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
Cloud Cost Reduction
Avoid Unnecessary Spend
Accurate Cost Allocation
Accurate Spend Forecasting
Data & Insights
The Importance of FinOps for Cloud Cost Optimisation
News & Insights
Blog: October 7, 2021
Gartner published a press release in November 2020 that stated, “The COVID-19 pandemic forced organizations to quickly focus on three priorities: preserve cash and optimize IT costs, support and secure...
Digital Guides, Downloadable Content, Whitepaper: October 7, 2021
As experts in enterprise license optimisation, we encounter organisations that are moving to or have moved to the cloud, and have overlooked or misunderstood the full impact of cloud adoption on their...