In the admittedly brief history of FinOps, 2022 was a banner year. The use of the term FinOps by people in their job descriptions (and job postings) was up over 1900%. Searches for the term FinOps were 10x searches for terms like cloud financial management or cloud cost optimization. And the FinOps Foundation saw participation from FinOps practitioners around the world surge 8 fold, and now counts among its supporting members companies like AIA, Apple, Fidelity, JP Morgan Chase and 70 other companies. 9 of the Fortune 10 and 43 of the Fortune 50 participate in events at the Foundation.
Those who contributed to the Foundation’s State of FinOps Survey (you can contribute to the 2023 survey by going to data.finops.org and clicking the banner on the top of the page) tell a story of growth. Growth in cloud spending, in the size and complexity of FinOps practices, growth in the use of tooling and in the sophistication of that tooling to handle complex, multi-cloud, hybrid environments. 2022 saw few “all-in” announcements for any particular cloud. It seemed to be the year that many organizations got serious about managing the value of their cloud investment, just as they’ve had to manage the value of other IT assets in the past.
And so it’s no surprise that 2022 also saw a huge amount of involvement between practitioners of ITAM disciplines and FinOps teams in organizations large and small. The need to understand the fast-moving, ephemeral resources in the cloud – particularly as cloud use grows so quickly – has become an essential skill to every ITAM professional. And the need to apply a consistent approach to understanding the value of every IT asset – whether virtual or physical – is required to extend the FinOps practice beyond unit economics, to understand the true value IT brings to an organization.