FinOps

Navigating Cloud Financial Management with Binary Global's FinOps Expertise

Cloud infrastructure offers unparalleled speed, agility, and flexibility, enabling organizations to scale capacity on demand and accelerate software development. However, this flexibility can lead to cloud financial management challenges, including inefficient resource utilization, overspending, and compromised ROI.

FinOps: A Best Practices-Driven Approach

FinOps, a methodology developed by the FinOps Foundation, has emerged as the operating model for cloud financial management. It encompasses a combination of systems, best practices, and cultural shifts to enhance an organization's understanding of cloud costs and decision-making capabilities.

FinOps promotes an agile approach to cloud financial management, empowering software engineering teams with ownership of cloud usage while providing real-time cost management data for informed business decisions.

Enhanced Visibility

Making informed cloud resource decisions requires transparency. FinOps provides visibility into cloud resources through resource tagging, mapping them to business units. This allows you to demonstrate to business unit leaders their resource consumption and ensure they derive value from their spending.

Optimized Resource Utilization

FinOps aims to optimize cloud resource utilization through increased visibility, advanced planning and forecasting, rightsizing workloads, and strategic use of Reserved Instances (RI) and Committed Use Discounts (CUD) to leverage cost savings offered by major cloud providers.

Value-Based Operations

A core principle of FinOps is to foster collaboration between IT, finance, and business stakeholders to make informed cloud investment decisions. The goal is to align cloud consumption with business objectives, drive agile service delivery, and ensure optimal cloud spending.

Binary Global's FinOps Expertise

FinOps is a continuous operating cycle, with organizations at varying stages of maturity. The FinOps Foundation defines three phases: Inform, Optimize, and Operate. Regardless of where you are in your FinOps journey, Binary Global can help.

Binary Global's Cloud Consulting Services guide you through the core elements of an optimized cloud, including accurate cost reporting via comprehensive tagging strategies, marketplace procurement governance, cloud commitment (RI) strategic planning, and ongoing resource optimization.