Reducing Software Cost and Risk for Financial Services
Optimise cloud spend and reduce software costs and risk in your institution’s estate
Managing enterprise software within your financial service institution is a challenge. Within such a heavily regulated sector, financial institutions must have a robust process to identify, assess and mitigate risks, such as breach of license compliance terms.
Reducing software costs is always imperative and without effective software asset management practices in place, software spend and cloud costs can spiral out of control.
Version 1 can proactively uncover ways to reduce your on-premises enterprise software costs and optimise cloud spend whilst mitigating license non-compliance.
Avoid the need to spend money on software you may already own with a software asset management methodology, manage and reduce the risk of non-compliance created through cloud migration, virtualisation and M&A activity and prepare for or defend against a vendor audit and potential punitive fines.
Our license experts can reduce your software cost and non-compliance risk, avoiding regulatory fines and associated repercussions, and freeing up budget for core financial service projects.
Financial Service Customer Success Story
Our banking client engaged with Version 1 to understand any license non-compliance risks and exposure in their estate. Version 1 carried out an extensive analysis of their entire portfolio, shared knowledge on effective deployment, instigated a declaration process for major contract negotiations and assessed the license position for Database and banking applications. As a result of this engagement, we removed the need for the client to procure additional software which would have amounted to just over £50m list. Effective declaration resulted in multiple £bn worth of software from an initial investment of just over £10m.
IBM & RedHat Cost Optimisation
Oracle Unlimited License Agreement (ULA) Lifecycle Services
Microsoft Enterprise Agreement (EA) True-up/down and Renewal
Software Asset Management
Software Vendor Audit Defence
Cloud Cost Optimisation & FinOps
Achieving on average 82% Cost Reduction in Software Audits: Proven Strategies for Financial Services
Our skills in reducing software costs and familiarity with vendor behaviours in an audit situation helps to deliver financial risk reduction of over 82% on average during audit scenarios, saving our financial services clients millions in unbudgeted software spend.
Reducing Software cost and avoiding unnecessary software spend – learn more.
If you do not have clarity on your license position, then it can be very difficult to make informed decisions on when to procure software (or not) or avoid risk and cost of potential non-compliance. This can lead to wasting money on software you already have or worse, receiving an unexpected bill for breach of compliance.
Empower your ability to reduce software costs by listening to this short Version1 video where our SAM experts Brian Lavelle and Jason Pepper discuss how to reduce sofwatre spend and avoid unnecessary software costs un your enterprise software estate.
