Getting the Most out of Every Dollar Spent in Cloud - Jen Hays, Udam Dewaraja & James McLeod
Channel: The Linux Foundation
Date: 2021-11-22

Getting the Most out of Every Dollar Spent in Cloud - Jen Hays, Fidelity & Udam Dewaraja, Citi; Moderated by James McLeod, FINOS

FinOps is shorthand for “Cloud Financial Operations” or “Cloud Financial Management” or “Cloud Cost Management”. It is the practice of bringing financial accountability to the variable spend model of cloud, enabling distributed teams to make business trade-offs between speed, cost, and quality. At its core, FinOps is a cultural practice. It’s the 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 IT, Finance, Product, etc work together to enable faster product delivery, while at the same time gaining more financial control and predictability. No longer is a siloed procurement team identifying costs and signing off on them. Instead, a cross-functional FinOps team adopts a definitive series of procurement best practices, enabling them to pull together technology, business, and finance in order to optimize cloud vendor management, rate, and discounting.