FinOps is the practice of bringing financial accountability to the variable cloud spending model of the cloud. Our FinOps services follow a looping model to consistently provide clean data to teams and stakeholders, identify optimization targets, and operationalize modifications based on the previous phases.
Forecasting and Budgeting- We generate cloud spend forecasts of cloud usage and propose optimal budgets for varying projects. Forecasts and budgets take all aspects of cloud architecture into account.
Allocating- Cost allocation is the process of dividing the cloud bill (usage * rate) to create a centralized strategy to increase the visibility of how costs are being allocated within the organization
Usage Optimization- Save on inputs through the identification of idle resources that do not contribute to profitability. By minimizing costs on a per-resource basis, cloud bill is decreased with usage reduction.
Rate Optimization- Obtain a better rate for resources to maximize profitability with a usage commitment. This ultimately aids in the reduction of your cloud bill. Dynamic calculations to create custom rates and amortizations.
Report- Receive comprehensive information to create timely decisions and allow businesses to maximize business value. Provides spend visibility, creating accessible and time-efficient reports and quick feedback loops. This results in efficient behavior visibility to determine the provisioning of resources, driving continuous improvement.
Principles for FinOps Services
Teams must work together
Reports are easily accessible and delivered on time
A centralized team leads FinOps services
Every decision is based on the cloud's business value
Everyone is responsible for their cloud usage
Take advantage of the cloud's variable cost structure
FinOps services are divided into three stages: Inform, Optimize, and Operate. The first phase, Inform, focuses on bringing cost transparency to all members of the organization to build shared accountability. The Optimize phase consists of recognizing idle resources and other opportunities to reduce cloud costs. Last, the Operate phase executes business processes through decision making and set goals.