The economic climate has enforced a new rigor with which companies are evaluating, pricing and procuring cloud investments. Analysts from Enterprise Strategy Group (ESG), conducted a 2023 predictions study for IT spend trends for the coming year, and cloud cost optimization tools were highlighted as an investment that could soon become mandatory for any organization using cloud services. 

It is crucial for organizations investing in cloud services, to first take time to better understand how and why they should implement cloud cost management and optimization (CCMO). IT leaders are being asked to ‘do more with less’, invest in solutions that will support future scale and innovation, while enacting budget saving measures where necessary. Those organizations who will see the greatest returns in the coming months and years, are those who can operationalize CCMO into their processes.