The cloud offers enhanced security and stability, helps cut costs, and gives companies greater flexibility. The latter comes in handy when you need to navigate the ever-changing terrain of doing business – which most companies appreciate.
Cloud services are taking the business world by storm and cloud adoption statistics tell the same story.
Incredible Cloud Adoption Stats:
The public cloud service market is expected to reach $623.3 billion by 2023 worldwide.
83% of enterprise workloads will be in the cloud by 2020.
94% of enterprises already use a cloud service.
30% of all IT budgets are allocated to cloud computing.
66% of enterprises already have a central cloud team or a cloud center of excellence.
Organizations leverage almost 5 different cloud platforms on average.
50% of enterprises spend more than $1.2 million on cloud services annually.
In 2021, the public cloud infrastructure will grow by 35%!
By 2025, the data stored in cloud data centers will exceed 100 Zettabytes.
It's a no-brainer
It’s no surprise we’re seeing these kinds of adoption statistics, as the move to cloud computing has been a no-brainer for many enterprise companies. Cost-cutting tops the list of the reasons why enterprises choose to adopt the cloud, followed by the appeal of new features and capabilities, current warehouses filling up, and widespread executive mandates.
But unlike many other operating costs, cloud computing is an expense that is largely variable. Cloud services and Software-as-a-Service represent a large and fast-growing share of the budget for most organizations.
One of the most challenging aspects of managing cloud infrastructure is cost monitoring, optimization, and forecasting. There are countless services to keep track of — including storage, databases, and compute — each with its own complex pricing structure. It’s one of the reasons why compared to most other organizational costs, monitoring cloud costs and accurately forecasting them is so complex.
What does this all mean for the organization?
Cloud costs represent such a significant portion of a company’s operating budget, and this isn’t changing any time soon. It means that if significant action isn’t taken to actively monitor and lower cloud spend, organizations’ pockets are going to hurt - and it’ll be upon them sooner than they realize. Because these costs are so challenging to stay on top of, many organizations are currently (or should be) working on their FinOps approach - an emerging field that specializes in merging engineers, developers, and financial professionals in order to optimize cloud expenses.
As with many other use cases today, many organizations and their FinOps teams are turning to technology to help them manage and navigate this growing problem. Specifically, organizations are turning to data analytics platforms. They’re targeting the specific issue of cloud waste, given this waste is accounting for 30% of cloud budgets today.
We broke down Three Easy Ways To Lower Cloud Spend that focus on reducing that waste, including:
Identifying and Reducing Underutilized Assets
Cleaning up "Garbage In, Garbage Out"
Switching Licensing Models
Read the entire article here.
Cloud computing forecasts point to one thing – the future of computing is indeed in the cloud. Cloud services are convenient, fast, secure, and can be cost-effective to boot - so long as organizations take the proper steps to monitor, optimize, and forecast their expenses.
Process Tempo is a hybrid cloud, data management & analytics platform that breaks down silos to allow people, processes, and technologies to seamlessly work together. The platform supports a secure, governed, scalable, and high-performance environment for analysts and data scientists while serving as the foundation to deliver insights to all employees. It helps to deliver markedly fast, actionable, and accurate insights, easily incorporates a semantic data layer to curate and recommend information from across the organization, and makes every employee a first-class citizen in contributing insights and feedback to make the organization smarter over time.
Analytics as a Service from Process Tempo is an analytics solution that helps your entire team make intelligent and profitable decisions by leveraging your data without a heavy, upfront investment. By choosing an efficient, fast, and cost-effective path to insights, we can help you beat your competitors in today’s data-driven, competitive digital economy. With Process Tempo as your Managed Service Provider, stakeholders can focus on achieving sustainable and predictable profitable growth. Ready to get started with a Managed Analytics Service? Read more about Process Tempo's Approach to Managed Analytics or schedule an introductory session.