For many organizations, jumping on the cloud bandwagon has not translated into immediate cost savings. Complex pricing models, misallocation of resources, and other hidden expenses have resulted in soaring cloud costs. Our blueprint provides guidance on building a FinOps strategy to improve cloud cost management and prepare your organization for an exponential IT future.
With the accelerated development of exponential technologies, organizations need a dynamic cloud platform to support an autonomous AI-driven ecosystem. Advanced FinOps will be essential for IT and the entire organization to effectively control and optimize cloud expenditures for maximum value.
1. The cloud isn’t cheap – proactively manage your cloud spend to reap its benefits.
The value of the cloud can be found not in direct cost savings, but in benefits such as flexibility, scalability, and speed of delivery. Cloud costs must be closely managed and right-sized to your needs to ensure that cloud spend delivers maximum value.
2. Get your cloud goals in line with the objectives of your organization.
FinOps is not just about cost management. It helps organizations ensure their cloud spending is aligned with their organizational goals – misalignment of resources with goals will stand in the way of cost savings, agility enhancement, and innovation.
3. Take ownership of your cloud ecosystem with effective governance.
Overcome the challenges of cloud cost management with cross-functional FinOps practices that break down the walls between Finance, IT, and other departments. Develop cost management policies, build budgets and benchmarks, and make users accountable for their cloud usage.
4. You must start with the FinOps basics, but don’t stop there.
To power exponential technologies, you’ll need advanced AI-assisted FinOps practices that will enable and expedite your cloud cost management initiatives. Think predictive data analytics to evaluate expenses and extract metrics, and automated systems to autonomize routine cost management tasks.
Use our framework to build a FinOps strategy that boosts cloud value with advanced analytics, forecasting, and automation
Our research guides you through best practices to build a FinOps foundation that provides visibility into resource utilization and implements benchmarking and budgeting to enable forecasting. It also provides step-by-step guidance to adopting AI-powered technologies for proactive cloud resource and cost management and anomaly detection. Use this blueprint, tools, and templates to:
- Develop a FinOps strategic plan that aligns with your financial goals with our three-phase approach.
- Establish financial transparency with strategy and policy templates to streamline granular tracking and analysis of cloud expenditure.
- Employ advanced and predictive data analytics capabilities to evaluate cloud expenses and extract insightful metrics. Support the process with performance tracking, roles and responsibilities, and roadmap templates.
- Determine selection criteria and use cases for automated systems to autonomize routine cloud cost management tasks. Assess solutions with our vendor evaluation workbook.