Here are the top 7 FinOps adoption related challenges that many encounter.
FinOps brings financial accountability to the variable spend model of cloud, enabling distributed teams to make business trade-offs among speed, cost, and quality. In practice, it means establishing performance indicators for an organization’s cloud costs based on service, business unit, environment, etc., and diagnosing the organization’s consumption based on these indicators.
Here are the top 7 FinOps adoption related challenges that many encounter.
Getting Engineers to act on cost optimization
Full allocation of cloud spending
Aligning finance/procurement teams with tech/eng teams
Reducing waste or unused resources
Enabling automation
Organizational adoption of FinOps
Accurate forecasting of cloud spend
32% of total cloud spend is wasted spend.
59% of organizations have cost savings - cloud spend optimization - as their top cloud initiative.
89% organizations are using multiple clouds resulting in increased demand for cost optimization Initiatives.
IT and Finance teams need to operate more efficiently together to support the agility of the business and pro-actively monitor and react to cloud spends.
Gain visibility to control costs
Drive accountability for cloud spend
Simplify cloud budget management
Identify optimization opportunities
& automate tasks
Accelerate fulfillment requests
Enable data driven decision making
Cloud cost savings result in better RoI from cloud investments.
Wasted cloud spend reduced up to 95%
Cigniti Consulting led FinOps tool/CMP centric PoC quickly proves benefits and builds FinOps business case
Pricing Model based on reduced cloud spend
Improved FinOps operating model with better outcome
