Getting the hang of cloud technology can feel like navigating a maze, especially when you’re striving to keep your spending in check. That’s where Financial Operations, or FinOps, steps in—an expert practice that blends the realms of finance and technology to effectively manage, control, and optimize cloud expenses. Teaming up with a FinOps pro can be a game-changer in your cloud cost management strategy, and today, we’re diving into how you can seamlessly embrace a comprehensive FinOps mindset in your first 180 days, especially when you have a reliable partner like Lightstream by your side.
The Three Pillars of a Winning FinOps Strategy
1) Foster Internal Accountability for Cloud Spending and Utilization
The cornerstone of a successful FinOps approach is accountability. It’s crucial that both your finance and tech teams not only comprehend but also take ownership of the costs incurred and resources used. At Lightstream, we put the spotlight on Cloud Accountability, offering:
- Crystal-clear visibility into cloud expenditure across different departments.
- Real-time alerts to keep spending within budget thresholds.
- Tailor-made reporting based on account and tagging strategies.
These features, inspired by FinOps.org principles, create a culture of awareness and responsibility among all stakeholders, ensuring that everyone plays a part in managing cloud expenses.
2) Supercharge Rate Optimization
The next vital step is optimizing your existing cloud contracts, server sizes, and Reserved Instances (RIs). At Lightstream, we bring you:
- Expert tools that can swiftly implement savings plans.
- Risk management strategies and RI contracting insights.
- Potential savings of up to 72% on applicable products through rate optimization.
These measures are pivotal in ensuring that you’re getting the most value for your investments, and they perfectly align with FinOps.org recommendations.
3) Turbocharge Usage Optimization
Last but not least, the third pillar revolves around optimizing your actual cloud usage. Unused or underutilized resources can swiftly drain your finances. Lightstream is here to assist you in:
- Identifying and eliminating unused or inefficient resources.
- Implementing automation to scale services according to real-time utilization.
- Making architectural enhancements to maximize the utility of your cloud resources.
Choosing the Right Partner: The Lightstream Advantage
Partnering with Lightstream equips you with several advantages:
- Lightstream Connect™ Software: Our web-based tool offers deep insights into your cloud and network spending, simplifying cost management and optimization.
- Tailored Solutions: Lightstream specializes in delivering solutions tailored to your organization’s unique needs, providing genuine flexibility and adaptability.
- Extensive Experience: With over two decades of experience, Lightstream possesses the knowledge and expertise to ensure your FinOps implementation is a resounding success.
The First 180 Days: A Roadmap
Days 1-30: Kick off an internal assessment of your cloud spending and usage using Lightstream’s tools.
Days 31-60: Define objectives, establish KPIs, and start tracking cloud costs in real-time.
Days 61-90: Implement rate optimization strategies to start witnessing immediate savings.
Days 91-120: Shift your focus to usage optimization by identifying and eliminating inefficiencies.
Days 121-150: Review and fine-tune your strategies based on the data collected.
Days 151-180: Conduct a comprehensive review, comparing initial goals with outcomes, and chart a path forward.
Embracing FinOps is more than just a step—it’s a leap towards optimal cloud cost management. With guidance from FinOps.org and a trusted partner like Lightstream, your first 180 days in FinOps can be transformative for your organization.
Start your FinOps journey today and revolutionize your organization’s approach to cloud financial management.
