How FinOps Revolutionizes Cloud Cost Management for Enterprises

Businesses adopt multi-cloud for innovation, but face challenges in managing costs.

By Sunil Sonkar 2 Min Read
2 Min Read
How FinOps Revolutionizes Cloud Cost Management for Enterprises

Businesses are increasingly adopting multi-cloud strategies and these services range from AI capabilities to data processing as well as edge computing. These are now essential in driving innovation and business growth. However, benefits come with challenges too and particularly in managing as well as controlling cloud costs.

Recent studies have highlighted that the issue is cloud expenses. According to a survey conducted by Forrester Research and HashiCorp, 94% of global IT decision-makers acknowledge paying for cloud expenses. These could be avoided. Additionally, IDC’s Archana Venkatraman highlighted that up to 30% of cloud spending is often looked as ‘waste’ due to inadequate governance and control mechanisms.

Tracking resource utilization within a single environment is complex. Expanding the task to encompass multiple cloud providers amplifies the challenge. There are some surprises and these are unused resources, difficulties in modernization efforts and unexpected cost.

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The challenges are now being addressed. Enterprises are turning to FinOps to navigate the uncertainties surrounding cloud costs. FinOps makes collaboration strong between various teams within an organization and provide them insights into return on investment and project-specific spending.

OpsNow, a Software as a Service (SaaS) platform developed by Bespin Global, has come up with a compelling solution. It has adopted a “shared savings” model. OpsNow reduces the upfront investment and ongoing maintenance burden for CIOs. It enables identification of unused resources and recommendations for capacity adjustments to optimize cloud deployments. It also enables early detection of anomalies through AI-driven insights and alerts the IT teams to usage spikes as well as budget overruns before they escalate.

By embracing the solutions, enterprises can innovate in the knowledge that their cloud spending. They can have control on it and make it align with strategic business objectives.

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