The future of data and technology lies in the cloud. More than ever, companies rely on cloud management practices to obtain maximum business value and achieve cross-departmental unity in cost awareness and management.
FinOps, in its purest form, is organizational awareness and the processes to ensure visibility and optimization of IT spending across client departments. FinOps helps move the perception of IT as a cost center into driving proper business optimization, holding departments accountable for cloud consumption, and protecting the business from fraudulent or runaway spending.
FinOps is more than just an accounting process. Building a culture of cost accountability and facilitating organizational chargebacks helps drive the process of optimizing business operations and pursues efficiency across all aspects of a customer’s IT environment.
FinOps creates transparency between IT and financial teams when managing cloud operating costs. A robust FinOps practice allows teams to optimize cloud usage while maintaining financial control. However, it’s important to remember that FinOps is not simply about saving money. Successful FinOps helps you make money while maximizing productivity – the best of both worlds.
The FinOps methodology can be broken down into three main categories:
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.
Some of the key indicators a company should look for in an effective FinOps solution include:
Altogether, these key indicators should orbit a secure platform with robust identity processes (AD/LDAP integration and role-based access control).
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.
Contact us to learn more about how vGovern can help boost your business’s FinOps practice and manage your global infrastructure across one secure and process-enabled managed services platform.
Subscribe to keep up-to-date with recent industry developments including industry insights and innovative solution capabilities
Rapid transformation, coupled with innovative strategies, is shaping the banking industry. Banking needs today involve delivering immediate value in the fast-changing environment. Legacy systems often act as impediments to transformation initiatives; at the same time, they provide critical capabilities to run day-to-day operations.