Maximizing Business Value with FinOps in the Cloud

source: The FinOps Foundation

FinOps is a growing financial management approach that maximizes business value by promoting collaboration among engineering, finance, IT, and business teams to utilize the cloud’s variable cost model. It is a cultural practice that involves everyone taking responsibility for their cloud usage, supported by a central best-practices group. The FinOps Framework, developed by the FinOps Foundation and its open-source community, is based on the following guiding principles:

👉 Teams need to collaborate

FinOps requires cross-functional teams to work together towards shared fiscal responsibility for cloud usage. Ultimately, FinOps is about cultural change and education to facilitate effective collaboration and define governance for cloud usage.
✅Establish FinOps Culture
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✅Establish a FinOps decision and accountability structure
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✅Manage commitment-based discounts
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✅FinOps education and enablement
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👉 Decisions are driven by the business value of cloud