Once you realise how hard is to manage IT spend when you can only see spend by vendor as a total amount split by Capex and Opex, but no further details or insights about it, you realise the important role it plays in growing a successful company.
Optimise IT vendor spend and improve performance are challenges that most CIOs face when managing IT spend. It’s difficult to have the level of transparency they need to optimise vendor spend so how to solve this issue?
If in your personal life you are using two or more providers for Cloud Storage and have files, photos and apps all in different places, but you don’t want to cancel one of them and save money because you don’t know how to concentrate the files in one place, you’re not alone.
Businesses are going through a similar dilemma with their IT spend on a much larger scale.
The solution seems simple but complex for most companies: executives should be able to understand where there could have vendor overlap of spend across IT for example Storage, Data Center and Compute.
The good news is you can understand your total spend on Storage across cost centres and accounts!
If you watch the video below you can see how simple this process can be if you have the information that you need to:
1. Understand how many vendors you have providing storage;
2. Get a view into vendors and see if your contract is direct or via reseller;
3. Consider consolidating your vendors and getting all your Storage from one vendor and a better deal.
By using YäRKEN Foundation, you can categorise IT vendor spend from the GL using the Technology Business Management (TBM) framework into a granular level. With this process, you can reveal where vendor cost for storage is being utilised and decide on the ideal spend based on my vendor strategy.
Identify your vendor strategy and use this info to consolidate vendor spend into industry defined cost centres (Towers) so that vendor management is more predictable and supports IT strategic initiatives easier.