Most organizations that are hoping to turn a profit need to invest heavily in all sorts of things. In spite of the fact that this is the case, not all of their investments are going to end up providing the kinds of returns that organizations are hoping for. A survey from YouGov and Oomnitza just revealed that organizations might be overshooting the necessary investments into software infrastructure by around 10% with all things having been considered and taken into account.
Essentially, organizations that are cognizant of just how important cloud computing and software architecture is going to be can often be rather trigger happy with spending money. With all of that having been said and now out of the way, it is important to note that this wastage can go up considerably based on the size of the company in question.
If we were to take a look at companies working in the fields of utilities and infrastructure, things start to look even worse than might have been the case otherwise. 43% of companies in this field waste around 10 to 20% of their annual software budgets on things that are not all that necessary. The proportion is around 32% for firms that are providing professional services.
Firms tend to rely heavily on manual processes, and this might make the problems even worse than they need to be. Manual processes can create inefficiencies, but they are just one of the many issues that are causing financial wastage in this arena.
Companies often make an inaccurate prediction about software that they need, and they also take a very long time in suspending licenses once the lack of usefulness comes to the fore. Such practices can be detrimental because of the fact that this is the sort of thing that could potentially end up wasting money that could have been spent on far more necessary things. Some streamlining is warranted here. Companies have to automate the predictions they’re operating under, and they must also eliminate or at the very least reduce waste with the right amount of haste to minimize losses.
Read next: Metaverse Dreams Take a Backseat As Generative AI Funding Takes the Lead
Essentially, organizations that are cognizant of just how important cloud computing and software architecture is going to be can often be rather trigger happy with spending money. With all of that having been said and now out of the way, it is important to note that this wastage can go up considerably based on the size of the company in question.
If we were to take a look at companies working in the fields of utilities and infrastructure, things start to look even worse than might have been the case otherwise. 43% of companies in this field waste around 10 to 20% of their annual software budgets on things that are not all that necessary. The proportion is around 32% for firms that are providing professional services.
Firms tend to rely heavily on manual processes, and this might make the problems even worse than they need to be. Manual processes can create inefficiencies, but they are just one of the many issues that are causing financial wastage in this arena.
Companies often make an inaccurate prediction about software that they need, and they also take a very long time in suspending licenses once the lack of usefulness comes to the fore. Such practices can be detrimental because of the fact that this is the sort of thing that could potentially end up wasting money that could have been spent on far more necessary things. Some streamlining is warranted here. Companies have to automate the predictions they’re operating under, and they must also eliminate or at the very least reduce waste with the right amount of haste to minimize losses.
Read next: Metaverse Dreams Take a Backseat As Generative AI Funding Takes the Lead
