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Today, many organizations have integrated the cloud into their IT strategy but are not yet realizing the expected value. Controlling costs as they scale remains a significant challenge, with 80 percent of enterprise IT leaders citing cloud spending management as a serious issue. This often occurs because they haven't embraced modern cloud economics as a practice, viewing the cloud as a cost center rather than a value-creating engine that fosters innovation. Consequently, they face critical risks such as massive overspending, poor visibility, lack of accountability, and lagging innovation.
Overview
The Challenge: Misalignment Among Stakeholders on Cloud Economics
Finance: Sporadic reporting and poor visibility into cost data lead to a narrow focus on cost reduction, making it difficult to adjust strategies effectively.
Procurement: Limited understanding of cloud SKUs and billing structures complicates the interpretation and management of billing and cost attribution.
Engineering and Application Development: Lack of awareness about the need for continuous optimization results in engineers and developers consuming excess cloud resources without accountability.
Product and Line of Business Teams: Without clear visibility into cloud usage and costs, it becomes nearly impossible to extract or articulate the business value of the cloud.
C-suite: These challenges obscure the strategic value of the cloud, leading to reactive tactics rather than proactive innovation.
The Solution: FinOps for Capturing the Total Value of the Cloud
When enterprises apply a traditional sourcing and infrastructure consumption mindset to the cloud, they often overlook the necessary changes in operating models and culture. Modern financial operations, or FinOps, introduce shared financial transparency, governance, and processes across all stakeholders. In our experience, a FinOps practice is essential to capture the total value of the cloud.
A FinOps practice unites finance, technology, and business stakeholders to establish:
Cloud Operating Models: A functional financial operating model for the cloud.
Governance at Scale: An effective way to introduce accountability for cloud spending.
Real Transformative Change: A cultural practice for collaborative financial and operational control.
A Typical Softchoice FinOps Engagement Includes:
Research and Discovery: In-depth analysis of current FinOps maturity to identify goals and obstacles.
Workshops: Co-creation of solutions to advance maturity, including a detailed FinOps strategy and enablement plan.
Documentation and Executive Summary: A comprehensive deliverable capturing engagement outcomes, value extracted, and the solution plan.
AWS Products We May Use: AWS Cost Explorer - Monitor spending trends. AWS Budgets - Prevent cost overuns with alerts. AWS Billing Dashboard - Quickly review and manage your monthly bill. AWS Pricing Calculator - Plan costs for new projects or services. AWS Trusted Advisor - Review and act on cost optimization recommendations.
Highlights
- Inform: Communicating the business and technical drivers of cloud consumption to improve visibility and allow users to forecast, track and monitor cloud spend in real time with the help of analytics tools.
- Optimize: Gathering and interpreting cloud utilization and cost data to find and act on rate levers and opportunities to optimize costs, including automation, rightsizing, and committed consumption rates.
- Operate: Establishing continuous tracking and measurement to correlate cloud metrics to revenue generating activities (unit economics), often through a cloud center of excellence (CCOE).
Details
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