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Key takeaways on optimizing your SaaS and cloud spend
- Regular check-ups on your software usage can lead to big savings.
- Centralize your software and cloud management for better oversight.
- Let automation handle the purchasing process.
- Finance and engineering working together can optimize your tech stack.
- Simplify contract management for a happier, more efficient team.
Welcome back to For the Love of Finance, the series where we decode insights from finance leaders and turn them into actionable insights for your career.
For the Season 1 finale, we’re excited to welcome Eldar Tuvey, co-CEO and founder of Vertice, who brings a wealth of firsthand experience to share on scaling companies from the ground up to a nine-figure exit.
Based in London, Eldar has successfully built and exited two cybersecurity businesses alongside his brother Roy. Their first venture, ScanSafe, was acquired by Cisco, and subsequent business Wandera was purchased by JAMF.
He currently leads Vertice, the leading SaaS and cloud spend management platform with offices in the UK, US, Australia, and Czechia, boasting a team of 200 employees.
In this episode, Eldar talks about his journey to founding Vertice, common pain points of CFOs today, and actionable insights for how finance leaders can elevate their role with proactive SaaS and cloud spend management.
Read on (or watch the episode above) to hear about how modern CFOs use technology to simplify operations, from procurement to cloud spending management. Plus, find out how to build a culture of cost awareness to help your company navigate a difficult economic environment and benefit employees.
Regular check-ups on your software and cloud usage can lead to big savings.
Many companies aren’t aware how much they overpay for unused or underutilized software licenses and cloud resources. Eldar highlights that it’s common to purchase a thousand licenses but only use 800 or 600, for example.
To avoid this, conduct regular audits to identify and eliminate waste. Keep a detailed inventory of your software tools and cloud spend, including costs, renewal dates and usage metrics. This helps to identify and get rid of waste, ensuring you only pay for what you need.
Centralize your software and cloud management for better oversight.
Managing software with tools like Excel can lead to overspending and missed renewal dates due to challenges in tracking licenses, predicting needs, and ensuring timely payments.
A centralized platform offers a clear picture of your entire software stack, making it easier to optimize renewals and purchases. As Eldar points out, consolidating software management streamlines operations and boosts overall efficiency.
Let automation handle the purchasing process.
Manual procurement processes can be incredibly time-consuming for your team. By using automated workflows, you can automate approvals, renewals and new purchases, significantly cutting down on wasted time.
Vertice’s Intelligent Workflow product (coming soon!) is designed to automate the procurement process. Say goodbye to manual tasks and hello to speed and control.
Finance and engineering working together can optimize your tech stack.
Finance teams often struggle to track where cloud spending goes, while tech teams find it hard to explain. To solve this problem, Eldar suggests using tags to categorize cloud costs and having regular meetings between the two teams.
This helps everyone understand where the money is going and makes it easier to control costs.
Simplify contract management for a happier, more efficient team.
Managing software and cloud costs is a pain for finance teams. These tasks often take up too much time and energy, leaving less time to focus on projects that drive business growth.
Vertice’s Beyond the Numbers report found that inefficient software buying processes can waste over 300 hours a year. By automating these tasks and bringing everything together in one place, finance teams can save time and effort.
This means more time to focus on strategies that truly impact the bottom line.
