Business Wire

Independent Study by Boomi Links Wasted Cloud Spend to Blind Cost Management Strategies

Share

Boomi™, the intelligent integration and automation leader, today launched the findings of a commissioned study conducted by Forrester Consulting on behalf of Boomi, December 2023, that reveals companies are fraught with uncontrolled and wasteful cloud spend, and cost remediation tactics are introduced too late or without a full picture of the environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240402770975/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Independent Study by Boomi Links Wasted Cloud Spend to Blind Cost Management Strategies (Graphic: Business Wire)

The independent study found 72% of global companies exceeded their set cloud budgets in the last fiscal year. With public cloud spend expected to reach more than $1 billion in the US by 2026, the stakes are high for improving cloud cost management and optimization (CCMO) strategies.

Although the study shows leaders prioritizing CCMO tactics earlier in the cloud development process (65%), most companies lack proactive strategies at the earlier architecture level.

Just six percent of decision makers report their cloud cost remediation strategies are as proactive as possible, and only four in 10 say they contain costs at the solution architecture stage. While organizations are aware that they could optimize cloud costs at the solution architecture level, less than half of companies have the strategy in place to resolve perennial problems, such as excessive storage (52%), lack of integration strategy (44%) and overconsumption of bandwidth (42%).

“We believe the findings are a clear example of integration being left out of the cloud cost equation,” said Ed Macosky, Chief Product & Technology Officer at Boomi. “When systems are disconnected and data is siloed, companies are only seeing part of their organizations’ cloud cost picture, and this lack of visibility impacts tracking and decision making.”

When asked how difficult it is to track areas of cloud spend with the CCMO tooling currently in place, leaders stated data management as the most difficult undertaking, followed by egress charges (e.g., fees for moving data in and out of the cloud), with time and resources needed to build and maintain app integrations as the third most difficult area to track.

“More than half (56%) believe their CCMO recommendations are only as good as the data their company can provide. Yet 40% are struggling to fix the root problem of their wasteful cloud spend. The problem is integration is being viewed as a separate entity, when it actually has significant potential to act as a control layer in the reckoning of cloud costs,” said Macosky.

Further key findings from the study include:

  • More cloud complexity to come: Cloud workloads and costs will increase even more rapidly over the next two years, with decision makers expecting applications in IT ops (54%), hybrid work (50%), software creation platforms and tools (45%), and digital experiences (44%) to rise at the fastest rates.
  • FinOps practices are also being hit: Similar to CCMO tooling, emerging FinOps practices are not spared the challenges associated with reactive cloud cost remediation strategies. Almost half of respondents (46%) stated visibility into costs associated with FinOps roles remains elusive. Meanwhile, a lack of cloud architecture that supports cost containment at the integration level prevents leaders (35%) from advancing their FinOps cost control initiatives.
  • Cost mitigation to improve with early integration: Respondents agree (67%) an integration platform that connects apps, data, and people is a game changer for improving cloud efficiencies and reducing overall cloud spend from the solution architecture stage. Among those using integration platform as a service (iPaaS) solutions, 59% report experiencing more effective cloud cost management, 56% report increased data visibility and reporting capabilities across stakeholders, and 50% report improving cloud spend governance.

In December 2023, Forrester Consulting conducted the online survey with 420 cloud and real-time data decision-makers at companies across the globe. The respondent base spanned multiple industries, business sizes, and geographies, including North America, Europe, and Asia-Pacific.

To learn more about the findings, download the full ‘Cloud Costs Are Out Of Control: Integration and Modernization Can Help Rein Them In’ report, here.

Additional Resources

About Boomi

Boomi powers the future of business with intelligent integration and automation. As a category-leading, global software as a service (SaaS) company, Boomi celebrates more than 20,000 global customers and a worldwide network of 800 partners. Organizations turn to Boomi’s award-winning platform to connect their applications, data, and people to accelerate digital transformation. For more information, visit boomi.com.

© 2024 Boomi, LP. Boomi, the ‘B’ logo, and Boomiverse are trademarks of Boomi, LP or its subsidiaries or affiliates. All rights reserved. Other names or marks may be the trademarks of their respective owners.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media:
Kristen Walker
Global Corporate Communications
kristenwalker@boomi.com
+1-415-613-8320

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Binarly Launches Next-Generation Transparency Platform to Elevate Software Supply Chain Security23.4.2024 19:00:00 EEST | Press release

Binarly, provider of an industry leading AI-powered firmware and software supply chain security platform, announces the release of the Binarly Transparency Platform v2.0 with features for continuous post-build compliance, visibility into the security posture of IoT and XIoT devices, and the ability to identify malicious behavior and hidden backdoors within binaries based on their behavior. Learn more here. Based on the company’s proprietary Binary Risk Intelligence technology, the new innovations underscore Binarly's commitment to pioneering solutions that enhance transparency and security across firmware and software ecosystems. Founded in 2021 with a vision to increase transparency in the software supply chain through advanced program analysis, Binarly’s flagship platform has automated the discovery of hundreds of new vulnerabilities, preemptively addressing our customers' security risks before they could escalate. Binarly’s patented approach, powered by modern AI, has proactively ne

Making History: ASPIRE to Launch Inaugural ‘Abu Dhabi Autonomous Racing League’ Redefining Future of Extreme Sport on April 2723.4.2024 18:54:00 EEST | Press release

On Saturday, April 27th, Abu Dhabi will host a groundbreaking event, welcoming 10,000 spectators to witness the inaugural ASPIRE Abu Dhabi Autonomous Racing League (A2RL) at the iconic Yas Marina Circuit. This brand-new autonomous racing competition marks a significant milestone in motorsport history, billed as the largest league of its kind globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423980323/en/ Making History: ASPIRE to Launch Inaugural ‘Abu Dhabi Autonomous Racing League’ Redefining Future of Extreme Sport on April 27 (Photo: AETOSWire) Eight teams will compete: Code19 Racing (one of the first independent autonomous racing entity from the USA), Constructor University (based in Germany and Switzerland), Fly Eagle (representing Beijing Institute of Technology from China and Khalifa University from the UAE), HUMDA Lab (a member of the Széchenyi István University Group from Hungary), KINETIZ (a collaboration

DataXstream Expands into Nordic Region with Successful Go Live for Martin & Servera23.4.2024 16:07:00 EEST | Press release

DataXstream LLC, an SAP solution provider focused on order management and point of sale for sales and distribution, today announced it is expanding into the Nordic region after a successful implementation of its OMS+ platform across two key business units for the Martin & Servera group, Sweden’s leading restaurant and catering distributor that specializes in the needs of the restaurant industry. Learn more about DataXstream OMS+ here. Martin & Servera is a group of companies based in Stockholm who was faced with the challenge of managing multiple ERP systems that were facing end of life, so they decided to consolidate onto a single instance of SAP S/4 HANA for all their business units. As part of this migration, Martin & Servera turned to DataXstream’s OMS+ cross-channel order management platform to help them enable faster order entry and streamline their sales and order processes between all companies within their organization. Working with DataXstream’s LATAM delivery team, Kötthalle

Autel Energy’s Global ESG Launch Is A Success: Around 5,000 Trees Planted In EVergreen's Inaugural Tree Planting Initiative23.4.2024 16:00:00 EEST | Press release

Autel Energy, a leading provider of electric vehicle (EV) charging solutions and services, proudly announces the successful conclusion of its first EVergreen Global Tree Planting Initiative, which saw hundreds of participants around the globe plant an estimated 5,000 trees in the initial phase. This activity offsets an estimated 2,190,000 kilograms of carbon emissions (CO2), and emphasizes Autel Energy's and partners' commitment to their ESG goals towards a sustainable tomorrow. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423142946/en/ Autel Energy’s Global ESG Launch A Success (Graphic: Business Wire) Partner Experience and NGO Feedback Reflecting on the Initiative, one partner remarked, “We show the world we are not only talking about a better world and clean energy, but we are really taking steps by putting shovels in the ground.” The non-governmental organizations (NGO) involved expressed sincere gratitude for the

EIG’s MidOcean Energy Completes Acquisition of 20 Percent Stake in Peru LNG23.4.2024 15:00:00 EEST | Press release

MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its previously announced agreement to acquire SK earthon’s (“SK”) 20 percent interest in Peru LNG (“PLNG”), owner and operator of the first LNG export facility in South America. PLNG’s assets comprise a natural gas liquefaction plant with 4.45 mmtpa processing capacity, a fully-owned 408km-long pipeline with 1,290 mmcf/d capacity, two 130,000 m3 storage tanks, a fully-owned 1.4 km-long marine terminal and a truck loading facility with capacity of up to 19.2 mmcf/d. PLNG, operated by Hunt Oil Company, is one of only two LNG production facilities in Latin America, located in Pampa Melchorita, 170km south of Lima. De la Rey Venter, MidOcean Energy’s CEO, said, “The completion of this investment is an important milestone in our efforts to create a global, diversifie

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye