Software Asset Management / Cloud Licensing / FinOps – Cloud Financial Management

FinOps – Cloud Financial Management

Delivering Cloud Consumption Optimisation to Reduce Costs & Avoid Unnecessary Spend

What is FinOps?

The growth of cloud spend is set to continue, with Gartner predicting an 18% increase in 2021. As cloud adoption grows, so does your cloud consumption cost.  So, how do you control, monitor and optimise your ongoing cloud costs?

This is where the practice of FinOps becomes a necessity.  FinOps (Cloud Financial Management) is a growing professional discipline within large enterprises that aims to control ongoing cloud spend by working with financial, IT, and DevOps stakeholders across the business.  FinOps as a practice seeks to do the following:

  • Manage ongoing cloud costs by avoiding unnecessary spend through over specified resources.
  • Prevent last-minute overspend through accurate forecasting and reservation of cloud requirements at an optimal price.
  • Optimise ongoing costs and take advantage of cost reduction opportunities through detailed insights and data.
  • Accurately allocate cloud costs across the business.

Cloud Cost Optimisation – Adopting FinOps in Your Business

How well are you managing your cloud costs? FinOps practices evolved to help businesses build policies and processes to control, monitor, forecast & allocate cloud costs effectively and appropriately.

Read our whitepaper for advice and guidance on adopting FinOps in your business.

Download Whitepaper

Version 1 - Cloud Consumption Optimisation Expertise

The more complex the organisation and cloud usage, the greater the need for FinOps.  However, many organisations are still struggling with where to start.

The Version 1 SAM Team specialise in the ongoing optimisation of enterprise licensing and cloud consumption and can help you with the following:

  • Advise and guide with creating your own internal FinOps discipline to fit into your business’s overall processes and procedures.
  • Validate/verify your current FinOps practice and make appropriate recommendations.
  • Outsource some or all your FinOps discipline to Version 1 whilst adhering to any specific in-house processes.

A Growing Business Imperative for Cloud Cost Management

Public cloud spend is set to grow over the next 2 years driving a need for efficient cloud financial management. Version 1’s FinOps Infographic, using data from Gartner and the FinOps Foundation’s recent survey State of FinOps Report 2021, tells a story of growing cloud spend, FinOps practice maturity levels within businesses, the top challenges facing FinOps teams, the benefits of cloud financial management and outlines the first steps in embracing FinOps as a discipline within your business.

View Infographic

Benefits of Cloud Financial Management

Cloud Cost Optimisation
Take advantage of cloud cost optimisation techniques for improved cloud ROI.
Cloud Cost Reduction
Reduce ongoing spend & cost through improved cloud procurement strategy.
Avoid Unnecessary Spend
Take advantage of competitive pricing & avoid expensive last-minute spending.
Accurate Cost Allocation
Spread the cost of cloud accurately across the appropriate business units.
Accurate Spend Forecasting
Predict peaks & troughs of cloud resource & therefore spend. Take advantage of competitive pricing by resource reserving.
Data & Insights
Make informed decisions through the availability of data & insights on your cloud consumption.

Fireside Chat

The Importance of FinOps for Cloud Cost Optimisation

With the growth in cloud adoption comes the inevitable growth in associated consumption costs, so how do you monitor, control, and optimise those elements ongoing? Version 1’s recent fireside chat with Jason Pepper, Head of SAM Practice discusses the cross-functional practice of FinOps to create enhanced cloud cost management and shares his tips on how to kick start your own FinOps practice.

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