When considering new technology solutions, IT leaders need to take into account more than just the features list and understand the total cost of owning and maintaining the solution.

This cost analysis is typically referred to as the Total Cost of Ownership (TCO). TCO calculations take into consideration more than the initial invoice for the product by identifying areas where charges may apply over the course of the contract (e.g. support, maintenance, growth).

While traditional TCO calculations typically involve upfront capital expenses (CapEx), operational expenses (OpEx), and maintenance and support costs of the solution over a period of time, there are also other costs that should be considered when conducting a complete cost/benefit analysis for a solution. In addition to upfront costs, maintenance and support costs, and operating costs, IT leaders should work with vendors to identify if there are any other fees, licenses, or overages that could be charged in the future.

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