Info-Tech Research Group's new blueprint provides IT leaders
with strategies to establish financial transparency, improve cost
forecasting accuracy, and leverage automation for optimized cloud
expenditure. The comprehensive guide addresses common challenges in
cloud cost management and offers actionable insights to align
financial practices with organizational goals, fostering innovation
and efficiency in a competitive market.
TORONTO, July 30,
2024 /CNW/ - As cloud adoption continues to surge,
organizations are grappling with the complexities of cloud cost
management. The recent 2024 Future of IT Survey by Info-Tech
Research Group revealed that 72% of infrastructure respondents are
already invested in cloud computing and plan further investment.
However, effectively managing these costs has become a critical
challenge, especially as the cloud's promise of innovation often
comes with escalating expenses. To address this, Info-Tech has
unveiled a new blueprint, Build a FinOps Strategy to Enable
Dynamic Cloud Cost Management. A resource designed
to help IT leaders navigate these complexities, this comprehensive
guide provides actionable insights into establishing financial
transparency, enhancing cost forecasting, and leveraging automation
to optimize cloud expenditures.
The recently published blueprint emphasizes the importance of
financial transparency as a cornerstone of effective cloud cost
management. Info-Tech's research highlights that without a clear
and transparent view of cloud expenditures, organizations risk
overspending and inefficiencies.
"The significant increase in cloud adoption has escalated the
complexity of cloud resource management. Engineers are being
motivated to be innovative, which adds more costs to cloud
resources," says Mahmoud Ramin,
senior research analyst at Info-Tech Research Group.
"Organizations should break the silo between Finance and other
departments, provide more visibility into their expenditures, and
make stakeholders responsible for their use of resources. FinOps
practices help break down silos, improve collaboration across the
business, and make users accountable for their cloud
usage."
The firm advises in the blueprint that by implementing robust
tagging and metadata strategies, as well as establishing
comprehensive cost management models, organizations can achieve
greater accuracy in tracking and allocating cloud costs. This
structured approach not only aids in current financial oversight
but also sets the stage for predictive analytics and future cost
forecasting, ensuring that IT expenditure aligns closely with
business objectives.
"Transparency is one of the primary FinOps initiatives. The
ability to use advanced data analytics relies on effective tagging,
robust cost modeling, and efficient budget management,"
explains Ramin. "AI-powered cloud cost management tools can help
organizations boost their growth through exponentially improving
FinOps practices; however, organizations need to apply the core
FinOps practices to implement such automation
capabilities."
Info-Tech's research insights also underscore the critical role
of fostering a culture of accountability and continuous
improvement. By embracing best practices in cloud cost governance
and encouraging cross-departmental collaboration, organizations can
ensure data integrity and consistency across all financial
operations. This holistic approach not only streamlines current
cost management practices but also prepares organizations to
swiftly adapt to evolving business demands and technological
advancements, thereby maintaining operational efficiency and
strategic agility.
Info-Tech recommends that organizations consider the following
approach to FinOps, which is structured around three key phases in
the Build a FinOps Strategy to Enable Dynamic Cloud Cost
Management blueprint:
- Transparency: Implement tagging and metadata
strategies to track cloud expenditures accurately. Establish
comprehensive cost management models and evaluate metrics using
advanced data analysis. This approach ensures clear visibility into
cloud spending, enabling organizations to make informed decisions
and identify areas for cost optimization.
- Forecasting: Develop internal benchmarks, build
budgets, and streamline the implementation process to forecast and
manage cloud costs effectively. Accurate forecasting allows
organizations to anticipate future expenses, align cloud
investments with business goals, and avoid unexpected financial
overruns.
- Automation: Select appropriate tools to enhance
FinOps processes and leverage smart automation to detect and manage
cost anomalies in real time. Automation reduces manual effort,
increases efficiency, and ensures consistent application of cost
management practices, ultimately driving significant cost savings
and operational scalability.
By implementing these phased strategies, organizations can
achieve a proactive approach to cloud cost management.
Info-Tech's blueprint emphasizes the necessity of aligning
FinOps practices with organizational objectives to maximize cloud
value and drive innovation. The comprehensive approach provided
ensures IT leaders can transform their cloud financial management
to foster sustainable growth and operational excellence in the
cloud era.
For exclusive and timely commentary from Info-Tech's analysts,
including Mahmoud Ramin, an expert
on IT infrastructure and operations, as well as access to the
complete Build a FinOps Strategy to Enable Dynamic Cloud Cost
Management blueprint, please contact
pr@infotech.com.
Info-Tech LIVE 2024 Conference
Registration is now open for Info-Tech Research Group's
annual IT conference, Info-Tech LIVE 2024, taking place
September 17 to 19, 2024, at the
iconic Bellagio in Las Vegas. This
premier IT industry event will also offer journalists, podcasters,
and media influencers access to exclusive content, the latest
technology research and trends, and the opportunity to interview
industry experts, analysts, and speakers. To apply for media passes
to attend the event or to gain access to research and expert
insights on trending topics, please contact pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world's leading
research and advisory firms, proudly serving over 30,000 IT and HR
professionals. The company produces unbiased, highly relevant
research and provides advisory services to help leaders make
strategic, timely, and well-informed decisions. For nearly 30
years, Info-Tech has partnered closely with teams to provide them
with everything they need, from actionable tools to analyst
guidance, ensuring they deliver measurable results for their
organizations.
To learn more about Info-Tech's divisions, visit McLean &
Company for HR research and advisory
services and SoftwareReviews for software buying
insights.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to access the
latest research, visit infotech.com and connect via
LinkedIn and X.
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SOURCE Info-Tech Research Group