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Many cloud migrations haven’t paid off as initially expected. Almost every industrial company has a cloud initiative underway, but most have not established cloud-native capabilities or scaled business impact. Companies average 23 percent over budget on cloud spending and estimate that 30 percent of their outlays are wasted (Exhibit 1). The problem will only grow, since companies expect to increase cloud spending by 47 percent next year. To avoid a snowballing problem, industrial companies must quickly rebalance cloud programs and move away from a pure focus on infrastructure to address software engineering, data and analytics, and changes in business processes. Many organizations are already attempting to reset their cloud programs.