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What is FinOps?

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FinOps ideas

FinOps is a relatively new concept in a cloud computing area that is actively developing and implementing nowadays to help companies adopt cloud environment in a smart, secure and transparent way.

FinOps brings together the ideas of engineering teams and financial departments to establish a transparent and defined process, when private or public clouds of different cloud providers in multiple locations are used in an optimal way based on cost, performance, capacity and company perspectives. 

It helps to build a process of constant optimization, improve cloud usage experience, control cloud resources, their expenses and avoid money waste.

FinOps principles

A set of the main principles such as visibility, control & optimization is the basis of FinOps methodology. Equally important is the principle of collaboration, because businesses need a cross-functional FinOps team that consists of executives such as CTO or CIO, business & product owners, finance department, engineering & operations.

FinOps methodology was created and is actively developing today with thousands of practitioners and enterprise companies as members and sponsors.

FinOps is a process and a set of best practices to bring the following aspects to companies and stakeholders:

  1. Visibility – cloud spending transparency and forecasting
  2. Optimization – cloud expense optimization
  3. Control – an established process of monitoring and controlling cloud resources and their expenses
  4. Collaboration – FinOps is not about one person at a company but a constant collaboration between engineers and their managers, between R&D, Operations and Financial departments, CTO, CIO and VPs offices.

Here is a list of people (but not limited to just these positions) engaged in the FinOps process: CTO, CIO, VPs and Directors of engineering / Ops / DevOps, CFO, financial controllers and analysts, engineering managers, project managers and, of course, engineers who work directly with clouds.

The end goal of FinOps adoption is to build a transparent and defined process, when clouds are used in an optimal way from cost, performance, R&D and company goals perspective and money waste are set to minimum.

Today FinOps ideas and principles should become part of the company’s culture to increase efficiency, optimize cloud usage & spend and operate smoothly.

More details about the main FinOps principles and how your team can start FinOps adoption today → https://finopsinpractice.org/what-are-the-main-finops-principles-and-how-can-your-team-start-finops-adoption-today