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CLOUD FINANCIAL MANAGEMENT COLLABORATION GUIDE TO EXTEND EFFICIENT FINOPS

“Successful cloud cost management and optimization at scale requires cross-functional collaboration and expertise beyond technical engineering. Failure to tackle the full cloud financial management capability leaves critical activities vulnerable to insufficient coordination, ownership, and continuity of resources and skills.” 1

Cloud cost management and optimization is one of the greatest challenges faced by IT organizations today. Such challenges come from complex pricing models, dynamic workloads and scaling, reserved instance management, lack of proper governance policies, and more. Without collaboration from business units across an organization, these challenges simply cannot be overcome.

This Cloud Financial Management Collaboration Guide to Extend Efficient FinOps from Gartner® outlines collaboration practices that are meant to ensure cloud cost savings, efficiencies, and transformation are achieved.

In the report, Gartner recommends that organizations:

  • Invest in a scalable cloud operating model led by a Cloud center of Excellence (CCOE)
  • Build trust and credibility by optimizing cloud cost management in stages
  • Assign centralized oversight, coordination, and ongoing resources to complex, cross-account activities

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Cloud Financial Management

What you’ll learn from this report.

In the report, Gartner proposes a Scalable Cloud Operating Model. The research recommends that the CCOE establish the overall cloud cost management life cycle as part of its responsibilities and then collaborate with other business units to ensure that cloud costs are managed efficiently. The proposed model includes:

  • Roles and responsibilities for all teams involved in cloud cost management, including the CCOE, the cloud computing advisory council, AppDev, cloud architects, SPVM, IT finance, operations, and others.
  • Recommendations on how to implement cost optimization capabilities in stages – beginning by establishing foundational cost management capabilities and then expanding to more complex techniques.
  • Direction on how organizations can proactively tackle essential activities for scale. As cloud spending increases, so too does the need for skills and knowledge in specific areas like cost allocation constructs, forecasting, and the management of programmatic and negotiated commitments. It’s essential that the CCOE and others work together to determine how these responsibilities will be distributed.

1Source: Cloud Financial Management Collaboration Guide to Extend Efficient FinOps, Miguel Angel Borrega, Lydia Leong, 18 September 2023
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