Evoque’s FinOps Services

Maximize the Value of Your Cloud Adoption Journey With Foghorn’s FinOps Services

COST OPTIMIZATION

GAIN MULTI-CLOUD COST VISIBILITY

BETTER TRANSPARENCY

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:

IMPROVE CROSS-COLLABORATION

ENABLE REAL-TIME DECISION-MAKING

ENSURE SCALABILITY

BUILD A CULTURE OF FINANCIAL ACCOUNTABILITY

IDENTIFY RESOURCE OPTIMIZATION OPPORTUNITIES

BETTER COST OPTIMIZATION

With our strategic approach and technical expertise around cloud FinOps, we can assist our customers to anticipate, manage, control, and optimize their cloud costs.

Decoding the Core FinOps Principles

To drive financial accountability and accelerate business value in the cloud, here are 6 key FinOps principles that we’ve seen play a fundamental role in the successful execution of cloud FinOps.

1. Team Collaboration

Collaboration across Engineering, Finance, Application Management, Development, and Leadership teams is essential to the success of your FinOps initiative.

2. Business Value of Cloud

To amplify the cloud’s business value, organizations must measure the business value of their projects.

3. Accountability

For better accountability and collaboration, FinOps teams must be responsible for reporting and cost optimization with clear KPIs and metrics.

4. Timely Reporting

The duo of collaboration and accountability works best when organizations have real-time anomaly detection, billing and cost data at all levels in the organization.

5. Variable Cost of Cloud

Keep the cost of the cloud under control by eliminating underutilized resources, optimizing deployed resources, and making incremental improvements to cloud usage.

6. Centralization

Ensure centralization of activities to reduce duplication, such as cost reporting and anomaly detection.

The FinOps Lifecycle

The FinOps journey consists of three phases:

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