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Rapid cloud migration, combined with the growing complexity of navigating cloud usage and costs, has companies struggling to control cloud spend and reduce waste. These efforts are made even more urgent by a volatile economy, with companies feeling the need to cut costs and shore up revenue.
According to a new report published by Anodot, the business monitoring company, nearly half of businesses (49%) find it difficult to get cloud costs under control and 54% believe their primary source of cloud waste is a lack of visibility into cloud usage. The report also reveals that 44% of executives believe their company wastes at least one-third of cloud spend each year.
This cloud cost visibility crisis has real implications for companies’ bottom lines: as they struggle to gain a clear picture of their cloud costs and the efficiency of cloud usage, they cannot effectively manage their cloud spend and reduce waste.
Reining in cloud spend
With cloud spending one of the most expensive resources for a growing number of organizations, IT, finance and C-suite leaders are prioritizing strategies and tools to optimize cloud spend, cut waste and centralize cloud cost management. Nearly 90% of respondents say optimizing their cloud spending and reducing costs is very or extremely important.
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Businesses report a number of challenges in reducing their cloud costs in addition to the lack of visibility: 50% of respondents said complex cloud pricing is a challenge; 49% said the same of managing complex, multicloud environments.
Additionally, 73% of respondents said their organization is using container tools to architect more cloud infrastructure and 59% are using three or more tools to manage and optimize their cloud environment – both of which contribute to the lack of clarity regarding the true costs of a company’s cloud services.
The Anodot 2022 State of Cloud Cost survey was conducted over a two-week span in June and July 2022. Anodot surveyed 131 high-level information technology executives who have a direct line of sight into how much their organization spends on cloud computing annually.
Read the full report from Anodot.
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