Over the years, FinOps has become a necessary addition to cloud migration. Once a business takes the leap to integrate a public cloud into its day-to-day operations, it can bring a lot of benefits and cost-effective changes, but this is only when used and managed properly. FinOps, also known as financial operations, is critical to any company’s success with cloud optimization and usage.
If you have started switching processes to a cloud platform and want to get the most out of it, here are five reasons FinOps is necessary for successful cloud usage.
1. Reduced Cloud Usage Cost
FinOps is able to identify and eliminate wasteful programs and inefficiencies within your cloud usage. You would not notice these things otherwise and would be spending a significant amount of unnecessary money each month. FinOps can develop cost-effective strategies to help you save more money over time and save you from spending it on things you are not utilizing.
2. Measurements and Business Valuations
If you simply pay for your cloud usage each month with no research into what you are using, you will not see where your money is going and if your cloud is effectively helping your business in the ways you got it for. FinOps can run metrics and measurements, such as data usage, tracking critical performance indicators, tag usage, and forecasting, and give you a clear view of how the cloud impacts your business.
3. Informed Decisions
With the information you are provided from FinOps over the months, you are more capable of making informed decisions. Once you see where you are allocating your resources and money each month, you can then decide whether they are essential to your success or if you can scratch them off the docket and use your money and resources somewhere more efficient.
4. Planning and Forecasting
FinOps is there to ensure that you and your team are set for the future, not just the current month. This can help prepare businesses for future changes or adjustments that they should expect. When your business grows, so do your FinOps needs, and its ability to provide you with forecasting can ensure you are ready.
5. Automation
Automation, in every sense, can lead to the success of your business. It can save time, money, resources, and manual labor. FinOps enables companies to automate processes, such as provisioning, deployments, resource scheduling, and cost optimization, in order to streamline operations.
Following cloud optimization, FinOps should be your next step. Contact us at FinOps Oversight to get started.