Leveraging marketplace data can be a powerful tool for identifying IT savings. Marketplace data refers to data that is collected and made available on public marketplaces such as the cloud providers. By analyzing this data, organizations can gain insights into the costs and usage patterns of different IT products and services and use that information to make better informed decisions about their own IT spending.
One way organizations can leverage marketplace data to identify IT savings is by analyzing the costs of different cloud services. Cloud providers typically make data available on the costs of different services, including compute, storage, and networking. By analyzing this data, organizations can identify areas where they are spending more than they need to and make changes to reduce their costs.
Another way organizations can leverage marketplace data to identify IT savings is by analyzing the usage patterns of different IT products and services. For example, an organization might use analytics to analyze usage data from its virtual machines and identify instances that are underutilized. Also, through this process, fraud detection, risk management and cybersecurity for example can all become more effective and assist in reducing financial waste. By identifying these instances, the organization can then take steps to shut them down or resize them to reduce its costs.
Another example would be, an organization could use data analytics to compare the prices of different software licenses, such as different versions or editions of the same software, and identify areas where it can negotiate better deals or find more cost-effective alternatives.
Leveraging marketplace data can also help organizations identify areas where they can improve the efficiency of their IT operations. For example, an organization might use analytics to analyze the usage patterns of its storage and networking resources and identify areas where it is over-provisioning. By addressing these issues, the organization can reduce its costs while also improving the performance and reliability of its IT systems.
In addition, organizations can also use marketplace data to identify potential cost savings by looking at the pricing and usage patterns of other similar organizations. By benchmarking their own IT spending against that of their peers, organizations can identify areas where they are overspending, and adjust accordingly.
In conclusion, leveraging marketplace data can be a powerful tool for identifying IT savings. By analyzing the costs and usage patterns of different IT products and services, organizations can gain insights into areas where they can make changes to reduce their costs and improve the efficiency of their IT operations.
However, to effectively leverage marketplace data, organizations need to have the right tools and technologies in place, as well as a team with the skills to analyze the data and make informed decisions. And it’s important to keep in mind that marketplace data can be used as an indicator, but this should be complemented with internal data and analysis to get a more complete view of the company’s IT operations.
CWE can help. We offer two value assessment options to meet you at your immediate pain point and budget. We can assist in insuring you have visibility of your technology investments in one view. We provide execution support and project validation by helping collect and input data for you while maintaining a historical record. We can also provide auto-renewal monitoring for often overlooked contracts. We can provide marketplace insights and a streamlined procurement process. Want to see it all in action?