“Cloud storage is cheap,” was once the resounding declaration from every IT leader I encountered. However, recent shifts in the pricing models of cloud providers have changed this narrative.
Over the past year, nearly every major cloud provider has ramped up their storage pricing, causing ripples of concern among businesses of all sizes. This surge in cloud storage cost, especially at a time when data volumes are exponentially rising due to the widespread adoption of collaboration tools, the normalization of remote work, and the rise of generative AI, compels organizations to strategize for cost-effective management.
Examining the present-day tech ecosystem, it’s clear that cloud technology remains at the forefront of business transformation. Yet, the Flexera 2023 State of the Cloud Report underscores an interesting trend: while economic concerns haven’t put a brake on cloud adoption, a staggering 82% of respondents identified managing cloud expenditure as their primary challenge. This was even ahead of security concerns, which stood at 79%.
Echoing this trend, a study by Virtana showed that 54% of IT leaders indicated that storage expenses are outpacing the growth of their overall cloud expenditure. The International Data Corporation (IDC) supports this sentiment, pointing out a 24.7% YoY increase in spending on compute and storage infrastructure products for cloud deployment during Q3 2022.
At this point, is there a way for organizations to combat today’s consistent upward trajectory of storage costs?
The Value of Information Lifecycle Management
Information Lifecycle Management (ILM) is a crucial process for businesses that want to manage their data effectively and save money on cloud storage. By classifying data based on its value and applying policies to manage it throughout its lifecycle, organizations can ensure that they are only storing the data that is needed and only paying for what they need — all while improving data security.
Information management can also help improve the performance and availability of cloud storage by ensuring that the most relevant and frequently accessed data is stored in the optimal location and format.
To implement information management effectively, organizations need to adopt a strategy that aligns their information assets with their business goals and requirements. It’s also a must to test and evaluate your ILM policies and rules regularly to ensure that you meet your objectives and business goals. To achieve this, the right tools for information management will be key.
AvePoint Opus: Next-Level Information Lifecycle Solution
This is where AvePoint Opus emerges as a beacon of hope. Designed to alleviate storage concerns, AvePoint Opus empowers organizations to trim their storage expenses. This is achieved by employing automated rules that efficiently relocate content to more affordable storage options, all while granting comprehensive lifecycle management across both active and dormant content.
Here are three key transformative capabilities of AvePoint Opus to help with this ever-growing concern:
- Reduced Storage Expenditure: As data volume burgeons, organizations grapple with escalating costs. AvePoint Opus provides relief by deploying automated rules that effortlessly transfer content to more cost-effective storage solutions, thus evading potential overage penalties.
- Tailored Retention and Disposal: AvePoint Opus enables organizations to define storage locations and tiers, shifting content based on specified timelines or metadata-driven triggers. This strategic repositioning ensures optimal storage utilization.
- Unwavering Oversight: AvePoint Opus comes equipped with intrinsic reporting and auditing functionalities. This guarantees that organizations retain unwavering control and insight into their data at all junctions.
As the tide of rising cloud storage costs shows no signs of receding, it becomes imperative for organizations to arm themselves with effective countermeasures. AvePoint Opus stands as a formidable ally in this scenario. It not only equips businesses with the tools to combat rising costs but also effective and compliant information lifecycle management, allowing you to turn your information into a masterpiece.