Tangoe, the expense and asset management software company, has joined the FinOps Foundation community as a Premier member, while its Chief Product Officer, Chris Ortbals, will join the FinOps Governing Board as a voting member to help craft Foundation strategy and direction.
To recap, the FinOps Foundation is a non-profit technology consortium focused on advancing the management of cloud assets. It is made up of thousands of FinOps practitioners including those in 48 of the Fortune 50. As the convergence between ITAM and FinOps continues, the FinOps Foundation has become a regular contributor to the ITAM Review, with its leaders becoming regular speakers at our events. Most recently Rob Martin, FinOps Principal of the FinOps Foundation spoke at our “ITAM & FinOps: How to win big” event in Las Vegas.
As the FinOps Foundation puts it, 70% of businesses say it’s challenging for IT, finance, and procurement teams to account for monthly cloud spending and usage. Moreover, the inability to trace spend and chargebacks is of particular concern to the C-suite, with 66% of them citing this as a challenge. The FinOps Framework emerged as the predominant model for managing cloud expenditures while maximizing the business value of cloud services.
James Parker, CEO of Tangoe commented on the company’s reasons for joining the FinOps Foundation, “We’re thrilled to join the FinOps Foundation as a partner member and look forward to becoming an active participant of the community. With over 23 years of pioneering technology expense management, Tangoe is keen to share our deep experience, offering a distinctive advantage that validates our cloud expense management solutions and underscores our proficiency in the practice of FinOps.”
J.R. Storment, Executive Director of the FinOps Foundation, welcomed Tangoe stating, “FinOps harkens back to many of the variable spend principles that technology expense management pioneered decades ago, before cloud brought highly granular consumption data at massive scale. We trust that Tangoe’s participation will enrich the FinOps community and contribute to the development of best practices that transcend cloud infrastructure into related IT spending from SaaS and UCaaS. We are excited to have them share their working knowledge and deep expertise around asset management with the broader FinOps community through working groups that feed the FinOps Framework.”
Tangoe are a long-standing player in Technology Expense Management (TEM) so this is a sensible move that shows further convergence across the technology markets. Bringing their TEM expertise to bear on IaaS, PaaS, and SaaS costs will help further strengthen and accelerate the ongoing move to reduce wasted spend, increase efficiency, and improve processes for customers across all industries.