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MagicOrange joins FinOps Foundation
MagicOrange is delighted to announce that we are now a general member of the FinOps Foundation, enabling organisations to get maximum business value by helping their various teams to collaborate on data-driven spending decisions. We are passionate about the goal of the FinOps Foundation, to advance people who practice cloud financial management, and to adopt the FinOps Framework with the best practices as part of our organisation.
Our customer success and FinOps lead consultants are FinOps Certified Practitioners, providing the assurance that we have the necessary expertise to enable organisations in this space.
As a SaaS solution, MagicOrange is also leveraging the FinOps Framework and best practices for our own cloud financial management and strategic needs. Considering this, we will certainly be sharing all of our learnings throughout our FinOps journey with our customer base.
What is FinOps?
FinOps is an evolving cloud financial management discipline and cultural practice defined by the FinOps Foundation. FinOps brings together Finance, Business, and Technology teams to manage, control, and develop strategic cloud solutions. At its core, FinOps is a cultural practice. It’s the way for teams to manage their cloud costs, where everyone takes ownership of their cloud usage supported by a central best-practices group.
Cross-functional teams in Finance, Product, etc work together to enable faster product delivery, while at the same time gaining more financial control and predictability. Other names for the practice include “Cloud Financial Management”, “Cloud Financial Engineering” “Cloud Cost Management”, “Cloud Optimisation”, or “Cloud Financial Optimisation”.
Why FinOps?
Gartner predicts that worldwide end-user spending on public cloud services is forecast to grow 20.7% to a total of $591.8 billion in 2023. Cloud Migration is not slowing down, with up to 30% of organisations overall IT Expenditure being on cloud.
Due to the variable nature of the cloud, it can be challenging to understand if you are more familiar with fixed expenditure atypical in the traditional IT technology models. As companies rely more heavily on the cloud for their infrastructure needs, there is a need for a discipline and practice that helps organisations to effectively manage their cloud spending.
The FinOps Foundation states that “FinOps is the practice of bringing financial accountability to the variable spend model of the cloud, enabling distributed teams to make business trade-offs between speed, cost, and quality.”
Existing members of the FinOps Foundation can find MagicOrange on the FinOps Slack channel via: #magic-orange-vendor.
Get in touch with MagicOrange to discuss your cloud use case and to learn more about how you could optimise your cloud environment using FinOps practices.