Financial operations (FinOps) initiatives are becoming more critical as global enterprises prioritise cloud cost optimisation, according to data and analysis company GlobalData.
Standard practice
Charlotte Dunlap, research director, Enterprise Technology and Services at GlobalData, said: "FinOps is becoming the standard practice among global enterprises. DevOps teams are looking to verify that modern applications are being deployed in the most efficient and cost-effective manner, namely through advanced monitoring and cost optimisation tools."
Dunlap said it is difficult for organisations to economise on new digitalisation investments without knowing the allocation, consumption, and management of resources.
FinOps journey
"Third-party partners play key roles in helping train enterprise staff to build out their internal FinOps program," Amy Larsen DeCarlo, principal analyst, Enterprise Technology and Services at GlobalData, said, citing the partnership of Amazon Web Services (AWS) with Accenture and Kyndryl, and Google Cloud's partnerships DoiT and Ternary to help clients move forward in their FinOps journey.
"Such professional services are important for addressing long-term problems associated with rising cloud costs and complexities. Multi-cloud has long been a reality for many enterprises. With many implementations originating in project-based departmental deployments, IT teams face sprawling and inefficient cloud implementations,” DeCarlo said.
“Beyond the technical requirements to accomplish this perspective and gain better control over deployments across multiple clouds, it is essential to have IT teams work in collaboration with business units, finance teams, and executives," she continued.
