Consider the privacy platform itself. Or rather, consider the wide range of options for privacy platforms on the market, because the number of choices underlines that not all privacy software is created equal. When proposing a new software solution, privacy leaders typically must demonstrate topline benefits and bottom-line practicality with finance decision-makers.
But the bottom line should not be the top factor in a privacy platform. When making the case for a new software solution, privacy professionals can bolster their decision by calculating these four true hidden cost drivers:
- The number of manual hours eliminated by the software.
- The cost of the implementation.
- The potential cost of inaccuracies avoided by the software features.
- How much individual features cost compared with a customized solution.
At Relyance AI, we answered these questions for a data-heavy technology company with a cost analysis showing how our platform could save them nearly $200,000 over other software-based platforms by factoring in costs that don’t show up in a proposal.
For example, by creating a customized bundle, the Relyance AI platform saved more than $150,000 compared with a competing platform. In addition, the automation that powers the Relyance AI platform enabled the organization to avoid costs associated with two to four employees that would be required for manual tasks associated with those other platforms. On an ongoing basis, while it’s difficult to put a dollar cost on inaccuracies, the cost to a company’s reputation and trust with stakeholders and regulators is too high to calculate.
A useful exercise – and one that resonates with financial decision-makers looking only at costs – is the development of a basic cost analysis chart, comparing features and costs across software platforms under consideration. The financial picture that emerges can demonstrate how spending money on this increasingly important management tool can save an organization more than it spends over the long term.
Learn more about how the Relyance AI Continuous Compliance Monitoring and Management Platform can benefit your organization by booking a demo.