[TechRepublic] Why are companies moving to the cloud? 81% simply fear ‘missing out’

A new report from Commvault shows that IT executives are concerned about missing out on cloud advancements in their business. If you’ve ever wondered why so many companies are making moves toward the cloud, the answer may surprise you: It’s fear of missing out. According to recent report from Commvault and CITO Research, 81% of business leaders are embracing the cloud because they’re concerned about missing out on cloud advancements.Image result for moving to the cloud

So, just how many executives are making that move? According to the report, 93% of respondents said that at least some of their processes were being moved to the cloud. Additionally, 56% said that they had already moved, or intended to move, all of their processes to the cloud.

“The survey unequivocally confirms that Cloud FOMO is real and on the mind of C-level and other IT leaders who are grappling with bringing the value of this new frontier to their organizations, from increasing IT outcomes to being a strategic driver for increased business agility,” Dan Woods, CTO of CITO Research, said in the release. “The research indicates the migration toward the cloud is underway in full force, even as companies struggle to understand cloud capabilities. Data protection and recovery was highlighted as a fundamental area where the cloud is having significant business impact.”

Don Foster, senior director of solutions marketing for Commvault, said in the report that cloud technologies are still seen as a key driver for digital transformation. As such, it makes sense that these business leaders would be concerned about getting to the cloud quickly.

The most important cloud projects cited by the respondents were data protection and backup, and data recovery, as noted by 75% of the respondents and 63% respectively.

However, there are some challenges holding these companies back from realizing their cloudy dreams. The sheer volume of data was cited by 68% of those surveyed as a key barrier, while 65% pointed to a struggle with skills and talent, and 55% said policies were the biggest barrier.

These business leaders are putting their money on the line, too. Some 87% plan on putting more money in their budget for cloud investments.

The reasons for why these respondents wanted to move to the cloud were varied. Of those surveyed, 33% noted that “customer focus through business agility” was their primary reason for moving to the cloud. Cost savings were the primary reason for 22% of respondents and 20% said “innovation and development of new apps, products and services” was the driving force behind their cloud journey.

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