Optiim - FinOps

In today's competitive business landscape, effectively managing costs is crucial for maximising your return on investment and maintaining financial stability and control of your cloud environments. This has always been an issue for companies taking advantage of agile and scalable on-demand cloud infrastructures. But with the right approach we can easily achieve these goals without any detrimental effects to innovation or performance.   
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FinOps is an evolving cloud financial management discipline, a practice that enables you to get maximum business value by helping engineering, finance, IT and operational teams to collaborate and maximise cost performance advantages within the cloud.  

Many growing businesses let their infrastructure expand or even sprawl as developers leverage more resources and access to an increasing array of services, which can result in spiralling unbudgeted costs.
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Your AWS organisation needs to be constantly reviewed to ensure that your business is achieving cost efficiency within the cloud whilst ensuring that you are using the right service and right sized service for the job in hand.   

The FinOps model combines finance, technology, and business operations to optimise cloud spending and foster a culture of cost accountability and collaboration.

Key Components of FinOps

Visibility and Accountability

Businesses need to gain visibility of AWS costs, allocate costs to business units or projects, and hold teams accountable for their usage.

Cost Optimisation Culture

A cost optimisation culture encourages your teams to optimise AWS resource usage, implement cost-effective practices, and actively seek opportunities for cost reduction.

Continuous Optimisation

The FinOps model emphasises continuous improvement and optimisation by analysing cost and usage data, identifying areas for improvement, and leveraging AWS's cost optimisation tools and services.

Automation and IaC

Automation and Infrastructure as Code (IaC) streamline cost optimisation efforts by leveraging AWS CloudFormation, AWS tools to provision resources, schedule infrastructure scaling, and eliminate manual processes.

Why Choose the FinOps Model for Cloud Cost Optimisation:

Cost optimisation is essential to maximise your ROI, maintain financial stability, and support business growth.
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The FinOps model provides a structured framework for achieving cost efficiency by fostering collaboration, data-driven decision making, and scalability. Embracing FinOps, unlocks the full potential of the cloud while ensuring cost and financial control is aligned to the strategic vision of your business.

Collaboration and Accountability

The FinOps model fosters collaboration between finance, technology, and business teams, aligning cost optimisation efforts with strategic goals and ensuring collective accountability.

Data-Driven Decision Making

Access to granular cost data and analytics empowers decision-makers to make informed choices based on real-time insights, optimising costs and prioritising investments.

Scalability and Flexibility

The FinOps model accommodates AWS's scalability and flexibility, allowing you to optimise costs while scaling resources and adapting to changing workloads.

Our approach to Cost Optimisation in AWS

Our approach is to use a combination of both automated and manual checks which compares specific resources against pre-determined behaviours. From here we are able to produce cost optimisation recommendations based on best practices. Any or all regions can be selected to be reviewed and specific AWS Services and resources are analysed using our automations, producing a detailed report of potential areas of where cost savings may be achieved. The approach is modelled on AWS Trusted Advisor, generating automated daily live reports with suggested recommendations for cost savings.