According to Gartner, businesses will be spending about $333 billion by the end of 2022 on cloud infrastructure, and according to McKinsey, cloud spending will increase by 47% in the year 2021. These numbers are staggering and certainly depict a very positive picture here. However, cloud consumers need to assess the pay-off of such significant cloud spending.
McKinsey also reported that companies exceeded their cloud budget by 23% and that 30% of their outlays were wasted. This leads me to wonder if businesses have been able to optimize operations from their cloud investments. Whether the Cloud has just added to their costs or has it been good value for their money? And lastly, why do some companies still grapple with mismanaged costs or added costs during their cloud journey?