TMCnet News
AI-Powered FinOps: 14th Patent in Cloud Optimization Solidifies Tangoe as an Industry DisruptorTangoe, the leading technology expense and asset management solution for over two decades, today announced the company was awarded another U.S. patent supporting a portfolio of unique FinOps capabilities leveraging AI for cloud optimization. Tangoe now has 70 total patents, 14 of which use advanced AI analytics and robotic process automation to execute FinOps strategies, underscoring the company's commitment to innovation in IT expense management. Companies are turning to FinOps to govern cloud spending amid unwavering demands for digital innovation, IT budget restrictions, and tech inflation. With Generative AI spurring more cloud spending, analysts expect cloud infrastructure to grow at a rate of 26.6% in 2024. As a result, there is an increasingly urgent need for cost governance. "Patents are the hallmark of innovation, and Tangoe's expansive intellectual property validates our deep history of ingenuity," said James Parker, CEO, Tangoe. "As a 20-year industry pioneer, we're also a trailblazer disrupting the market with exclusive ways to leverage AI for cloud optimization using the FinOps Framework." Granted by the U.S. Patent and Trade Office on Feb. 27, 2024, patent number 11,916,760, titled "Data Usage Analysis and Reporting" is a system and method allowing cloud service usage data to be captured, analyzed, and classified based on a range of categories. Further, this methodology provides usage reports so that costs can be financially allocated to different departments across any business. Patents Pack 10 Years of Success and AI+ FinOps Capabilities Tangoe has been securing patents in AI-powered FinOps since 2014, predating recent trends in cloud cost governance. With five more patents pending and 10 years of experience in this domain, the company will continue to expand its portfolio of patented methodologies applying AI analytics to FinOps strategies. All 70 patents can be found here. Tangoe explains its patents in the FinOps space as two functional families enhanced by AI analytics. While the first family extracts and classifies data, the second handles rules, restrictions, and reporting. Next, the Cloud Optimizer applies machine learning and predictive analytics. It compares multiple offerings to pinpoint the lowest price Infrastructure as a Service (IaaS) while also considering any existing application demands and future predicted workloads. "When cloud application performance is critical, Tangoe has a patented tool to show you which IaaS provider will give you the best bang for your buck based on your usage today and tomorrow," explained Chris Ortbals, CPO, Tangoe. "This is an unparalleled advantage." FinOps Foundation Premier Member and Speaker When organizations face challenges in controlling costs and using their cloud resources efficiently, they turn to software and services from recognized partners of the FinOps Foundation. In 2023, Tangoe joined the FinOps Foundation as a Premier member, and in June company leaders will present at the FinOpsX global conference. About Tangoe Tangoe is the leading technology expense and asset management solution. Tangoe seamlessly integrates with hundreds of providers globally to deliver the reporting and insights needed by enterprises of all sizes and scales. Fueled by an innovative automation framework and unified customer experience, Tangoe optimizes spend and resources across telecom, mobile, cloud, and IoT. For more information on the power of Tangoe and how it can transform your business, visit www.Tangoe.com or connect with the company on LinkedIn and X.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228248489/en/ |
