With the development, growing popularity, and ever-increasing public availability of cloud services, many organizations have decided to migrate to the cloud – and by this step alone, they have seriously reduced the cost of server equipment. Nevertheless, further cloud infrastructure optimization and competent tracking of such costs cause serious difficulties for the overwhelming number of companies.
However, many business owners and CTOs ignore the fact that a trained person should be involved in purchasing, scaling, and managing cloud resources. Instead, such a task is sometimes given to people who lack competence, either in the technical or financial fields. Such examples of an ineffective approach to solving this problem are fraught with serious costs for the business.
FinOps is a relatively new concept popular among IT leaders, aimed to optimize the cost of infrastructure, build efficient cloud usage and enhance close collaboration among engineering departments and managers. This daily joint work of several teams and departments is one of the main FinOps principles which reveals great optimization opportunities for a proper R&D process.
Traditionally someone from a top management team worries about cloud expenses, cloud budget forecast and its optimization – it might be a CFO if there is such a position or CTO, CIO & CEO in small and medium businesses. Typically these people own cloud budgets in a company: struggling with total mess in cloud bills and trying to create an accurate forecast of cloud spends.
There might be a dedicated FinOps leader, but in order to achieve maximum efficiency, it’s recommended to involve the following titles into FinOps and cloud cost optimization processes
Despite the fact that FinOps is a relatively new approach to cloud management there is a wide range of FinOps adopters among SMB and enterprise companies. All of them have started their journey with an aim to get the most out of cloud adoption.
You can easily recognize such big names among FinOps adopters: Airbnb, PayPal, Starbucks, The New Your Times, Twitter, Yelp, Shopify, Atlassian, NBCUniversal, etc. They are representatives of various industries, and they offer absolutely different services to their customers but all of them choose implementation of FinOps principles in order to provide the best services and ensure cost-efficiency of IT spends. Cost visibility and control, cloud bill reduction and reasonable consumption of cloud resources are the main goals of the majority of IT teams among small companies and corporations.