The Finops methodology is the solution to manage a company’s finances and keep costs under control. Being fundamental to the financial health of the business. And it is possible to reduce unnecessary expenses with this great ally.
Primarily, FinOps helps companies identify and implement cost-saving initiatives. The process can be described as a continuous cycle that aims to monitor and improve financial processes, thus achieving cost reduction.
It is, therefore, a methodology whose objective is to make financial processes more efficient and make your company save resources.
These savings are obtained mainly with the use of automated tools such as: Tangoe, TNX, Navita, Sumus and Informatec to carry out in-depth analysis of the company’s expenses and find opportunities for optimization.
For example, you can use these tools to analyze your financial data looking for services that are no longer being used, or that can be obtained at a lower price.
Speaking of FinOps – Financial Operations (Financial Operations). In this article, Loonar will show you how FinOps can be a great ally in your company’s financial management. Let’s go?
What is FinOps and what is its purpose?
FinOps is an approach to IT cost management that aims to make costs more transparent and aligned with business goals. It involves creating a unified framework for monitoring, measuring and optimizing IT costs.
The most modern and varied analysis strategies are generally employed in AWS Cost Explorer, Azure Cost Mangament and GCP Cost Management infrastructures, for example. As well as more comprehensive orchestration, automation, workflows, integrations and data visualization technologies.
This involves monitoring costs in real time, identifying areas for cost optimization, forecasting future spending and providing a basis for making strategic decisions. Likewise, it also helps companies to minimize their fiscal and fiscal risk as it requires complete documentation of the financial processes of the organization.
What are your main benefits for companies?
What sets FinOps apart is that it offers a complete set of tools to help companies monitor and manage their IT costs. Tools include a web dashboard to view and analyze costs, as well as an API to integrate with other systems.
Other benefits include improved visibility into IT costs, resources and significant reductions in capital and operational costs. FinOps can also help companies identify and address financial problems before they cause bigger problems.
How to use FinOps to identify cost areas that need to be optimized?
FinOps is a methodological approach to cost management in cloud environments. The main idea behind FinOps is that IT and business teams should work together to achieve organizational goals, using the FinOps methodology as a guide.
As part of this approach, teams like Loonar identify cost areas that need to be optimized and then work together to create plans to improve the situation.
In many cases, this involves using and integrating new tools and processes to monitor and reduce costs. However, the end goal of FinOps is always the same: to help companies save money in their cloud environments.
An effective way to use FinOps to identify cost areas that need to be optimized is through the use of metrics.
For example, teams can create service usage reports, aligning them with specific goals. This will let them know if they are spending over these limits. Likewise, it can also be important to choose the right services for certain needs, such as appropriate sizing, in order to avoid unnecessary waste.
Lower your costs without sacrificing quality of service with FinOps by Loonar!
Which IT infrastructure resources are best suited for your organization? What is working well and what needs improvement? How can you lower your costs without sacrificing service quality?
These are some of the questions that Loonar’s FinOps can help your business answer.
Loonar has an experienced IT financial management team with expertise in Tangoe, TNX, Navita, Sumus and Informatec to guide your FinOps strategy towards success. We use the latest and most diverse analytics strategies from AWS Cost Explorer, Azure Cost Management, and GCP Cost Management, along with the most comprehensive orchestration, automation, workflow, integration, and data visualization technologies.