When the headwinds of a potential economic recession start blowing, many companies pull back on spending and look for areas to cut costs. Privacy professionals often find themselves in the crosshairs of these spending reductions, but there is a way to prove that smart spending actually saves money and delivers a competitive advantage in the long term.
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:
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.
When the headwinds of a potential economic recession start blowing, many companies pull back on spending and look for areas to cut costs. Privacy professionals often find themselves in the crosshairs of these spending reductions, but there is a way to prove that smart spending actually saves money and delivers a competitive advantage in the long term.
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:
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.
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:
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.
When the headwinds of a potential economic recession start blowing, many companies pull back on spending and look for areas to cut costs. Privacy professionals often find themselves in the crosshairs of these spending reductions, but there is a way to prove that smart spending actually saves money and delivers a competitive advantage in the long term.
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:
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.
When the headwinds of a potential economic recession start blowing, many companies pull back on spending and look for areas to cut costs. Privacy professionals often find themselves in the crosshairs of these spending reductions, but there is a way to prove that smart spending actually saves money and delivers a competitive advantage in the long term.
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