The total transaction value of digital payments is projected to exceed $1.7 billion by the end of 2022. Each one of these transactions generates masses of data that contains critical insights for merchants, payment service providers, acquirers, fintechs, and other stakeholders in the payments ecosystem. Having real-time access to these insights has the power to drive growth through customer and market understanding.
The efficiency, flexibility and strategic value of cloud computing are driving organizations to deploy cloud-based solutions at rapid pace. Fortune Business Insights predicts the global cloud computing market will experience annual growth of nearly 18% through 2028. As the cloud becomes one of the most expensive resources for modern organizations, cloud financial management, or FinOps, has become a critical initiative.
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Smooth payment operations are critical for every merchant’s success. At its most basic level, a seamless and reliable payment process is the key to assuring transaction completion, which is at the very core of a merchant’s financial strength. However, when payment data systems fail to deliver insights about issues regarding approvals, checkouts, fees or fraud, the result is revenue loss and sometimes customer churn.
Public cloud can deliver significant business value across infrastructure cost savings, team productivity, service elasticity, and DevOps agility. Yet, up to 70% of organizations are regularly overshooting their cloud budgets, minimizing the gap between cloud costs and the revenue cloud investments can drive.
Cloud cost anomalies are unpredicted variations (typically increases) in cloud spending that are larger than expected based on historical patterns. Misconfiguration, unused resources, malicious activity or overambitious projects are some of the reasons for unexpected anomalies in cloud costs. Even the smallest of incidents can add up over time leading to cost overruns and bill shock.
