Expanding your cloud portfolio is essential for today’s data-driven world. Austin Rotter suggests four hidden strategies to expand your cloud portfolio ASAP.

It’s a no-brainer that investing in a single stock is a risk. The drawbacks of holding a single stock overcome its advantages, and the same is the case with a cloud portfolio. In today’s marketplace, it is not a sensible decision to make, especially after what happened to AWS. However, most public companies are still relying on a single cloud.

When it comes to cloud technology, businesses must be cautious. Diversifying your cloud portfolio becomes crucial if you are a business running a SaaS product, website, or app in the cloud. Think of the damage you may have to bear in case the service goes down.

You can avoid such downtime by diversifying your cloud services. A more rational decision would be to divide the cloud portfolio across multiple vendors. Austin Rotter, a well-known growth leader and media strategist, has shared some effective ways to diversify your cloud portfolio.

1. Rely on Two or More Vendors

Almost all cloud companies claim that their critical workloads are working 24/7. But we know what happened to AWS and can expect even the mightiest vendors to fail. This one example is enough to understand that relying on a single vendor is too risky. So it seems logical to move from standardized to diversified cloud providers.

However, utilizing diversified providers also has its own complications. If you decide to go with a portfolio of vendors, you will be stuck with vendor management. The process requires labor and time not only to decide the choices but also to maintain the compatibility and operational processes.

An ideal way is to keep a balance between diversified and standardized vendors. The strategy will help you diversify your portfolio while also saving you in the event of an unlikely downtime. But keep in mind to use specialized, diverse providers and to always use standardized solutions, such as AWS or Azure as your primary infrastructure. It may cost you as you will be paying for two or more cloud services. However, the strategy will protect your business as well as your customers in case of an outage.

Related: Improve Your Business with Cloud Computing

2. Consider the Pricing Factor

As a business, you should leverage multiple cloud providers to build a balanced portfolio. This will also help you get the best pricing from a vendor. Although enterprises have clearly defined pricing packages, you can always negotiate. Many cloud vendors follow the pay-as-you-go model, but you can secure a better deal by signing a long-term contract.

Yet, keep in mind that cloud providers often tend to raise their pricing for particular services. And this is where you can take advantage of having more than one vendor. You can negotiate the price by letting them know that you have a better option and can move to other services. If you don’t get a reasonable deal, moving to other cloud services will be easy since you’ll already have a presence there.

3. Choose According to Your Needs

You should always diversify your cloud portfolio after considering your requirements. There are various public clouds and each specializes in its own area, so choose the one that meets your needs. When we talk about basic infrastructure services like computing and storage, there is a degree of commoditization. However, the strengths of major cloud providers lie in dissimilar spaces.

For example, IBM’s Watson is an ideal choice if you are thinking of employing an AI service for speech-to-text translation. On the other hand, Microsoft’s Azure will serve those better whose data centers are primarily Windows shops. That’s because the Azure service offers the best synergies for users.

Always diversify your cloud portfolio based on your objectives and needs. Put some thought into it and you will get a service that serves the purpose well.

4. Don’t Mix the Present with the Future

One absurd mistake that you shouldn’t make is to contemplate the future demands on your present needs. We are in an era of innovation, and a lot can change within a year. What’s applicable today may become irrelevant after a few months. This is why you should diversify your portfolio by opting for at least two cloud vendors. 

The first in line was AWS, but now AWS is competing with Azure, IBM, and Oracle. It’ll be a fool’s dream to think that the situation will remain the same for years to come.

Innovation is the key to staying relevant and being successful today. That’s why top telecoms, SaaS businesses, and even Fortune 100 companies are investing in multi-cloud approaches. And you’ll not have to invest much in terms of management and coding. Google, AWS, and Microsoft Azure are all similar languages with a similar root.

Final Note

There are plenty of reasons why diversifying your cloud portfolio is a sound idea. According to growth expert Austin Rotter, relying on more than one provider is the right step toward diversification. However, you should also consider your own cloud needs and future market trends while leveraging pricing. Consider the cloud like any other stock value, and you’ll be able to make profound decisions.