A Short Introduction to FinOps

A Short Introduction to FinOps

In this article, we’re short introduce to FinOps, as a way to optimize cloud costs. The goal is to empower teams to balance between speed, expense, and quality.

As a part of our cost optimization series, we already talked about the most common AWS cost optimization challenges and the reasons why every company needs to solve this. In this article, we’re talking about FinOps as a way to optimize cloud costs.

To solve their cloud cost optimization problems, some companies develop FinOps practices. FinOps refers to Cloud Financial Management. It is the process of adding financial transparency to the cloud’s variable expenditure model. The goal is to empower teams to balance between speed, expense, and quality.

FinOps is, at its heart, a cultural shift. In order to facilitate quicker execution, cross-functional teams operate together. At the same time, acquiring more financial and organizational power is also a priority.

FinOps allows all operating teams to access real-time data they need to impact their expenditure and make wise choices that eventually contribute to successful cloud cost optimization without affecting the performance, speed, and quality of the final product.

FinOps is all about eliminating obstacles. It enables innovation teams to produce better features, software, and migrations more rapidly. It also allows a cross-functional discussion about when and where to spend. An organization can sometimes plan to cut back on spending, while other times it will decide to spend more. Yet, teams have to know why they make the choices.

devops

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