Inform (Visibility):

Define tagging strategy and pattern for the organization
Cost governance configuration for various dimensions
Budget forecasts for departments, projects, and accounts
Report various cost drivers, custom chargebacks, and mapping spending resources

Optimize (Recommend):

Cost visibility and insights for the top cloud accounts, product and resource categories, tag groups, and consumption metrics
Cloud recommendations and policies for reserved instances, right-size, orphaned, under-utilized, or idle resources
Continuous resource utilization with actionable analytics
Template-based workload management for scheduled start and stop instances

Operate (Real-time management):

Real-time automated detection and remediation of unused or underutilized resources
Integration with ITSM tools for incident ticketing
Benchmarking to make comparisons with industry peers to analyze performance in terms of optimizing cost, speed, and quality
Cost anomaly configuration and identification of unusual spend activity

FinOps enables an organization’s ability to comprehend cloud costs while making intelligent and business focused decisions to improve value. While incorporating FinOps can be a hefty transition process, when done correctly, it helps bridge interdepartmental gaps and affirm accountability across teams while addressing cost metrics, value delivery, and financial responsibility.

How to choose the right solution to enable FinOps?

Some of the key indicators a company should look for in an effective FinOps solution include:

Multi-cloud cost dashboards
Cost analytics and optimization: By identifying resource utilization, idle, and orphaned resources
AI/ML-based cost optimization
Alerting, budgeting, and forecast capabilities
Tagging compliance automation
Real-time and maturity reporting
The ability to integrate with ITSM systems for incident management

Altogether, these key indicators should orbit a secure platform with robust identity processes (AD/LDAP integration and role-based access control).

Conclusion

From a business standpoint, a successful FinOps practice means everybody wins. From an interdepartmental perspective, FinOps ensures a culture of cost accountability across teams and drives business operational optimization. From a customer’s viewpoint, a vendor with a robust FinOps practice provides end-to-end user efficiency and a streamlined IT environment. Incorporating FinOps into your business structure ensures only spending the money you need to make the money you want – and deserve.

Virtusa vGovern is an agnostic, poly-cloud management platform that provides companies with unified visibility across FinOps, SecOps, CloudOps, and AIOps from a single pane of glass. In collaboration with CoreStack and LogicMonitor, vGovern implements poly-cloud governance and managed operations to deliver multiple solutions, including Cost optimization, security, CloudOps automation, and round-the-clock monitoring.

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