Evoque’s FinOps Services
GAIN MULTI-CLOUD COST VISIBILITY
MITIGATION OF FINANCIAL RISKS
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FinOps – Your Key to Building an Efficient Cloud Cost Management Strategy
Because cloud technologies span across departments within an organization, this cross-ownership makes it easy for organizations to lack the visibility needed to control costs. This increases the need for stronger cloud financial management, also known as “FinOps.”
FinOps is a model designed to help cloud adopters leverage the power of the cloud and control their costs across all departments.
Leveraging the FinOps model, you can gain the visibility you need to optimize your cloud investments, all while empowering your teams to make informed business decisions and drive accountability for cloud spending.
Benefits of Cloud Financial Management
The benefits of the cloud are secret to none, but soon orphaned workloads can accumulate and costs can become unwieldy. That’s where FinOps comes to the rescue.
According to a report by IDC, by 2023, 80% of organizations using cloud services will implement a dedicated FinOps function to optimize cloud resources to maximize value.
Here’s how our FinOps services can help you:
ENABLE REAL-TIME DECISION-MAKING
BUILD A CULTURE OF FINANCIAL ACCOUNTABILITY
IDENTIFY RESOURCE OPTIMIZATION OPPORTUNITIES
BETTER COST OPTIMIZATION
Decoding the Core FinOps Principles
1. Team Collaboration
2. Business Value of Cloud
4. Timely Reporting
5. Variable Cost of Cloud
The FinOps Lifecycle
Inform – Make information visible for intelligent decisions
Optimize – Drive Cloud efficiently by automating resources
Operate – Build a FinOps culture & continuously improve for efficiency and innovation
FinOps Maturity Model
FinOps is iterative by nature. You will witness improvement in the maturity of any given process, domain, capability, and functional activity with repetition.
A “Crawl, Walk, Run” approach to performing FinOps allows companies to start small, thus growing in scale, scope and complexity as functional activity matures.
Key FinOps Metrics and Performance Indicators
Peter Drucker was right when he stated, “What gets measured gets managed.” That’s why it is important to establish metrics and KPIs to create measurable benchmarks for cloud resource monitoring and usage.
Here are some key metrics to keep in mind for FinOps success:
Resource Optimization Metrics, such as:
Actual vs. Budget Per Service
Percentage of Underutilization of Services
Spend Per Application
Pricing Optimization Metrics, such as:
Committed Use Discount (CUDs)
Preemptible Instance Coverage Ratios
Idle On-demand Resource Ratios
Once these metrics are in place, you can establish advanced KPIs.
Cloud Optimization KPIs, such as:
Rightsizing Savings Percentage
Effective Cost Per Resource
Number of Security Lapses in a Month
Important KPIs, such as:
Savings Plan Coverage
Rightsizing Opportunity Value
Usage on Weekends vs Weekdays
Cloud Visibility KPIs, such as:
% of Environment With Tagging in Place
% of Bill From Untagged Resources
% of Revenue Spent on the Cloud
Experience the Foghorn Difference
Foghorn’s FinOps experts hold extensive experience in analyzing cloud usage and driving down cloud spending for clients on AWS, Azure, and GCP. We’ve reduced over 40% from customers’ AWS, GCP, and Azure bills, resulting in hundreds of thousands in savings per month. If you wish to accelerate and realize business value in the cloud, Foghorn’s FinOps experts are ready to assist and manage your cloud cost in the most efficient way.
Hear our Customer Success Stories!
“Foghorn is absolutely my GO-TO consulting resource and trusted partner for cloud and other strategic technologies.”
DAVE SWAN, VICE PRESIDENT, IT & APPLICATIONS, NATERA
“Foghorn helped us throughout our growth from inception onwards working closely with our team as we have grown. Very supportive and flexible.”
STEVE POLSKY, JUVO FOUNDER & CEO