Mastering Cloud Complexity Remains a Challenge, Finds New EPAM Continuum Report

To fully exploit the cloud and achieve the highest return on investment, a fine balance is needed to deploy a vast amount of moving parts in a continuously evolving process.

NEWTOWN, Pa., May 11, 2023 /PRNewswire/ -- Cloud computing has driven, and continues to drive, a paradigm shift for enterprise IT. Mastering the cloud has become essential for businesses … but what does that mean, and how can it be achieved? In a recent report titled 'From Taming Cloud Complexity to Achieving Cloud Mastery,' EPAM Continuum, the integrated business, technology and experience consulting practice of EPAM Systems, Inc. (NYSE: EPAM), answers the most pressing questions on the topic and reveals how to achieve the ultimate goal, mastering cloud complexity.

Access the Full Report Here

"The roadmap to cloud is not complicated, but it is far more complex compared to traditional IT. We found that some approaches don't lead to sustainable cloud transformation, which was one of the driving forces why we created this report," said Miha Kralj, VP of Cloud Strategy at EPAM. "We expanded on the idea that it is possible to tame the complexity of the cloud and took it a step further and validated that by explaining how organizations can achieve a level of mastery within your cloud ecosystem. And by mastery, we don't mean a final destination, but rather a constant journey."

The report is based on a survey of more than 400 senior IT leaders from North America and the United Kingdom. These leaders have extensive experience using the cloud in their enterprises and represent a cross-section of vertical industries, including financial services, healthcare, life sciences, insurance and retail.

Five Cloud Mastery Success Factors:

1. Managing the Strategy. A strategic, thoughtful and intentional approach to cloud computing is the path to success. 96.75% of the organizations surveyed have a Cloud Center of Excellence, which becomes the foundation for understanding, mastering, and getting parameters, guidelines and guardrails around their cloud ecosystem.
2. Mastering the Costs of the Cloud. Navigating the cloud's new utility computing models can be a challenge. Not recognizing that new financial processes are required can result in unexpected consequences. 60% of organizations surveyed were "unpleasantly" surprised by a cloud bill.
3. Building New Skills. Effective migration to the cloud, development and deployment, cost management, security and compliance all require new skills. And these skills are in short supply. Only 34% of organizations surveyed believe they have the skills necessary to master the cloud and transform culture.
4. Experienced Partners. An experienced, trusted partner can accelerate an organization's adoption and mastery of the cloud; conversely, not taking advantage of partners' expertise can lead to profound business trouble. 
5. Mastering the Pace of Change. Few technological advances have occurred with greater rapidity than the cloud. 70% of respondents felt they were on top of the pace of change, yet only 18.6% have adopted new technologies within their ecosystem.

"For organizations to remain competitive, the cloud is a must," continues Kralj. "It's not just cloud; it's not just a migration; it's not just lifting and shifting. It's taking advantage of the technology opportunity the cloud provides to serve your business, drive business value, and gain competitive edge innovation."

To read the full Cloud Mastery Report, visit: https://www.epam.com/from-taming-cloud-complexity-to-achieving-cloud-mastery.

To learn more about how EPAM solves cloud complexity from the inside out, visit epam.com/services/cloud.

ABOUT EPAM CONTINUUM
EPAM Continuum is the integrated strategy, experience and technology consulting network within EPAM, and the main service brand under which all EPAM consulting and creative services go to market. We fuse integrated consulting with EPAM's engineering expertise to accelerate the pace at which our clients derive market benefit from new innovations and digital transformation investments.

We're a globally integrated hybrid team of strategists, advisors, designers, technologists, data scientists and creatives. Using applied systems thinking, we identify how to create value within our clients' increasingly complex business challenges. We believe the right solutions are the ones that improve people's lives and fuel competitive advantage. We don't just create blueprints, operating models and business plans; our thinking comes to life in code and products – and in market. Learn more at www.epam.com/epam-continuum and follow us on LinkedIn. 

ABOUT EPAM SYSTEMS
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies.

Selected by Newsweek as a 2021 and 2022 Most Loved Workplace, EPAM's global multidisciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked four times as the top IT services company on Fortune's 100 Fastest Growing Companies list. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest Growing Firm.

Learn more at www.epam.com/ and follow us on Twitter and LinkedIn.

FORWARD-LOOKING STATEMENTS
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.