February 23, 2023
Given how widely cloud technology has been embraced worldwide, it’s not surprising that 78% of the 1,010 executives participating in PwC’s latest Cloud Business Survey say their companies have adopted the cloud in most or all parts of the business. But only 10% of companies in the survey met PwC’s definition of being cloud-powered, meaning they scored high on an index that ranks value-creation across key metrics like cost savings, resilience and profitability. Cloud-powered companies report fewer barriers to realising value—doing so at a rate twice that of other companies—and said they expected continued revenue growth of 15% or greater.
The survey singles out a few things that cloud-powered companies do better than other companies when it comes to leveraging cloud solutions to create value. Foremost among them, as emphasised by the chart above, is building alliances across the C-suite. CIOs at cloud-powered companies have stronger working relationships with multiple top leadership roles on transformation projects than CIOs at other companies. What’s more, cloud-powered companies are more likely to be in sync with key business functions at the earliest stages of planning, budgeting, and gathering requirements. They also prioritise their partnership with the CHRO and talent teams and make sure to engage throughout all stages of cloud projects. This stands to reason, given how critical it is to acquire or develop the right skills to make the most of cloud investments (while keeping legacy systems up and running). The takeaway? Make leveraging value from cloud adoption a pan-C-suite priority, no matter where your company is on the transformation journey.
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