Despite years of focused effort, many enterprises are still struggling to realize the full value of their cloud investments, a new report from Accenture (NYSE:ACN) reveals.
In its latest report, “Sky High Hopes: Navigating the Barriers to Maximizing Cloud Value,” Accenture surveyed 750 senior business and IT professionals at large enterprises across 11 industries and 17 countries. It found that just 37% of companies say they are achieving the full value expected on their cloud investments — a mere 2% increase since Accenture’s original research report in 2018.
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While value realization has never been more important, only 45% of business and IT leaders say they are “very satisfied” with their cloud outcomes, just a 1% gain over 2018. Moreover, just 29% are completely confident that their organization’s cloud migration initiatives will deliver the expected value at the expected time.
Accenture’s report highlights that, when businesses have gone more heavily into the cloud, outcomes are significantly better. Forty-six percent of high adopters report fully achieving their expected cloud benefits, compared to 36% of moderate adopters and 28% of low adopters.
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Businesses recognize that they need cloud technologies for speed and agility to mitigate the major challenges they are facing and to drive transformational change to create new opportunities and value. According to the report, 80% of business executives now look to cloud as a means of mitigating business uncertainty and lowering risk. In addition, 87% view cloud as a critical component of their strategy for achieving their corporate sustainability goals.
“Cloud-based transformation offers companies the most powerful way to reinvent their businesses, unleash the expertise and creativity of their people, enhance their sustainability efforts and create new stakeholder value,” said Karthik Narain, global lead, Accenture Cloud First. “But the reality is that not every company is unlocking the full potential value of the cloud.
In fact, our newest report shows a surprisingly small two-year improvement in returns on corporate cloud initiatives, suggesting that a more thoughtful and holistic approach is needed. Competing in the age of COVID-19 and beyond requires that companies implement a cloud-first strategy, in which every element of their business leverages the power of the cloud, right now.
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