Anodot’s new survey reveals that 44% of executives surveyed said their company spends at least one-third of its spending on the cloud each year.
ASHBURN, Va., August 17, 2022 /PRNewswire/ — According to a new report released today by the anodes, the business monitoring company, nearly half of businesses (49%) find it difficult to get cloud costs under control and 54% believe their top source of cloud waste is a lack of visibility into cloud usage . The findings highlight an ongoing visibility crisis in which organizations are struggling to gain proper insight into cloud cost allocation and cloud usage efficiency and are therefore unable to effectively reduce wasted spend – even as cloud migration continues to grow and cost reduction is a priority. The report is based on a survey of 131 US-based IT directors and executives.
Anodot’s 2021 State of the Cloud Cost Report revealed that the pandemic very accelerated Many companies are moving to the cloud and the latest survey confirms that the transition is continuing as businesses continue to value the agility and scalability that the cloud offers: 91% of respondents reported that they currently have cloud IT infrastructure; 60% said migrating more workloads to the cloud is their top cloud initiative in the next year. As businesses continue to face high monthly cloud bills – at cloud cost ranking second to payroll when it comes to business spending for many – cost visualization, spending optimization and reducing wasted dollars are top priorities, especially in the wake of a slowing economy.
A significant portion of these bloated cloud bills could have been avoided: 44% of respondents said at least one-third (33%) of their cloud spending is wasted each year. Visibility is the main culprit: most executives surveyed (53%) said gaining visibility into cloud usage and costs is their top challenge for controlling spend and reducing waste; one-fifth (19%) said they lack the ability to manage their cloud budget due to insufficient visibility into cloud usage. Cloud costs are also becoming increasingly complex to track and understand, also leading to mis-spending: 46% of executives reported that over-provisioning is the main source of cloud waste, while 45% blamed fragmentation of cloud assets across teams and vendors.
“Moving to the cloud requires a delicate balance between speed of workload migration and cost control,” said David Dray, Anodot CEO and co-founder. “Today, cloud cost management—which is even more important as businesses strive to reduce wasted resources and collect revenue—must be based on four key elements: visibility, insights, recommendations, and automated actions. Enterprises who are using AI and ML to control and optimize their cloud environments are seeing immediate results and reduced waste, unlocking the true value that the cloud has always promised.”
Additional findings:
- Surprise, surprise: Over a third of participants (37%) have been surprised by their cloud costs or had an incident related to cloud costs.
- Increasing complexity: When asked to choose the main challenges in controlling cloud costs, 53% said the main challenge is gaining true visibility into cloud usage and costs; 50% said complex cloud pricing; 49% said complex environments with lots of clouds.*
- Highlights: 28% of respondents said it takes weeks or months to notice an increase in cloud costs – no improvement in the average time to detect incidents from 2021.
You can view Anodot’s full report here.
*Respondents could select multiple options.
About Anodes
anodes‘s extensible analytics platform is the next generation in business intelligence. Anodot proactively identifies revenue-critical business incidents, recommends actions and automates the remediation process in real-time. Anodot’s patented technology goes beyond data visualization by continuously analyzing and correlating business metrics, alerts and forecasts in their context.
Anodes to cloud cost management AND Anodes to payment intelligence are used by Fortune 500 companies to help reduce cloud waste and protect revenue streams.
Press Contact
Allison Gray
[email protected]
USA: +1 323 283 8176
IL:+972 53 820 2606
SOURCE Anodes
