Vertice survey unveils a knowledge gap between finance and tech executives, affecting cloud spending management amid rising prices.
Fifty-five percent of executives in the finance and technology sectors acknowledge that there is a knowledge and transparency gap that could impede innovation and jeopardize the potential of cloud investments. However, 25% of finance staff members claim that although they would like to prioritize cutting back on cloud spending, they lack the necessary technical or engineering expertise.
This information is from Vertice, the SaaS and cloud spend optimization platform. In its global survey, “The State of Cloud Cost Optimisation,” Vertice revealed how a misalignment between finance and tech leaders is preventing organizations from managing their cloud spending and realizing a return on investment.
In light of the fact that cloud prices are currently rising at an average annual rate of 35%, Vertice polled 600 senior finance and tech executives in the US and the UK. According to the optimisation platform, reducing cloud spending was the top priority for finance leaders, with 33.5% stating that it was their top priority and 78% placing it among their top three cost-saving priorities.
Merely 9% of technical leaders see cost reduction in the cloud as their primary issue, whereas 40% of them rank acquiring qualified cloud staff as their top priority.
Generally, 55% of finance executives fault tech leaders for being opaque, with 44% claiming they are unable to see cloud expenses. Relationships with cloud hosting providers are emphasized as a significant danger to cost efficiency, contributing to this misalignment. According to 39% of finance leaders, it is challenging to negotiate pricing since technical staff members have direct access to cloud vendors.
It’s concerning to learn that 55% of IT leaders believe non-technical employees lack the skills or knowledge necessary to comprehend cloud infrastructure settings. According to 25% of IT directors, finance personnel wish to cut back on cloud spending, but they lack the technical and engineering capacity to concentrate on cloud optimization.
Enabling companies to reduce their cloud spending
In an effort to assist businesses in addressing the issue of rapidly increasing cloud costs, Vertice has introduced its new Cloud Cost Optimization tool. With the help of this product, organizations should be able to reduce their cloud spending by up to 25%. Trying to cut back on cloud spending presented serious challenges for tech and finance management, which is why Vertice built the platform.
“Reducing cloud spending is a growing challenge for businesses of all sizes, so it’s concerning to see the disconnect between finance and tech leaders,” stated Eldar Tuvey, CEO and co-founder of Vertice.
“CFOs and CIOs must have a single approach for cloud cost optimization because businesses are struggling with erratic cloud bills and expenses that can increase by as much as 500% in a single year for some organizations. To support their cost-cutting efforts, CFOs are requesting automated technologies, shared insight, and accurate forecasts. Naturally, this is crucial for any business that is having trouble expanding their cloud computing infrastructure in an efficient manner.
“On its own, AWS offers over 200 products, making it difficult and time-consuming to manage and cut back on cloud spending. Greater time and financial savings are achieved by automating cloud cost optimization, which also frees up resources for expansion and innovation.
