Are multiyear cloud agreements a good idea?

According to the surveys of enterprise cloud spending trends, 2022 was the year of shockingly high cloud bills. As a result, enterprises are implementing finops programs to control and manage cloud spending. They are also turning to the cloud providers and asking for discounts.

Providers are happy to offer discounts, but they want something in return—namely, a multiyear commitment that looks like a cell phone contract. Do these longer-term cloud commitments make sense for enterprises looking for cheaper cloud services? Or will they play out like many of our cell phone contracts that left us with an out-of-date phone and service that didn’t meet expectations?

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