techinfohub

This blog discusses the challenges of cloud cost management and how a financial operations (FinOps) approach can help solve the cloud cost paradox. FinOps is a response to the challenge of cloud cost management. The Cloud’s on-demand consumption model promises cost savings—letting you pay only for what you need, but in reality, organizations find costs spiralling out of control after they move to the cloud. The situation gets difficult due to variable pricing, constant changes in pricing models, a lack of standardization in cloud billing, and misused, misaligned, and misconfigured services. FinOps encourages a cross-functional approach to deliver greater financial accountability, increased cost savings, reduced business risks, and improved cloud quality. It relies heavily on personal ownership and commitment and is built on several core principles, including business-value-based decisions, centralized management, collaboration, and timely and accessible reporting. Best practices fo...