Insights

Take Back Control of Your Cloud Expenditure

Author: Sharon Loh

Imagine this: You’ve received approval to work on a cloud project and are excited about the potential to drive business impact. But then, the bill arrives, and it’s three times more than your budget forecast. You’re surprised and frustrated. Sounds familiar? You’re not alone.

Unpredictable cloud costs are a common challenge for IT and/or business decision makers. Often, this happens because of a lack of time, knowledge, and experience in managing cloud cost forecasts effectively.

In this video, Pedro Drumond explains why FinOps is important. It gives you real-time insights into when, where, and how cloud costs occurred to reduce unnecessary waste and ensure every dollar is spent to support your strategic business goals. It is a collaborative approach that connects finance, operations, and IT to get the most from cloud spending. FinOps is about smart cloud spending.

Timestamps

• 00:19 Can you tell us about your role?
• 02:16 Challenges in implementing FinOps
• 05:04 Key steps to address these challenges
• 07:56 Key trends in FinOps
• 09:19 Three key takeaways for customers thinking of FinOps

Steps to Improve Your Organization’s Cloud Expenditure

• Understand your current cloud consumption before taking action
• Know your infrastructure and define criteria for new requests.
• Regularly review usage data to spot anomalies and cost-saving opportunities.
• Define a step-by-step action plan to tackle issues in the short, mid, and long-term.

Insights from Pedro

“From our experience, our customers often do not understand how their resources are billed and perform their migration to the cloud based on rough calculations about infrastructure and application resources. They may not consider correlated or dependency costs in this process.”

“For multi-cloud customers, they need to understand individual provider cost structure, cost monitoring tool and conduct comparative studies of cost and performance. Understanding which cloud is the most suitable for their business needs is important.”

“The dynamic nature of cloud environments demands a commitment to continuous optimization. Taking a proactive approach in areas such as right-sizing, auto-scaling, and cost optimization can lead to savings and sudden spikes in costs. It’s important to keep in mind that FinOps does not have a lifecycle with a beginning, middle, and end. It is a culture that will assist in the development of the entire company.”

Watch this video as Pedro shares more tips on FinOps. Ready to take back control of your cloud expenditure? Let’s connect.