Draft:FinOps
| Submission declined on 15 May 2024 by S0091 (talk). This submission appears to read more like an advertisement than an entry in an encyclopedia. Encyclopedia articles need to be written from a neutral point of view, and should refer to a range of independent, reliable, published sources, not just to materials produced by the creator of the subject being discussed. This is important so that the article can meet Wikipedia's verifiability policy and the notability of the subject can be established. If you still feel that this subject is worthy of inclusion in Wikipedia, please rewrite your submission to comply with these policies.
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Comment: This is a WP:COATRACK for FinOps Foundation rather than a summary of reliable independent sources about the supposed discipline. S0091 (talk) 20:18, 15 May 2024 (UTC)
FinOps, short for "Finance Operations," is a discipline that seeks to implement best practices in financial and operational management to optimize cloud service expenditures. It is a collaborative approach involving finance, technology, and business teams, aiming to maximize the value and efficiency of cloud investments by aligning cost with usage and performance.
The discipline of FinOps began to gain popularity in 2019 with the creation of the FinOps Foundation[1]. This non-governmental organization aims to structure the best and most relevant FinOps practices.
What is FinOps?
[edit]You are not alone. Budget overruns often stem from a lack of cost governance and not understanding what the organization is committing to spend, how it is committing to spend, and where that money goes. FinOps helps address this reality. At its core, FinOps is a cultural practice. It is a way for teams to manage their cloud costs, where everyone takes ownership of their cloud usage supported by a central best practices group. Cross-functional teams in engineering, finance, product, etc. work together to enable faster product delivery, while at the same time gaining more financial control and predictability.
Why FinOps?
[edit]While cost savings are often cited as the main benefit of the cloud, successful cloud-first companies have demonstrated that scalability and innovation are the true advantages. Cloud adoption enables enterprises, even in "non-tech" sectors, to move faster, grow revenue, and differentiate themselves through software and data.
Cloud technology has made scalable infrastructure, machine learning, and IoT (Internet of Things) accessible to businesses of all sizes, rendering traditional data center approaches obsolete. Winning enterprises empower their engineers to write better and faster code, delivering value to customers. The cloud has fundamentally transformed their ability to deliver more competitive products.
Impact of Not Adopting FinOps..
[edit]The cloud removes the limitation on available storage and compute within data centers and empowers engineering teams to get quick access to the resources they need. However, when focused on speed and innovation, it's easy for cloud bills to soar. In response, companies too often clamp down on cloud, causing innovation to slow, and threatening to make them less competitive in the process.
Investment in FinOps allows FinOps Capabilities to be developed and leads to better financial management of cloud services. This ensures cloud initiatives deliver measurable business value, and each of these value-driven initiatives gives the cloud value flywheel another push.
References
[edit]- https://www.finops.org/assets/terminology/
- https://www.finops.org/framework/
- https://www.finops.org/wg/adopting-finops/
- ^ "FinOps Foundation Overview: Mission, History & Certifications". Spot.io. Retrieved 2024-05-15.
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