Heard on the Street

How economic uncertainty and inflation is forcing companies to revisit their budgets and one part that is under scrutiny is the cost of corporate data and how a multi-cloud approach can help companies do this.

Commentary by Sean Charnock, CEO of Faction

With the consumer price index jumping 8.5%, economic uncertainty is forcing businesses to revisit their budgets. One key item under scrutiny is the actual cost of corporate data; the spend associated with storing, accessing, sharing and governing data. Enterprises today spend billions of dollars on data, often without a long-term vision supporting efforts around data efficiency, economic efficiency and a focus on data as a strategic asset. Without this vision, companies are battling data sprawl, expensive on-demand fees related to cloud computing, data transfer, and an extreme burden of technical debt. So how can companies regain control of their data, and reign in their data management spend in the process? By adopting a true multi-cloud approach. This means maintaining a single copy of data in a central location accessible to all clouds at once, reducing both cost and complexity. Any market downturn forces companies to examine solutions that reduce costs, but adopting a true multi-cloud approach to data services also opens new opportunities for innovation.

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