100% of cloud-powered companies say cloud transformation has improved their decision-making, according to PwC’s 2023 Cloud Business Survey. More than 90% say they do not face any barriers to realizing cloud transformation value in areas like increasing productivity and agility, improving resilience and profitability, boosting innovation, and more.
Under 50% of non-cloud-powered companies realize these same benefits. So, what does it take to be truly cloud-powered?
PwC’s survey of more than 1,000 executives found that while many companies run parts of their business in the cloud, only about 10% have completely “reinvented their businesses through cloud.”
Here is what differentiates cloud-powered companies from the rest:
- They take a multi-faceted approach to cloud that aligns with their business goals.
- The entire C-suite collaborates in the cloud transformation effort.
- They have a formal data and analytics strategy.
- They follow best practices for controls and governance.
A significant chunk of all cloud initiatives fail – anywhere from 30% to 90%, depending on the application and who you ask. As the food and beverage industry continues to move to the cloud, PwC’s survey provides a blueprint for how companies can give their initiatives a better chance of success.