FinOps is a cultural practice encouraging accountability where cloud engineers and finance work as one team (called FinOps HUG) and makes sure you get the most out of every dollar you spend with data driven decisions in near real-time.
"Businesses embracing cloud technology are heavily focused on cost optimization, but this is only one component of the Finops"
Key FinOps Objectives
Build standardization, education, and encouragement of a positive culture.
FinOps is the practice of bringing technology, business, and finance together
Practice of adding financial Accountability to the cloud's variable expenditure model
Allowing teams to trade-off Quality, Speed, and Cost.
FinOps is the new cloud operating model for many organizations in order to grasp the unit economics of the cloud.
FinOps Practices supported by a central best practices group, allowing distributed teams to manage their cloud costs.
Operational team members may access their real-time needs and take data driven decision.
Instead of siloed procurement team, Cross functional FinOps Team leverage Decentralized Procurement using Best Practices and execute instant procurement using “IaC“
