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Why businesses need to stay on top of their SaaS spending

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As macroeconomic difficulties persist following cuts at many UK businesses, it is clear that the pressure on businesses to save money is not going away. But organizations should be wary of the temptation to reduce their investments in technology and data analytics, as they risk losing a crucial competitive advantage. With the growing importance of data analytics and artificial intelligence (AI), nearly half of companies (44%) plan to continue their data modernization efforts in 2024, according to PwC. More than half of organizations therefore cannot afford to turn their backs on technologies that can deliver key business benefits, such as improved customer experiences and enhanced product innovations.

In the coming year, the organizations that will be most effective in adapting to the economic landscape will be those that focus on managing expenses and increasing efficiency to achieve better business results. According to IDC, the world is producing more data than ever, up to 181 zettabytes of data per year by 2025, or the capacity of 45 trillion DVDs of data. Especially with the rise of generative AI, data will continue to be a key differentiator for those looking to capitalize on AI: the more diverse and comprehensive the data, the better the AI ​​will perform. For businesses to remain competitive, harnessing the power of data insights and effective cost management and planning must be a priority for business leaders.

James Hall

UK Country Manager, Snowflake.

Business value and transparency

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