It's no secret that the Cloud was amongst some of the rare few winners to have come out of the Coronavirus pandemic. And as forward-thinking organisations began to plan for the future, their focus went digital and accelerated digital transformation plans by an estimate of seven years.
But, in an area so broad and diverse, costs can quickly add up, and it can become a money pit. So, how do you optimise your environment and ensure diligent Cloud cost management is in place? Could Cloud cost optimisation hold the key?
The sudden lockdowns from 2020 forced millions globally to work from home, leaving offices and workplaces empty. As such, market leaders for the Cloud offered cost-effective digital solutions to entice more organisations to make the switch.
Now, in a world that's learning to live with COVID, the global Cloud computing market is expected to continue on its current path, reaching $947.3 billion (USD) by 2026 - a rise of over $500bn from 2021. As the market continues to grow, companies are spending more on Cloud costs to have a cutting edge over competitors.
Flexera's 2022 State of the Cloud report highlighted that 63% of organisations listed Cloud usage as "heavy", whilst enterprise-level organisations spend between $2.4-6m annually in the area.
But are they doing so with purpose? The report continued by highlighting how wasted Cloud spending is becoming a substantial issue as a growing number of organisations estimate their investments aren't efficient. Over the last year, 32% of Cloud spending has gone to waste.
So how can they optimise their spending? The answer could lie in the form of Cloud cost optimisation.
Despite the uptick in Cloud optimisation and usage, surveys have shown that most businesses using the Cloud spend more than they need to. Migrations can be complex and long-winded, meaning you face ample opportunities for things to go awry.
But, if things do go wrong, costs can ramp up.
And, if migration occurs without thorough planning or a proficient technical understanding, further hidden costs can creep in. These can take the form of operational and recurring expenditures - such as the pay-as-you-go cloud model offered by vendors.
As such, there's a need for cost optimisation.
Cloud cost optimisation is the process of cutting back on your overall Cloud spending through some typical strategies. These can be:
Regardless of if you're an organisation that's spent years creating the perfect Cloud environment - or it's a pipe dream that continues to feature in plans without gaining traction, keeping costs at a minimum is now front of mind for organisations.
Ultimately, failing to keep costs down hurts one party more than any other - your own business. But, how does overspending happen? Typically, it occurs due to one of these reasons:
In short, we're all guilty of being wasteful in many aspects of life. But, when it comes to a topic as complex as the Cloud, you could be unnecessarily wasteful without even realising it. As such, it could be time to consider getting support
As with most things tech-based, you'll only notice optimal benefits when you have external support. Not only can Cloud optimisation be afforded to those seeking support, but costs are better managed too.
Third-party organisations can offer access to innovative Cloud cost management tools or assist in overcoming the challenges associated with Cloud services. Working with a managed services provider can ensure complete visibility - and control - of an organisation's Cloud environment.
Now, there's no need to go into the Cloud alone.
Whether you're new to the Cloud, or something of a veteran, you can always take steps to optimise your spending.
With support, you can keep tabs on your costs and ensure they're at the correct levels, streamline processes and elevate your infrastructure to the next level. Why would you try any other approach?
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