Two-thirds of global executives report cloud has returned positive Return on Investment (ROI) over the last two years, new research from MIT Technology Review finds.
The report by MIT Technology Review Insights, in partnership with Infosys Cobalt, examines how cloud capabilities play a vital role in accelerating the global economy’s next stage of digital transformation, including in sustainability, AI, and cybersecurity.
The 2023 Global Cloud Ecosystem report examines secondary research and analysis from global experts on the cloud economy along with primary research from a global survey of 400 C-suite executives conducted by MIT Technology Review Insights.
“As cloud investment gears up to command a significant amount of global IT infrastructure spending in 2023, the dynamic interplay between flexibility, efficiency, and productivity becomes clear,” said Laurel Ruma, global editorial director, MIT Technology Review Insights. “The cloud’s potential is unmistakable, and this report serves as a beacon for decision-makers seeking to harness its power for innovation and growth.”
Survey results found that more than eight out of 10 respondents report more cost-efficiency due to cloud deployments, and 82 per cent say they are currently tracking cloud ROI. Sixty-six per cent report positive ROI from cloud investments.
The survey also revealed that cloud is good for business culture. In fact, 84 per cent of respondents said cloud investments have reduced their operating costs. And 79 per cent reported that investments in cloud have boosted innovation at their company.
The MIT report stated that cloud-centric organizations expect strong data governance—but they don’t always get it. Strong data privacy protection and governance is very important to accelerate cloud adoption, the report says. Most respondents declined to say their countries are leaders in the space, but over two-thirds say they maintain progress.
When it comes to sustainability in the cloud, research states the cloud’s primary function, scaling up computing resources, is a key enabler for compliance issues such as security, privacy, and environment, social, and governance (ESG).
The survey found that 54 per cent of respondents say they use cloud tools for ESG reporting and compliance. In addition, 50 per cent use cloud to enhance diversity, equity, and inclusion compliance.
Lastly, the survey found that respondents are all for the zero-trust concept. Cloud is required to grow AI and automation, which help secure digital assets with data cataloging, access, and visibility, the report says. Because of the risk associated with AI, the broad surface of the data it draws on, and the way AI generates change, the zero-trust user model has gained wide acceptance across industries. Eight six per cent of the survey respondents use zero-trust architecture.
“Cloud has demonstrated a clear ability to impact the bottom line, and organizations globally are committed to next-gen technology development strategies that are powered by cloud,” says Anant Adya, executive vice president and service offering head, Infosys. “The findings from the 2023 Global Cloud Ecosystem report, which we have created with MIT Technology Review Insights, give us a global view of how technology decision-makers are leveraging cloud resources to grow and transform their operations.”