Draft:Cloud FinOps
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Last edited by Fcontrepois (talk | contribs) 11 months ago. (Update) |
Cloud FinOps, often called FinOps, is a discipline born to help the financial, procurement and technical transition to Cloud Computing. Finance and procurement benefit from implementing FinOps practices as they support the changes from a financially predictable and technically unflexible CapEx model to a more financially unpredictable and more technically flexible OpEx one. Technical teams benefit from implementing FinOps practices by helping to move from an environment where computing power is scarce to one where it can be seen as infinite and always available; most non-cloud best practices require an update or a rewrite when moving to the cloud.
Definition
The FinOps Foundation's definition of FinOps is: "FinOps is an evolving cloud financial management discipline and cultural practice that enables organizations to get maximum business value by helping engineering, finance, technology and business teams to collaborate on data-driven spending decisions."[1]
Other definitions exist:
- AWS uses the term Cloud Financial Management.
- Google Cloud defines FinOps as An operational framework and cultural shift that brings technology, finance, and business together to drive financial accountability and accelerate business value realization through cloud transformation.[2]
Possible confusion with Financial Operations
Cloud FinOps is NOT Financial Operations, nor is it solely an operating model to cut cloud costs. "FinOps is a portmanteau of “Finance” and “DevOps”, stressing the communications and collaboration between business and engineering teams.
The Financial Operation department does exist in certain companies and can be abbreviated in FinOps. In these cases, using Cloud FinOps can eliminate the issue.
History
Name
From the Cloud FinOps book (2nd ed. pg 7), J.R. Storment first spoke about the concept of FinOps in a DevSecOps talk at an AWS Public Sector Summit in DC in 2016[3]. While there is no actual date that the term was first used, it is said that Spotify coined the term around that same period.
Value Proposition
Framework
Challenges and limitations
To add
References
- ^ "FinOps Foundation - What is FinOps?". Retrieved 2023-11-10.
- ^ "What is Cloud FinOps?". Google Cloud. Retrieved 2023-11-10.
- ^ Leveraging Cloud Transformation to Build a DevOps Culture | AWS Public Sector Summit 2016, retrieved 2023-11-14