IT executives are expected to help transform the business, handle changing data privacy and security regulations, protect the organization, and innovate while balancing governance.
As I discussed in an article for CIO, while the cloud helps enable CIOs to manage their long list of expectations, they often run into challenges with unexpected costs. According to Harvey Nash/KPMG CIO survey results, the top priority of CIOs is to develop innovative new products, but reducing costs also has a spot within the top five priorities.
On average, companies are spending 36% more on cloud than they actually need to. Cloud financial management (CFM) is key to helping organizations reduce costs and reap the benefits of cloud. In our view at KPMG, there are four core dimensions to CFM as a discipline:
Each dimension has disciplines that can be applied to on-premise, hybrid, and cloud service models to capture and monitor costs, harvest savings opportunities and model financial options for a comprehensive approach to CFM through both pre- and post-migration periods. When done right, CFM can help your organization:
Before jumping into the cloud, however, companies need to evaluate cloud platforms and offerings and understand the pricing. Meticulous planning and a detailed roadmap can make your organization’s migration more effective, cost-efficient and agile.
For additional key findings and insights from the Harvey Nash/KPMG CIO Survey 2018, click here.