Lack of cloud management continues to increase IT resource waste Information Technology Management

In today’s difficult economic climate, organizations are becoming increasingly aware of the financial implications of their business operations. Although the cloud has brought benefits such as flexibility, scalability, agility and profitability to enterprises in recent years, it still generates unexpected costs. According to a study by Aptum, 71% of IT professionals say cloud-related costs account for 30% or more of their total IT spending.

52% of IT professionals admitted that their organizations have wasted significant IT spend due to inefficient cloud platforms and services. In fact, 73% of respondents reported that their cloud investment led to unexpectedly higher IT costs over the past 12 months, representing a 28% increase compared to 2021 numbers. Additionally, 92% of IT professionals said they They probably will. Complete return on investment (ROI) analysis of cloud spending, up from 89% in 2022.

But what is the reason for this increase in costs? The survey identified several factors, including poor planning, lack of internal expertise, accelerating cloud adoption, and lack of familiarity with complex cloud solutions. These challenges are dramatically magnified when organizations implement a hybrid, multi-cloud strategy that includes public and on-premises cloud services for different workloads. Currently, 62% of respondents agree that a lack of internal expertise has prevented them from accelerating cloud deployments.

Control costs thanks to FinOps

The results show that organizations are struggling to fully realize the value of their cloud spending as they expand their adoption of cloud services. The lack of a comprehensive strategy is a challenge for many IT leaders, preventing them from fully leveraging the cloud’s transformative capabilities. However, cost savings depend on a clear investment strategy focused on visibility and control, especially for those who are accelerating cloud investment and moving to more complex, multi-cloud and hybrid environments. FinOps principles are fundamental to ensuring organizations operate efficiently in the cloud by providing:

–Cost visibility and accountability: FinOps helps get a clear view of cloud spending, allowing teams to be more aware of their spending.

– Optimum utilization of resources: FinOps practices help identify untapped or underutilized resources, leading to termination or downsizing.

– Improved decision making and forecasting: With clear information, informed decisions can be made based on usage analysis, reducing the likelihood of unexpected cost overruns.

-Culture change: FinOps culture encourages cost to be an organizational mindset and a standard part of operational discussions.

–Continuous improvement: The iterative nature of FinOps ensures continuous improvement of cloud financial management practices, resulting in continuous savings.

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OpenText, The Information Company™, enables organizations to gain insights with market-leading information management solutions, powered by OpenText Cloud Editions. OpenText operationalizes and protects information to increase every organization’s competitive advantage. Following the recent acquisition of Micro Focus, OpenText offers customers an expanded set of solutions in content, enterprise networking, digital experience, security, analytics, artificial intelligence, application modernization, operations management, and developer APIs. Solution Open text Its team of 25,000 information management experts around the world helps customers simplify their systems, connect their data, build seamless automation, and thrive in a multi-cloud world. In July 2023, OpenText launched “opentext.ai”, a new strategic approach to enabling customers to solve complex problems by applying artificial intelligence (AI) and large language models (LLM) with information management software Open text.