A recent survey from 451 Research, entitled Cost Management in the Cloud Age, cited that 85% of the respondents reported overspending their budgets and 57% said that cloud cost management was a daily worry. Why is this important? As it states in the FinOps Certification Practitioner course, the practice of FinOps “is not about saving money, it’s about making money leveraging the cloud". When organisations, of all shapes and sizes, perform this well, you see companies using automation as their preferred approach and seeing over 90% of spend being allocated. (FinOps Foundation)
The practice of FinOps and the culture that it derives can bring real business value of cloud by bringing together the traditionally siloed teams of technology, business, and finance and bring the value obtained not just from cost savings, but the value obtained by each unit of cost.
FinOps is practiced across all industries and sectors. According to the 2022 FinOps Foundation survey, 46% of respondents represent financial services and IT, with 54% representing all types of other industries.
In this post, we will provide a comprehensive view of what FinOps is and why it should matter to you and your organisation. We will also highlight the first three things you can do to get a jumpstart on FinOps in your organisation. Then, we will share the seven cost optimisation best practices that can be leveraged to reap the benefits of FinOps in the cloud.