Seventy-eight percent of executives cited in our recent 2023 Cloud Business Survey said they had adopted cloud computing to some degree within their organizations. Surprisingly, only 10% of those surveyed have been able to reinvent their businesses through the cloud—generating new revenue streams, transforming the customer experience, and achieving operational excellence—these are just a few examples of their “cloud-powered” results.
The cloud-powered companies that have taken steps toward reinvention via cloud are reaping the benefits—reporting fewer barriers to realizing value and doing so at a rate twice that of other companies. Is that possible in the current business environment? You bet. These companies expect to see continued revenue growth of 15% or greater. What’s the secret to their cloud-powered success? To start, a focus on trust and controls. By focusing on risk and collaborating across the C-suite, leaders not only manage threats—they can also create value and build trust. Here’s how.
Getting real about cloud and trust
Cybersecurity remains a significant threat across the C-suite, and cyberattacks aren’t expected to slow anytime soon. But cloud-powered companies are thinking ahead and considering potential risks cloud poses throughout all stages of transformation projects. When looking at leading practices, cloud-powered companies demonstrated more advanced maturity levels when compared to other companies across all eight evaluated dimensions of cloud governance, risk, and controls. They’re also ahead of the game with formal and distinct cloud controls and a robust evaluation of shared responsibility with cloud service providers (CSPs).
Cloud-powered companies are more mature across cloud governance, risk, and controls
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Securing trust in your cloud transformation projects opens up a world of opportunities.
Why every cloud strategy needs to embed trust.
Closing the gap: Next steps toward cloud value realization
Trust is just one of the focus areas cloud-powered companies are using to reinvent and extract value through cloud transformation today—discover where we expect them to focus next in the full survey here.
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PwC’s latest survey shows how building trust with consumers and employees can improve your bottom line. Understanding your stakeholders is key, says PwC’s Vice Chair – US Trust Solutions Co-Leader Wes Bricker.
These cloud-powered companies’ range of focus goes beyond cybersecurity and includes other issues like data privacy and compliance. Though sometimes overlooked, communication and education are also essential, and technology leaders should keep the C-suite and board abreast on how relevant risks related to the technology, data, transactions, and adoption are identified and addressed.
Benefits to securing your cloud strategy now
An effective cloud strategy will combine a company’s business and technological objectives, rather than having each work in silos to reach a desired organizational outcome. What’s to gain with this type of alignment? The potential to transform the organization with cost optimization, better IT governance, faster turnaround time, operational efficiency, improved accessibility, and service innovation. So, what can companies do differently now to build trust and become cloud-powered?
To start, cloud-powered companies tend to keep their eye out for the risks that come with using cloud technology by having dedicated resources that make sure using cloud services are safe and compliant with regulations. Additionally, they are able to focus on cybersecurity, data privacy, and compliance. When designing cloud projects, it’s important to think about how to build trust in them, especially when considering emerging areas of innovation, such as metaverse and Web3. But like any transformation strategy, it takes a few other elements to drive value.
Here are the other three big things companies do differently today that are putting them ahead of the cloud-value curve:
Taking a holistic and unwavering approach to cloud. Cloud-powered companies are twice as likely to apply the method that makes the strongest business case for their goals. Cloud-powered companies typically avoid a linear approach—systematically moving from workload migration to asset modernization to cloud-native development—and instead decide to do it all at once. Compared to other companies, they are nearly four times as likely to stick with their current strategic focuses.
C-suite collaboration from the get-go. Chief information officers and tech teams at cloud-powered companies know that transformation is a group effort and report collaborating across five or more functional teams at the start of their cloud transformation projects.
In particular, cloud-powered companies realize how critical it is to collaborate with chief information security officers (CISOs) at the decision-making table. By bringing CISOs and cyber teams out of the threat management silo, the C-suite will have stronger teaming to help manage the potential risks that can fundamentally change the way organizations operate, deliver value, and generate growth.
Implementing a formal data, analytics, and artificial intelligence strategy. Executives at cloud-powered companies understand that data is at the heart of transformation efforts, so it’s no surprise that 100% of cloud-powered companies have improved decision-making through cloud transformation.
In this digital era and time of uncertainty, data is king—and according to our survey, 100% of executives at cloud-powered companies cited improved decision-making through cloud transformation. A key to their success is addressing the issue of siloed and snowballing data that is both untapped and ungoverned. Cloud-powered companies are much more likely to have an enterprise-wide data strategy compared to others (88% vs. 59%).
