FinOps (Financial Operations) is a proven methodology for cloud (Microsoft Azure/AWS/GCP etc.) budget management and the optimization of cloud operating expenditures (opex). The purpose of FinOps is to improve the cloud cost-benefit ratio for your organization, while also introducing financial accountability into your cloud-use culture.
FinOps allows users from various organizational departments to experience heightened cloud performance, while remaining on or even below budget. With FinOps, cross-functional teams can utilize the organization’s cloud services with optimal financial responsibility.
Basically, FinOps tools act as “navigators” that help users operate cloud technology with maximum transparency, agility and cost-effectiveness. When implemented regularly, FinOps is designed to significantly reduce cloud costs and improve ROI.