The increasing cloud complexity and rising costs require mature FinOps processes to deliver expected business outcomes.
FinOps has garnered increasing interest among enterprises looking to adopt new processes to optimize their cloud spending. IT previously had complete visibility and transparency with on-premises datacenters. With the advent of the public cloud and the complexity of multi-cloud found in many enterprises, this transparency was often missing.
Companies need a holistic approach to address all current and future cloud cost areas to provide a cost-effective and well-performing cloud with transparency. A mature FinOps practice is a solution to meeting these goals, but many organizations are just starting their FinOps journey.
This analyst brief by IDC sponsored by Wipro focuses on cross-functional FinOps, its benefits and how enterprises can rapidly mature their FinOps by focusing on three pillars of cost avoidance, cost reduction, and cloud finance management to manage their cloud investment responsibly to improve return on investment.
Some key takeaways from the report are:
- A customizable hierarchy that ensures each persona receives the level of reporting and accountability needed is critical to the success of a company’s FinOps journey toward maturity.
- Teams must work together to set FinOps metrics and goals and hold each other accountable to meet and exceed these business objectives.
- Companies must candidly evaluate their FinOps maturity to realize its full potential and identify areas for improvement.