Manage, Measure, and Control Cloud Expenses Using FinOps

Balance Cloud Costs and Business Goals with FinOps Service Offerings

Why FinOps?

FinOps brings financial accountability to the variable spend model of cloud, enabling distributed teams to make business trade-offs among speed, cost, and quality. In practice, it means establishing performance indicators for an organization’s cloud costs based on service, business unit, environment, etc., and diagnosing the organization’s consumption based on these indicators.

Top 7 FinOps Adoption Related Challenges

Here are the top 7 FinOps adoption related challenges that many encounter.

Getting Engineers to act on cost optimization

Accurate forecasting of cloud spend

Organizational adoption of FinOps

Enabling automation

Reducing waste or unused resources

Aligning finance/procurement teams with tech/eng teams

Full allocation of cloud spending

FinOps - Key Drivers

Reduce wasted cloud spend

  • 32% of total cloud spend is wasted spend.

Cost Management across multiple clouds

  • 89% organizations are using multiple clouds resulting in increased demand for cost optimization Initiatives.

Strong demand from end customers to optimize cloud spend

  • 59% of organizations have cost savings - cloud spend optimization - as their top cloud initiative.

Operating Model changes arising from increased cloud spend

  • IT and Finance teams need to operate more efficiently together to support the agility of the business and pro-actively monitor and react to cloud spends.

Key Benefits

Gain visibility to control costs

Drive accountability for cloud spend

Simplify cloud budget management

Identify optimization opportunities & automate tasks

Accelerate fulfillment requests

Enable data driven decision making

FinOps - KPIs/Metrics

FinOps relies heavily on key performance indicators. FinOps KPIs are used to gain visibility and a metric perspective to streamline the cost-controlling process. Cigniti’s FinOps KPIs can be broadly classified as follows.

Cloud Visibility KPIs

  • Rightsizing savings percentage
  • Effective cost per resource
  • Production incidents by application/team
  • Reverted cloud deployments
  • Mean time to repair or mean time between failures
  • Number of security lapses in a month
  • Number of assets that don’t meet configuration standards

Cloud Optimization KPIs

  • Rightsizing savings percentage
  • Effective cost per resource
  • Production incidents by application/team
  • Reverted cloud deployments
  • Mean time to repair or mean time between failures
  • Number of security lapses in a month
  • Number of assets that don’t meet configuration standards

Cloud Governance and Automation KPI

  • Cost optimized over time
  • Cost optimized per policy over time
  • Time saved as a result of policies
  • Number of reservations automated
  • Time to remediate security violations
  • Resource based commitment discount target coverage
  • Service availability
  • Time to deployment

Cigniti FinOps Service Offerings

Inform
Visibility & Allocation
FinOps Maturity Assessment
Cloud Health Check
FinOps Diagnostic Services
Operate
Continuous Improvement & Operations
FinOps CoE
FinOps Operating Model Design
CMP tooling service native & specilaized tools
Optimize
Utilization
FinOps as a Service
Cloud Cost Optimization services
FinOps Practitioner Staff Aug services
Key Enablers
Cigniti Cloud CoE
Cigniti FinOps Practitioners
Partner tools native CSP & Niche CMP tools
Cigniti FinOps solutions, utilities & accelerators

Cigniti FinOps Business Model Options

FinOps Consulting & Implementation Partner

  • Cigniti to be positioned as independent FinOps consulting and tool implementation partner with capability in all native cloud cost optimization tools and leading independent CMP/FinOps tools.
  • Customer to be charged for consulting and tool implementation services based on the agreed engagement model T&M, fixed price, etc.
  • CMP/FinOps tool license cost should be borne by customer
  • FinOps operations post initial consulting and implementation to be managed by customer team

FinOps as a Service

  • Managed service option that includes Cigniti consulting and implementation services + Cigniti white labelled CMP platform or CMP tool of choice by customer
  • Customer to be charged monthly factoring the license cost of CMP platform and consumption of Cigniti services cost
  • No upfront investment in CMP/FinOps tool license cost by customer
  • FinOps operations will be supported by Cigniti team

Gain Share Model

  • Includes Cigniti consulting and implementation services + Cigniti white labelled CMP platform
  • Customer to be charged a small percentage of the actual cloud cost savings
  • No Sunk cost. No upfront investment in CMP/FinOps tool license cost by customer

Cigniti’s Assurance to Customers

FinOps is a practice that brings financial intelligence and realization of an organization’s cloud spending.
Here are some of the assured benefits for the customer.

Cigniti FinOps Vendor Landscape

FinOps Thought Leadership

Everything You Need to Know About FinOps

The Licensing and Pricing Model Associated with FinOps Tools

Save Cloud Costs Utilizing Cigniti-Recommended FinOps Platform

For More Thought Leadership Articles

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