaaS models, designed this platform to solve serious problems faced by financial and technical leaders.
Vertice tracks cloud spending in real time through a unified dashboard for finance and technology, eliminating barriers between teams and enabling finance leaders to accurately forecast spending. The platform uses automation to take the burden off busy engineering teams and improves every aspect of cloud cost optimization by performing continuous testing highlighting areas where efficiencies can be made with minimal effort from engineers, as well as automatically managing reserved instance commitments.
Eldar Tuvey, CEO and co-founder of Vertice, said:
“As businesses face the volatility of cloud bills and costs can increase by 500% in a single year for some organizations, it is critical that CFOs and CIOs have a unified cloud strategy. Cloud cost optimization. CFOs want access to accurate forecasting and benefit from shared visibility and automation tools to help them implement cost reduction initiatives. There are more than 200 Amazon Web Service products, making managing cloud expenses complex and time-consuming. Cloud cost optimization automation delivers greater time and cost savings,
Notes to editors:
The survey was conducted online in August 2023 and the total sample consisted of 600 senior executives and decision-makers from the finance and technology sectors in the US and UK.
*Vertice analyzed its customers’ cloud spending between August 2022 and 2023 and found that businesses saw costs increase by an average of 35%.
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SOURCE Vertice