Yet minimizing data costs and maximizing data-driven innovation is crucial for business success. How come and is it still possible to win in this tricky multi-cloud environment?

The global data sphere doubles in size every three years. How we treat this data matters. The more organization leaders see data as a vital business currency, the easier it will be for them to find a way to generate business value. This is challenging since there is no unified, well-functioning multi-cloud approach yet.

During these times of economic volatility, IT organizations need to minimize costs and increase innovation. The adoption of methods and practices to improve and let organizations store, facilitate, and utilize their data assets is higher than ever because multi-cloud, as we know it, is a jumble of clouds. It can be challenging for data to navigate the ecosystem as quickly, seamlessly, and without getting stuck. Business leaders know that data is an asset, but current practices are complex and expensive. There is friction that results in data lock-in and a loss of value for the business.

A recent report published by Seagate, a data storage and management solutions firm argues that minimizing data costs and maximizing data-driven innovation in multi-cloud environments is crucial and possible. The report also outlined steps organizations can take to level up and examines performance in controlling data costs and scaling innovation. With the assistance of a global survey of senior IT and business leaders, commissioned by Seagate and conducted by Enterprise Strategy Group (ESG), the report constructs a unique Multi-cloud Maturity Model. This model shows how organizations navigate the growing complexity of multi-clouds, revealing that the most multi-cloud mature companies reap the benefits.

The global survey was conducted in February 2022 and resulted in the Multi-cloud Maturity Report. Approximately 500 respondents were surveyed. 71% of respondents were senior IT leaders, and 29 % were software development/data analysts. Australia, Canada, India, New Zealand, Singapore, the United Kingdom, and the United States are among the countries represented in the survey.

The findings of the report indicate that prevailing companies keep data costs low while enabling data-driven innovation. Investing in technology that allows easy data movement as well as in cloud cost estimation tools are practical steps organizations can take to become more mature in handling their data across multiple clouds. Infrastructure innovation removes various barriers to data freedom, be it cost- or access-related friction that slows down and locks in data.

The report unveils a unique multi-cloud complexity picture and helps business leaders learn how to navigate through the cloud mix and control data costs to accelerate innovation. It revealed that applying the right management practices can result in tangible business benefits; companies that achieve high levels of multi-cloud maturity see improved valuations, faster time to market, and a better ability to meet revenue targets.

Essentially, businesses that have adopted true multi-cloud practices best manage cloud costs and foster innovation with the cloud have better outcomes. They generate nearly twice as much revenue when compared to less mature counterparts, their products are 6.3 times more likely to be launched several months or quarters earlier than their competitors and are three times more likely to report that their organization has a strong business position. Moreover, over the next three years, they are three times more likely to anticipate their companies' valuation to increase by fivefold.

The survey results are clear: organizations that empower data consumers to harness the cloud effectively to free up their data for innovation see meaningfully better results for their business. The most multi-cloud mature organizations (in data-driven innovation) grow data-related revenue 57% faster than their less mature competitors. So, the question is, what are you waiting for? It is time for your organization to get more mature with its multi-cloud.

Written by Erez Baum, Lyve Cloud Product and Israel Innovation Center Lead at Seagate