Report: The CFO’s guide to managing cloud costs for 2024
Emily Glover | SEP 28, 2023
2 min read
In times of continued economic uncertainty, cost cutting strategies remain a key focus for almost every finance leader worldwide. But while many have had to resort to the most extreme measures to save money – 400,000 employees at tech companies have been laid off since the start of 2022 – they are now turning their focus to other areas.
One such area being the cloud.
With cloud costs rising by an average of 35% year-on-year and over half (53%) of all organizations spending at least 20% more than forecasted each month, it’s evident the current level of spending is not only excessive, but also unsustainable.
So much so that it has become the number one cost-cutting priority for finance leaders, ahead of reducing employee headcount, office space and even SaaS fees, according to the results of our 2024 Cloud Spend Report.
To fully understand the trends, challenges and opportunities that businesses are facing when it comes to cutting cloud costs, Vertice surveyed 600 finance and technology leaders to discover:
- The impact of rising costs on organizations of all sizes – from growing startups to large enterprises
- How cloud spending has changed over the past year
- What is holding finance leaders back from controlling cloud spend
- Why friction between finance and technology teams is causing FinOps strategies to fail
You can view the full results of the survey here, along with invaluable insights into how your business can get your cloud costs under control.
