target audience: TECH BUYER Publication date: May 2023 - Document type: Tech Buyer Presentation - Doc Document number: # US50654223
Control Cloud Costs and Expand Transparency with FinOps — Future Enterprise Planning Guide
This IDC Tech Buyer Presentation provides CIOs with tools to build or expand FinOps teams and processes to address cloud costs while getting the maximum ROI. Cloud technologies are the foundation of nearly all digital innovation and must be at the heart of digital strategy. At the same time, business innovation can be successful only if balanced against spending. Organizations must continue to invest in the cloud. But they are looking to realize more value from those investments. IDC estimates that 20–30% of all cloud spending is wasted.
FinOps (cloud financial management) provides governance, accountability, and best practices to enable organizations to get the maximum value from their cloud spend. The FinOps Foundation defines the practices as "an evolving cloud financial management discipline and cultural practice that enables organizations to get maximum business value by helping engineering, finance, and business teams to collaborate on data-driven spending decisions."
The number of companies adopting FinOps has doubled in the past two years to 60%, but success in implementation and maturity levels vary widely.
FinOps cloud financial management practice enables maximum business value from the cloud through cross-discipline collaboration, transparency, and data-driven spending decisions. In addition, FinOps tools and best practices prepare the enterprise to develop and maintain real-time cost and outcomes visibility for cloud across IT and unit resources.
Cloud spending should be aimed at value and innovation. The end goal for FinOps is not just to lower cost; it is selecting the right technology and using it to maximize the ROI.