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The complexity within IT infrastructures is increasing, as is the pressure on IT budgets to use available funds as smartly and efficiently as possible. Effective cost management in the cloud is, therefore, becoming increasingly important. This is a key finding of a survey commissioned by Boomi from Forrester Research.
After managing that volume of data for the cloud, its easy to add other types of spend. Many tools, many gaps As FinOps efforts continue to scale, tooling has become a major focus, with 34% of FinOps Foundation survey respondents citing investment and tooling as a top practitioner need to achieve their priorities.
Inflation may have dropped from its high in 2022, but the price pressures on IT budgets have continued unabated. Forty-one percent of the CIOs in the survey said they’ve changed their cycle for revisiting IT budgets to at least every month, says Tony Olvet, IDC’s VP of worldwide C-suite and digital business research. Here’s how.
Sustainability is on the rise as a CIO imperative, with most CIOs now central to their organization’s increasing focus on sustainability planning — a trend that’s shaking up what technologies IT leaders are investing in and the vendors and partners they are signing deals with.
While there is little doubt that companies have been cutting back on expenses generally in response to economic uncertainty, startups in particular have been feeling the pain of contracting budgets and reluctant investors. At this point in time, it needs to be asked whether such a rapid increase in the number of vendors is sustainable.
No IT organization wants to get caught short on processing or storage resources that could negatively affect operations, or have to suddenly add resources that exceed the budget. In this way, you can take advantage of the cloud’s agile, on-demand approach with unlimited capacity without breaking the budget.
And with infrastructure and application modernization cited as key reasons for CIOs’ budget increases this year, according to the 2024 State of the CIO Survey, that pace is not fast enough. Recent research found that application modernization took an average of 16 months. That’s the black swan for gen AI,” Gupta says.
Begin with the CIO identifying every component of the cost associated with "keeping the lights on", then the currently approved projects by title, executive sponsor, budget, schedule, and resources dedicated to each project. Next in exactly the same format, show the requested projects for which there are no resources in the current budget.
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