Achieving cost savings is one of the main drivers for cloud adoption. But for most companies, controlling cloud spend is much more challenging than anticipated. In a recent survey, 94% of IT decision makers report they are overspending in the cloud. Our own survey on cloud costs revealed 90% of executives say better cloud cost management and cost reduction is a top priority.

Cloud services are the number one source of unexpected overspending for companies today. As a result, cloud financial management is a major focus for most organizations. But how do you track the success of cloud efficiency? Full allocation of multicloud costs is a critical component for understanding your actual cloud services usage, establishing cloud cost management ownership, and creating accurate budgets and forecasts at the line of business, project, application and even team levels.

Cloud migration efforts continue to grow today as organizations move into a post-pandemic work environment. According to McKinsey & Company, by 2024, most enterprises aspire to have $8 out of every $10 for IT hosting go toward the cloud. In a survey by Morgan Stanley, CIOs say cloud computing will see the highest rate of IT spending growth in 2022.

In today’s payments ecosystem, the ability to monitor and use payment data effectively represents a real and essential competitive advantage. Intelligent operations should be a strategic goal for the entire company, and when executed properly, will enable you to build a future-proof payment operations infrastructure.