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Everything You Need to Know About FinOps v2

In practice, FinOps means establishing performance indicators on an organizationu2019s cloud costs based on service, business unit, environment, etc. and diagnosing the organizationu2019s consumption based on these indicators.

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Everything You Need to Know About FinOps v2

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  1. Everything You Need to Know About FinOps

  2. Everything You Need to Know About FinOps • FinOps is a solution for controlling operational costs in a cloud environment and offers ways for teams to manage their cloud costs, wherein everyone takes ownership of their cloud usage. • FinOps term is coined by combining Finance + DevOps. It’s an evolving cloud financial management discipline and cultural practice. • In practice, FinOps means establishing performance indicators on an organization’s cloud costs based on service, business unit, environment, etc. and diagnosing the organization’s consumption based on these indicators. • FinOps is also referred to by the following names: Cloud Financial Management; Cloud Financial Engineering; Cloud Cost Management; Cloud Optimization; and Cloud Financial Optimization. • Key Market Drivers for FinOps • Reduce wasted cloud spend – As per the latest 2022 analyst and vendor reports, 32% of total cloud spend is wasted spend i.e., out of every 100 USD spent in cloud, 32 USD is wasted spend. • Cost management across multiple clouds - 90% of organizations across Geos are using multiple clouds. Traditional cost management tools provided by CSPs/Hyperscale’s like AWS, Azure, and GCP support only their respective cloud and don’t support cloud cost management across multiple clouds.

  3. Everything You Need to Know About FinOps •  Key Benefits that Client Organizations Get by Following FinOps Practices • The following are the key outcomes that an organization would get by following FinOps best practices: • Gain visibility to control cloud costs by understanding cloud usage • Drive accountability for cloud spend. Assists cross-functional teams in maintaining financial accountability for the cloud services they utilize • Simplifying cloud budget management • Identify cost optimization opportunities and automate tasks • Accelerate fulfillment requests • Enable data-driven decision making • Organizational alignment on cloud spending • FinOps is a cross-functional practice, and the following are the typical personas associated with Cloud Financial Management: FinOps Practitioner /CoE team; IT Operations/ Engineering team; Business/Product Owner; Finance; and Procurement. • Interesting right? • Want to know more on this topic: https://bit.ly/3mPVapV

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