The Real Business Impact of Cloud Economics (aka Cloud FinOps)
We all want to cut costs and optimise spending, but the benefits of Cloud Economics stretch far beyond the balance sheet. It’s important to understand that Cloud Economics refers to all cloud costs, including all financial aspects related to the cloud and the value derived.
Here’s what Cloud Economics can bring to an organisation:
What it means: A clear view into how and where your cloud budget is being spent.
Why it’s important: Armed with this data, CFOs and CIOs can make informed decisions and reduce friction between IT and finance departments.
What it means: The ability to adapt cloud resources to meet business needs without over-provisioning.
Why it’s important: Save costs and align your tech capabilities with your actual requirements, preventing both waste and capability limitations.
What it means: The capacity to adapt swiftly to market changes or customer demands.
Why it’s important: Faster decision-making enables you to get ahead of the competition and meet customer needs more effectively.
What it means: Leveraging cloud cost data for making long-term investment and growth plans.
Why it’s important: You’re not just saving money; you’re reallocating it to foster growth and innovation.
What it means: Effective budget monitoring and proactive policy enforcement.
Why it’s important: Be prepared for financial audits and ensure compliance with regulations, avoiding penalties and reputational damage.
How Do You Realise These Benefits?
Getting to the point where Cloud Economics is actively benefiting your organisation involves a few key steps:
- Inter-Departmental Collaboration: Bring together your IT and financial departments for regular sync-ups.
- Invest in Tools: Utilise cloud management and financial planning tools tailored for cloud economics.
- Regular Audits: Review and adjust your cloud strategies and policies to ensure ongoing alignment with organisational goals.
- Employee Training: Up-skill your workforce to be cloud-savvy, so they contribute to optimisation efforts.
What’s in it for the C-Suite?
If you’re someone at the managerial helm, you’ll enjoy:
- Data-Driven Decision Making: Rely on hard data, not just intuition.
- Improved ROI: Get more bang for your buck with smarter cloud investments.
- Enhanced Business Agility: Be well-positioned to take advantage of market opportunities.
- Corporate Governance: Be at the forefront of ensuring corporate compliance and governance related to cloud usage.
Embracing Cloud Economics is not just smart; it’s essential for organisations that want to not just survive, but thrive in today’s competitive landscape. Contact us to learn more about our Cloud Economics Service and what benefits you can gain for your organisation. Need help with your cloud journey or managing it? We can help there too.
Learn more about our Cloud Economics Service
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