Introduction
In today’s world, modern enterprises face numerous challenges with complex entity and cost structures across multiple jurisdictions, increased technology spending on hybrid and multicloud architectures, and the growing complexity of costs. To tackle these challenges effectively, organizations need efficient cost management and optimization solutions. One such solution is CostLens, a fully hosted Cost Allocation Tool with a state-of-the-art Cost Modelling engine and a ready Cost Transparency reporting suite designed to improve your organization’s agility, support growth, and reduce costs.
This article will provide an in-depth look at the core components of CostLens, the cost metrics generated, its offerings by role and solution, select clients, and useful resources.
What is CostLens?
CostLens is a fully hosted Cost Allocation Tool developed by Amalytics to address the challenges faced by modern enterprises. It is designed to manage and optimize costs in hybrid, multicloud environments. The tool features a state-of-the-art Cost Modelling engine, a ready Cost Transparency reporting suite, and a secure, robust integrated solution. By providing enterprises with a comprehensive cost management and optimization platform, CostLens enables organizations to navigate the complexities of modern technology spending and improve overall business performance.
Core Components of CostLens
CostLens comprises three core components, which work together to provide a powerful and comprehensive cost management and optimization solution.
State-of-the-art Cost Modelling engine
The Cost Modelling engine is a NoCode engine with pre-built cost algorithms that align with industry-standard, best practice cost allocation methodologies. This engine allows organizations to quickly and easily develop accurate cost models, without the need for extensive coding or technical expertise. By utilizing the Cost Modelling engine, enterprises can better understand and manage their technology costs, making informed decisions and optimizing their spending.
Ready Cost Transparency Reporting suite
CostLens offers over 100 modern visualization reports and a powerful ad-hoc reporting tool, which eliminates the need for custom reports. These reports provide clear and actionable insights into the organization’s technology spending, enabling decision-makers to identify areas for cost optimization and improvement. The reporting suite is designed to be user-friendly, enabling users to easily access and understand the data they need to make informed decisions.
Secure, robust integrated solution
Security and robustness are essential components of any cost management solution. CostLens has been independently tested and verified for its security processes and procedures and is ISO27001 certified. This ensures that organizations can trust the security and reliability of the platform when managing their sensitive and critical technology costs.
Cost Metrics Generated
CostLens is designed to help CIOs & CFOs effectively manage and optimize their technology costs. It achieves this by:
- Efficiently managing Technology’s operating costs through greater transparency: CostLens provides clear insights into technology spending, enabling decision-makers to identify areas for cost reduction and optimization.
- Optimizing Technology costs with typically >20% reduction in structural costs: The platform’s advanced Cost Modelling engine and reporting suite enable organizations to identify and implement cost-saving measures, leading to significant savings in structural costs.
- Increasing returns on Transformational investments: By providing insights into technology spending and enabling cost optimization, CostLens allows organizations to maximize the return on their transformational investments.
Offerings by Role and Solution
CostLens offers tailored solutions to meet the needs of various roles and scenarios within an organization. These include:
Shared Service Centre
CostLens can help Shared Service Centres (SSCs) to efficiently manage their technology costs and resources. By providing transparency into spending and enabling cost optimization, the platform allows SSCs to deliver high-quality services at lower costs, improving overall business performance.
Digital Transformation
For organizations undergoing digital transformation, CostLens provides insights into technology spending and enables cost optimization. This ensures that investments in digital transformation initiatives deliver maximum value, driving business growth and innovation.
Mergers & Acquisitions
In the context of mergers and acquisitions (M&A), CostLens enables organizations to accurately model and manage the technology costs associated with integrating multiple entities. By providing insights into costs and enabling optimization, the platform helps organizations to achieve the desired synergies and cost savings from M&A activities.
Select Clients
One notable case study of CostLens in action involves a PE-backed insurance firm that used the platform to prepare for M&A and implement a charging framework for its Shared Services Centre. CostLens helped the firm to effectively manage and optimize its technology costs, resulting in significant savings and improved business performance. The platform has also been utilized by other notable clients, who have experienced similar benefits from its cost management and optimization capabilities.
Conclusion
CostLens is a powerful and comprehensive cost management and optimization solution designed for technology departments in hybrid, multicloud environments. Its core components, cost metrics, and tailored offerings make it an ideal choice for modern enterprises seeking to improve their technology spending and overall business performance. Whether you are involved in Shared Service Centres, Digital Transformation, or Mergers & Acquisitions, CostLens can help you achieve your cost management and optimization goals.
If your organization is facing challenges in managing and optimizing technology costs, we encourage you to take the personalized survey to understand the potential savings you could achieve by adopting CostLens and explore the resources provided in this article. Together, these tools can help you navigate the complexities of modern technology spending and drive sustainable, profitable growth for your business.
