In their drive to move to cloud, organizations are running into expensive pitfalls. While there is often a broad range of reasons for these setbacks, many can be traced back to immature cloud financial management capabilities, known as FinOps. As a result, organizations often make costly decisions about their cloud consumption. This is particularly troublesome in current macroeconomic conditions, where organizations have even less room for mistakes.
While FinOps is most effective when organizations implement it from the start, using it at just about any point during a company’s cloud migration journey delivers significant benefits. Organizations that use FinOps effectively can reduce cloud costs by as much as 20 to 30 percent.
To better understand where the FinOps pitfalls are in the cloud migration process, and how to avoid them, we conducted a survey of more than 200 business executives and identified five common pitfalls on the journey to unlock value from cloud.
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FinOps is as much a mindset as a technical capability. It enables companies to unlock maximum value from cloud consistently and continuously, not just in cost savings but also in growth and innovation. For this reason, companies need to treat the development of advanced FinOps as a top business priority.
