Cost management is the proactive management of spend to eliminate duplicative costs, overcharges, or overlaps in vendor and product portfolio. It involves identifying potential costs and implementing strategies or actions to eliminate or minimize them, thereby avoiding unnecessary expenses. When done properly and consistently, cost discipline can minimize future costs by ensuring that you pay only for what are needed. Forbes estimated that as much as 10% of SaaS software is wasted each year on unused and unnecessary licenses.
Implementing cost management strategies requires a variety of inventory oversight and management tactics to identify where content data sets are duplicative or integration efforts are overlapping. This is done by the centralization of content expense administration to ensure the terms and conditions of each product are in line with the firm's expectations and information needs.
Concertiv's Procurement-as-a-Service optimizes clients spend to avoid unnecessary costs by executing the following:
Usage monitoring involves collecting data through various means, such as sensors, meters, logs, or software tools, and analyzing the collected information to generate meaningful insights. These insights can be used to make data-driven decisions, improve administrative efficiency, identify cost-saving opportunities, and enhance overall product performance. Concertiv monitors usage monthly on all client data feeds and turns off unused feeds in order to save the client money.
Exchange management requires a thorough understanding of the data distribution and application ecosystem, administrative tools, and data providers’ best practices. It involves a combination of technical expertise, exchanges’ commercial policy awareness, and use case analysis to ensure the smooth operation and reliability of an organization's reporting and financial obligations.
Invoice management is the process of handling and overseeing the creation, delivery, processing, and payment of invoices within an organization. It involves the management of all aspects related to invoices, including their generation, distribution, tracking, verification, approval, and payment. Managing vendor invoices can be a heavy administrative task to take on and requires a lot of due diligence in order to identify any overcharges or hidden fees in renewal contracts that may only be triggered based on occasional usage conditions.
Portfolio management involves the process of strategically managing a collection of information sets. It involves making informed decisions about the composition, allocation, and performance of the portfolio expense to generate insights and deliver value to clients. As experts in vendor landscapes, Concertiv knows that each client has different needs and can identify overlapping vendor products as a form of cost reduction with current leading providers or the disruptors on the horizon.
Process of effectively managing and controlling data access licenses within an organization. It involves tracking, monitoring, and ensuring compliance with complex vendor agreements, optimizing license usage, and maintaining current inventory of access licenses approved by the organization.
Cost management is crucial for identifying and addressing potential costs before they occur, helping organizations optimize their financial resources, improve profitability, and maintain a competitive edge. By proactively avoiding unnecessary expenses, organizations can allocate their resources effectively and achieve long-term financial sustainability.
Ready to optimize your financial resources and avoid unnecessary expenses? Connect with our team and leverage Concertiv’s Procurement-as-a-Service to increase and achieve long-term financial sustainability.