Verne Global: Data Management Costs Millions in Electricity Bills AloneIBTimes UK

Companies around the world already face myriad cost burdens from restructuring to strengthening regulatory compliance capabilities.

However, Verne Global's executive vice president and chief financial officer Isaac Kato told IBTimes TV at the EIU CFO Summit that, very often, companies could manage their costs better, while expanding their capabilities if they understood the overall supply chain in more detail.

"IT units within a company often neglect to factor in overhead costs for large scale projects that need big data management capabilities," said Kato.

"For example, just paying for the place where huge data servers are kept can cost £1m to £2m in electricity bills each year.

"Considering energy prices in some countries are set to rise by 70%, understanding how to manage these costs are essential for any company."

Verne Global works with countries across the world to help manage their data better. It owns and operates a 44-acre data centre campus in Keflavik.