For day 3 of the “12 days of ITAM” we spoke with Catherine Zhang from Commonwealth Bank about Cloud FinOps.
2022 saw this term gaining popularity as Cloud spend spirals and business leaders realizing it’s an area if actively managed can deliver great financial impact; the time to value on invested effort is a great draw card for management as well, as they don’t have to wait for renew time or contract negotiation to reap the benefits.
With Gartner forecasting Cloud Spend will hit 500B by the end of 2023, Cloud FinOps program with a sound strategy and good execution will continue to gain momentum and could get C-level appreciation.
If you’re early in the Cloud migration journey, try to embed FinOps practices in the planning stage, build KPIs or OKRs to incentivise cost efficient architecture
Its not too late if you’re already knee deep in the Cloud, you will find your organisation will have capabilities that can be leveraged, it could be a strong discipline in budget and forecasting; it could be a culture of distributed accountability or it could be a agile engineering team that is well-versed in executing changes quickly and iteratively.
Remember that it’s never too late to start Cloud FinOps, and like ITAM you will need the trinity of people, process and technology to succeed.