Cloud and Data Playbook - Chapter 23 FinOps
FinOps - The term has continued to confuse and confound specialists. As part of our Cloud and Data playbook, we bring to you what FinOps is, how to leverage Sogeti's FinOps Feature Teams and get required clarity on FinOps. References are given at the bottom of this Chapter.
FinOps is geek speak for Cloud Financial Management. It is collaborative working between Technology, DevOps and Finance. One of the very efficient ways for our customers to manage their cloud costs, where everyone takes ownership of their cloud usage supported by a central best-practices group. Cross-functional teams work together to enable faster delivery, while at the same time gaining more financial and operational control. FinOps requires design thinking. It needs you to think out of the box and draw outside the lines. Its a pure cost play of course and i will not shy away from saying that this is not a revenue booster, more of a cost optimizer technique. But it adds to your bottomline nevertheless.
FinOps is all about empowering a cross functional tech/devops/finance team and be able to deliver better features, apps, and migrations faster. It enables great cross-functional conversation about where to invest and when. Whether your business is asked to reduce cost or to spend more, now teams know why they’re making those decisions.
Three Stages of FinOps
As with any new process or technology, there are a series of steps to follow and you will get the desired results. FinOps follows a three step approach of :
- INform
- OPtimize
- OPerate
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References
FinOps Foundation - www.finOps.org
Sogeti Labs www.Sogetilabs.com