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What does FinOps stand for?
FinOps stands for "Financial Operations" and refers to a set of practices aimed at optimising cost management in cloud environments. It is a collaborative, cross-organisational approach that brings together IT, finance teams and business units to ensure that money invested in the cloud is well spent and maximises business value.
By using FinOps, organisations can better understand how their cloud resources are being used, what costs are associated with them and how they can optimise them to achieve both technical and financial efficiencies.
Overall, FinOps not only enables organisations to make savings on cloud costs, but also supports a value-driven use of the cloud that keeps business needs and goals in focus.
Why FinOps is becoming increasingly important.
According to Gartner's forecast, global spending on public cloud services will increase by 20.4% to USD 678.8 billion by 2024, having already reached USD 563.6 billion in 2023. However, many companies struggle with a lack of transparency and internal alignment, which makes it difficult to control and optimise their cloud spending. This often leads to overspending on unused or unnecessary cloud resources, underinvestment in critical resources for performance and availability, and missed opportunities for effective cloud utilisation that could drive business value and innovation. A lack of alignment of cloud spend with business objectives and an imbalance between costs, risks and benefits further exacerbate these issues. To overcome these challenges and ensure profitability and competitiveness, it is critical that organisations establish robust FinOps practices.
The basic principles of FinOps.
The FinOps strategy is based on three central principles that help you to effectively manage and optimise your cloud costs:
Transparency:
Complete visibility of cloud spend to make informed decisions.
Accountability:
Ensure that all parties are accountable for the costs you incur.
Optimisation:
Continuous adaptation and improvement of the utilisation and costs of the cloud infrastructure.
The added value of FinOps.
Cost control and cost savings.
By improving visibility and management of cloud spend, organisations can reduce costs. FinOps makes it possible to
identify and eliminate waste through unused or underutilised resources, and at the same time use options for cost savings through reserved instances or optimised tariffs.
Budget forecasting and budget planning.
FinOps improves the ability of organisations to forecast their
future expenditure more accurately and plan budgets more effectively. This is particularly important in dynamic environments where cloud costs can rise quickly.
Increased agility.
Organisations can react more quickly to market changes and scale cloud resources efficiently, as decision-makers are better informed and can react more quickly to changes in consumption and the associated costs.
Promoting collaboration.
FinOps promotes collaboration between IT, finance and business units. This interdisciplinary collaboration helps to improve the strategic direction and ensures that ensures that investments in the cloud are in line with business objectives.
Optimisation of investments.
Organisations can ensure that any investment in the
cloud delivers maximum return by continually assessing the
impact of changes in usage and technology.
Compliance and governance.
FinOps supports adherence to budget guidelines and compliance requirements by providing clear guidelines and procedures for the purchase and use of cloud resources.
Bechtle FinOps Services.
Our FinOps services offer you tailored solutions to efficiently manage and optimise your cloud spend. From comprehensive assessments and strategic consulting to managed services and solution advisory, we help you maximise the value of your cloud investments and achieve your business goals.
FinOps Assessment:
A FinOps assessment is a fundamental step for organisations looking to control and optimise their cloud costs to ensure their cloud investments are efficient and in line with business objectives.
FinOps Consulting:
By working with a FinOps consultant, organisations can ensure that they are using their cloud resources in a way that is not only cost-effective, but also sustainable and in line with their business objectives.
FinOps Managed Services:
By using FinOps Managed Services, companies can benefit from the expertise and resources of a specialised provider to help manage cloud costs efficiently while taking full advantage of cloud usage. This leads to improved cost control, increased operational efficiency and better alignment of IT spend with business objectives.
Solution Advisory:
Overall, FinOps Solution Advisory aims to empower companies to effectively manage and optimise their cloud costs by giving them access to expert knowledge and support in selecting and implementing the best available solutions and practices.
Simplicity before complexity - our declared goal at FinOps Services. We support our customers in establishing a culture of financial accountability in their cloud teams, creating more transparency, promoting cultural collaboration within the company and maintaining business agility and innovative strength in the process.
Marc Roggli, Senior Consultant, Bechtle Schweiz AG.
Why is Bechtle the right partner?
Bechtle as your FinOps partner is the right choice because our expertise and best practices create the necessary transparency and cost control, resulting in significant optimisation potential. Our services are flexible to adapt to the changing needs and goals of your organisation. We use modern tools and technologies to monitor and manage cloud costs and have the necessary knowledge in the areas of cloud, product and licensing.
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Leave the operational issues relating to the management and use of your software and licences to us - so that you have more time for the essentials.
Further information: The FinOps Foundation.
The FinOps Foundation is a project of The Linux Foundation dedicated to advancing experts who practice the discipline of cloud financial management through best practices, education and standards. The Foundation offers a range of individual training and certification programmes, including FinOps Certified Practitioner and FinOps Certified Professional.