Post-2020 businesses have seen an accelerated shift to the Cloud, to enable themselves digitally. According to Gartner – IaaS, DaaS, and PaaS will experience the highest spending growth this year. In contrast, the worldwide public Cloud end-user spending is estimated to reach nearly $500 billion, owing to the exponential increase in Cloud spending (Source: Gartner).
Cloud cost monitoring and optimization remain an afterthought, with the adoption of the Cloud taking precedence, leaving most enterprises to reap almost no benefit post-migration. Running your infrastructure on the Cloud requires a newer operating model with a rigorous discipline. Gartner observes that only 11% of enterprises are able to maintain a cloud cost reduction trend for over three years. This has technology leaders stuck in the dilemma of migrating to Cloud infrastructure, due to its cost.
Migration to the Cloud has direct cost benefits and contributes to the organization’s growth strategy.
FinOps processes take center stage and bring about the discipline required to maintain cost control. Some of the key benefits of implementing cloud cost management and optimization solutions early on are: