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Costnomics Debuts Storage Economics Solution Enabling Deep Insight and Predictive Analysis Into Enterprise Storage Costs
Sep 02, 2011 (04:09 PM EDT)
ITFM Company Uses Data Mining Techniques from Manufacturing World to help Economize Enterprise Storage and make better decisions on new and existing Storage Investments
FREMONT, Calif., Sept. 2, 2011 /PRNewswire/ -- Costnomics, Inc., an innovator in IT Financial Management (ITFM), is offering what it believes to be the most accurate way yet to identify, justify and strategize the cost of IT storage services in the market today, providing storage economics for VCE, EMC, IBM, NetApp and Hitachi storage solutions.
Storage acquisition costs (Total Cost of Acquisition) account for only around 30% of the Total Cost of Ownership (TCO)—with the remainder often hidden. Furthermore, up to 75% of enterprise investment in storage is wasted due to poor storage utilization. To reduce enterprise storage costs, enterprises must adopt an integrated operational and financial viewpoint beginning with Costnomics' true "bottom-up" approach. Costnomics uncovers the hidden costs not typically detected by existing ITFM software, and then links and identifies opportunities to economize on storage.
"Most ITFM providers have adopted a top-down model for allocating costs. This approach relies on assumptions—many of which are simply wrong," said Hardeep Singh, Co-Founder and President of Costnomics, Inc. "Manufacturers, on the other hand, have made a science out of cost accounting. We believe that by adapting and advancing these principles, using our unique data mining techniques, we can help storage service professionals to understand the TCO of storage services and make better decisions around storage investments. Our approach not only provides better value but also helps enterprises with their predictive analytics and decision-making on storage upgrades and cloud initiatives."
Using Costnomics' high-visibility approach, storage service professionals can understand and, perhaps more importantly, defend their investment decision from a Return on Investment (ROI) and TCO cost transparency perspective. The platform supports accurate chargeback of services to internal and external customers, as well as the analysis of potential infrastructure investments such as virtualization, internal and external cloud, or hybrid based storage options.
With storage costs consuming up to 20% of a typical Enterprises' IT Infrastructure budget, knowing the true economics of storage services is critical. "Oftentimes, when storage unit costs are presented, the question arises as to how they were derived and what can be done to lower these costs.
Costnomics provides the kind of defensible and analytical methodologies found in the manufacturing arena," Singh stated. "We break it down into components that the IT Executives can focus on and use to make more targeted and effective decisions."
"IT Financial Management is filled with players who are using techniques that haven't changed in thirty years. They're simple and quick, but they aren't accurate. Technology has changed dramatically over the years and, while the others talk a good story about bottom-up costing, none can match our level of insight to Storage Costing," Singh said. "We're the first to solve the problem; the advantage that we bring our customers is our disruptive technology."
As a premier product, Costnomics supports predictive modeling, budgeting including "what if" analysis, IT service costing, investment analysis and management, chargeback of internal cloud services and other "Bill-of-IT" functions. The platform, already boasting a growing customer base and is currently available in English, French, Russian, Spanish, German and Japanese with other languages on the way, making it a truly global solution.
Storage Decisions New York
Costnomics will be showcasing its ITFM solution platform as part of the Emerging Technology Showcase at TechTarget's Storage Decisions New York 2011 Conference, September 19-20 at the Hilton New York Hotel. For more information, visit www.costnomics.com.
About Costnomics, Inc.:
Costnomics is a leading technology innovator in the area of IT Financial Management (ITFM). Its flagship product, delivered as a SaaS solution, is reshaping the ITFM space through its bottom-up approach to IT costing that delivers more accurate, actionable and defensible unit cost allocations. With its unique advantages, Costnomics is delivering greater value to large IT organizations by improving the bottom line profitability and the maximization of strategic value of their IT investments. Based in Fremont, California and with a technology development center in Pune, India, Costnomics is privately-held. To learn more, go to www.costnomics.com.
SOURCE Costnomics, Inc.