FinOps, short for financial operations, is a management practice that promotes shared responsibility for an organization’s cloud computing infrastructure and costs.

FinOps proponents and practitioners emphasize that theirs is a philosophy of cloud financial management. The core element of this management practice is the application of cost controls to cloud deployments while preserving the developers’ access to cloud resources.[1]

Figure 1. FinOps becomes a top cloud computing

FinOps becomes a top cloud computing trend is shown in figure 1. As the cloud makes companies agile, managing dynamic cloud costs becomes more important. FinOps help offset rising prices and insert accountability into organizations focused on cloud economics. [2]

Benefits of cloud computing in financial services

Cloud technology has the potential to take fintech to new heights, but as our fintech experts can confirm, there is no one-size-fits-all approach to adopting it. Various financial services firms, each of varying sizes and phases, frequently deliver completely different services. But regardless of the case, the cloud’s overall advantages over more traditional infrastructure solutions make a difference.

• Flexibility
• Lower costs
• Effective data management
• DevOps optimization
• Effective compliance monitoring
• Open banking
• Risk management
• New possibilities for AI/ML integration [3]

In summary, FinOps has become a top cloud computing trend as organizations recognize the need for financial accountability and optimization in their cloud environments. By adopting FinOps practices and leveraging the associated tools and frameworks, organizations can effectively manage and optimize their cloud spending, leading to cost savings, improved efficiency, and better overall financial control.

References:

1. https://www.intel.com/content/www/us/en/cloud-computing/finops.html
2. https://www.cio.com/article/472164/cloud-roi-getting-innovation-economics-right-with-finops.html
3. https://www.cognixia.com/blog/how-can-financial-services-benefit-from-cloud-computing

Cite this article:

Gokula Nandhini K (2023), . Powering hybrid workers, Anatechmaz, pp.93