It estimates that more than 80 percent of on-premise enterprise workloads are overprovisioned, meaning they have more compute power, memory and storage than they will ever need to operate.

Overprovisioning often happens "with mission critical workloads where the IT organization 'played it safe' and bought more performance hardware than is required," said Mark Brinda, a partner with Bain & Company and a senior member of its Technology, Media and Telecommunications practice.