As more enterprises move to cloud for speed, agility, innovation, among others, they’re experiencing increased cloud complexity and deepening cloud costs. The slowing economy and rising interest rates have normalized technology investment expectations, and large technology firms have begun to cut back on expenses and headcount. In turn, chief financial officers (CFOs) are looking to slash technology budgets. Despite this, in a recent polling of IT executives by Futuriom, nearly half (47%) plan to accelerate cloud adoption even as economic uncertainty prevails. Futuriom expects public cloud services costs to come under tighter scrutiny. In this latest report, you will learn about the trends:
- Why cloud complexity has become an “untamed beast” in many enterprises today.
- What remedies companies have at their disposal to scale back on cloud costs and give greater visibility.
- Which CCM solutions look most promising to help optimize existing cloud spend.
- How the networking world optimizes cloud, measuring usage of shared clouds and allocation to cost centers.
"New technology is coming to market to help organizations get a handle on better visibility. Cloud Cost Management (CCM) and FinOps are the terms being used to describe this technology, which should help elevate visibility of costs and cloud usage and help teams manage these costs. This will be a hot area to watch in 2023."
Scott Raynovich, Principal Analyst, Futuriom
The Futuriom report highlights stats from a recent Battery Ventures survey, which revealed that company leaders see effective CCM as a key aspect of their 2023 financial strategies.
Key Findings: C-Suite Executives and Cloud Costs
More CxOs are reducing budgets
16%
increase in CXOs reporting they’ll reduce budgets in 2023
Cloud costs are the major focus
95%
of CxOs cite cloud as either medium or high priority for 2023
Cloud cost tools are in demand
55%
indicate they are planning to adopt or automate CCM tools in 2023
