DigitalEx Launches Innovative LLM Cost Management Solution for Enterprise AI

DigitalEx Unveils Game-Changing LLM Cost Management Solution to Maximize AI Investment

Providing a unified "single pane of glass" view of expenses across multiple LLM vendors, including AWS Bedrock, Azure OpenAI, OpenAI, and Groq AUSTIN, Texas, Sept. 10, 2024 /PRNewswire/ -- DigitalEx, the leading FinOps platform renowned for its multi-cloud and private cloud expertise, today unveiled a groundbreaking solution addressing one of the most pressing challenges in the AI industry: managing the costs associated with Large Language Models (LLMs). As businesses increasingly integrate AI into their core operations, DigitalEx's latest offering provides a comprehensive approach to understanding, controlling, and optimizing LLM-related expenses. The update offers significant benefits to users and partners that goes beyond enhancing cost visibility with its centralized view of LLM costs from multiple vendors. They include: Detailed Cost Allocation: Insight into costs per team and AI application, especially in complex environments using multiple LLMs.Improved Financial Management: A robust FinOps approach to efficiently manage AI-related spending.Cost Control: Identify inefficiencies and optimize spending, bringing runaway costs under control.Justify AI Spend: Enable teams to justify AI investments by providing clear visibility into cost drivers and usage patterns.Informed Decision Making: Empower management with insights into ROI, allowing for better resource allocation and focus on high-performing projects. This innovative new solution tackles the unique cost management needs of key stakeholders across organizations, from FinOps analysts and application developers to data scientists and executives. "In today's AI-driven landscape, effectively managing LLM costs is no longer just a financial consideration -- it's a strategic imperative," said Sundeep Goel, CEO of DigitalEx. "Our latest release empowers businesses to harness the full potential of AI technologies while maintaining financial control and maximizing return on investment. We're not just offering a tool; we're providing a strategic advantage in the AI race." DigitalEx's solution stands out in the market with its: Comprehensive multi-vendor support, including AWS Bedrock, Azure OpenAI, OpenAI, and GroqIntegration with existing FinOps practices and cloud cost management systemsAdvanced budgeting, forecasting, and anomaly detection capabilitiesAbility to analyze cost-performance trade-offs in various operational settings Anay Nawathe, NA Cloud Lead at ISG, shared his perspective on DigitalEx's announcement: "The LLM market continues to advance rapidly, with new models and entrants making headlines daily for both niche and general-purpose use cases. Organizations looking to innovate their businesses at the pace of AI are embracing a multi-LLM approach across multiple private and public clouds to establish and maintain a competitive advantage. However, the cost of LLMs at scale prohibits many organizations from adopting them in a meaningful manner, and today's LLMOps ecosystem of tooling does not sufficiently enable businesses to gain visibility into their full LLM spend. DigitalEx's LLM cost allocation and management solution addresses the key challenge preventing production-scale LLM adoption and is well-positioned alongside DigitalEx's existing Hybrid Cloud FinOps capabilities to control the two fastest-growing technology spend categories in organizations today." "What stands out about DigitalEx's new LLM cost management solution is its holistic approach to a complex problem," said David Marshall, Executive Editor of VMblog. "By addressing the needs of various stakeholders, DigitalEx is tackling the multifaceted challenge of AI cost management head-on. This comprehensive solution could be a game-changer for businesses struggling to balance the transformative potential of AI with fiscal responsibility. It's exactly the kind of innovation the industry needs to support sustainable AI growth and adoption." As organizations navigate the complex landscape of AI, DigitalEx is now positioned as a crucial partner in strategic AI adoption and financial optimization. With continued innovation, including support for on-premises LLMs and GPU-based AI workloads, DigitalEx is set to remain at the forefront of AI financial management. Learn how DigitalEx can help your organization optimize its AI investments, visit: https://www.digitalex.io/. About DigitalEx DigitalEx is a leader in AI-driven cloud cost management solutions, providing a SaaS platform designed to ingest all cost and usage information for a given customer across all of their clouds - both public and private. Our solutions are utilized by both Cloud-first enterprise customers as well as the Systems Integrator community who support those enterprise customers. By providing real-time visibility and control over cloud spend through state-of-the-art technology and services, DigitalEx helps businesses improve operational efficiency, accelerate growth, and achieve their digital transformation objectives. Visit https://www.digitalex.io/. Rick Medeiros 5105568517 382992@email4pr.com View original content to download multimedia:https://www.prnewswire.com/news-releases/digitalex-unveils-game-changing-llm-cost-management-solution-to-maximize-ai-investment-302243636.html SOURCE DigitalEx Market News and Data brought to you by Benzinga APIs

How much are your enterprise's gen AI products costing you? DigitalEx launches new expense tracking solution

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More DigitalEx, a two-year-old cloud cost management software vendor, has unveiled its latest solution designed to help enterprises address the increasing challenge of managing costs associated with the generative AI boom and maximize their spending. As businesses rush to experiment with and ultimately embrace gen AI across various internal or customer-facing applications, DigitalEx's new offering empowers organizations to control, optimize, and justify their AI-related expenses. The solution offers a centralized "single pane of glass" view of expenses across different LLM platforms including AWS Bedrock, Azure OpenAI, OpenAI, and Groq, enabling enterprises to gain visibility into one of the most pressing concerns in the AI space -- cost management. "We aim to give you a single UI, single data model, and single optimization engine to manage all of your infrastructure, whether it's public or private, and optimize that spend," said Sundeep Goel, CEO of DigitalEx, in an interview with VentureBeat conducted late last month. Can saving on cloud and AI costs help enterprises avoid layoffs? Founded in 2022 by Safi Siddiqui and Darmawan Suwirya, DigitalEX focuses on cloud cost management solutions, offering tools to help businesses optimize spending across public and private cloud platforms. It has since become a leader in AI-driven cloud cost management solutions, offering a SaaS platform that ingests and tracks cost and usage information across both public and private clouds. DigitalEx's platform is trusted by enterprises and systems integrators, providing real-time visibility and control over cloud spend, helping organizations improve operational efficiency and achieve their digital transformation goals. Beyond just tracking costs, DigitalEx's platform offers a range of features designed to support more efficient financial oversight, from detailed cost allocation and forecasting to anomaly detection and cost-performance trade-off analysis. Ultimately, DigitalEx claims to save its enterprise customers between 15-30% on average across its cloud and AI product spending. "Cloud is now the second biggest budget line item for many of our customers, right behind payroll. In some cases, it's even larger than real estate expenses," Goel told VentureBeat, underscoring the financial pressures organizations face in managing cloud and AI expenses. Furthermore, the CEO believes that his product can actually help enterprise customers retain talent. "It hurts my heart when people are losing their jobs while companies are wasting money on the cloud," he said. "Lower your cloud bills first by 30% and then lay off if you have to." What DigtalEx's financial operations monitoring platform offers: comprehensive oversight DigitalEx's platform provides detailed insight into costs associated with specific teams and AI applications, particularly for organizations using multiple AI solutions. By integrating seamlessly with existing financial operations (FinOps) practices, the solution helps businesses efficiently manage AI spending and allocate resources where they generate the greatest return on investment. The platform is designed to serve a wide range of users, including FinOps analysts, application developers, data scientists, and executives. Key features include: "Our latest release empowers businesses to harness the full potential of AI technologies while maintaining financial control and maximizing return on investment. We're not just offering a tool; we're providing a strategic advantage in the AI race," Goel said in a press release. Multi-vendor, multi-cloud support The LLM market is evolving rapidly, with new models emerging almost daily. As a result, many businesses face difficulties scaling their AI investments due to rising costs. "We're seeing companies run AI pilots in public clouds, but as they move to production, costs can become exorbitant," Goel said. "Many are repatriating workloads to private clouds for better cost control and security." Anay Nawathe, NA Cloud Lead at ISG, explained that this complexity has prevented widespread adoption of LLMs at scale. "Organizations looking to innovate at the pace of AI are embracing a multi-LLM approach across multiple clouds to maintain a competitive edge," Nawathe said in a statement made in DigitalEx's press release. "However, the cost of LLMs at scale prohibits many from adopting them meaningfully. DigitalEx's solution is well-positioned to control this growing area of technology spending." One of the key differentiators of DigitalEx's solution is its multi-vendor support, allowing organizations to manage LLM expenses from several leading platforms, including AWS Bedrock, Azure OpenAI, OpenAI, and Groq. This multi-cloud approach gives businesses a comprehensive view of their AI-related costs, a critical need as more companies adopt a mix of LLMs across public and private clouds. Looking ahead As more organizations integrate AI into their daily operations, cost management will remain a crucial aspect of AI adoption. DigitalEx aims to continue innovating in this space by expanding its support to include on-premises LLMs and GPU-based AI workloads, ensuring that it remains at the forefront of AI financial management solutions. "We give you unit economics: cost per request, per token, and per model. This level of granularity is essential for managing AI workloads effectively," Goel added, emphasizing the detailed level of visibility the platform provides.