Are you spending more than you planned on cloud solutions? Breaking the budget is a common problem: 94 percent of technology decision-makers and practitioners report that their organizations have avoidable cloud expenditures, according to a Forrester Consulting report.
Similarly, Flexera’s 2023 State of the Cloud Report states that managing spend has overtaken security as the top cloud-related challenge, with 82 percent of organizations surveyed citing it as an issue. Companies across all cloud usage levels – from light to heavy – report grappling with costs.
Imagine what else you could accomplish with those funds if you could eliminate extraneous cloud spending. If you want to stop wasting resources and clean up your cloud budget, here’s what you should know about common problem areas and recommended cloud spend optimization strategies.
Where’s the waste? Common ways businesses spend too much on cloud solutions
As of 2023, organizations report going over their public cloud budgets by 18 percent on average, according to Flexera. There are various reasons why your business might exceed its cloud budget; an individual audit is the best way to identify the issues in your specific situation.
However, surveys have revealed some routine missteps that lead to wasted funds. Here are some common problem areas, according to Forrester, Flexera, and Gartner.
- Lack of governance and oversight
- Overprovisioned production environments
- Poorly designed cloud solutions
- Shadow IT (i.e., cloud programs deployed behind your IT department’s back)
- Not knowing about and taking advantage of provider discounts
- Lack of internal staffers with the knowledge and skills needed to optimize cloud spending
Strategies to explore to optimize your cloud expenditures
Fortunately, there are numerous tactics you can employ to contain your cloud costs and keep them in check. Here are just a few possibilities, according to Gartner, Forrester, Flexera, and our cloud experts:
- Auditing and analyzing your cloud bills
- Deploying a cloud cost management tool
- Researching and seizing on available provider discounts
- Finding and getting rid of inactive storage
- Utilizing the lowest cost regions possible
- Rightsizing all instances
- Monitoring cloud utilization
- Identifying the most affordable cloud solutions for your business
- Working with a third-party provider for cloud spend management skills
If you’re interested in expert guidance on cloud spend optimization, our technology advisors are available to assist you. We have extensive cloud consulting experience and can help you audit your cloud bills and usage as well as identify effective cost containment strategies.
Get started today by calling 877-599-3999 or emailing sales@stratospherenetworks.com.
