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An organization identified a problem plaguing many companies and businesses and created a solution. This problem surrounds businesses operating in the cloud that often exceed their budget and overspend to keep up with their cloud operations.
The organization bringing the solution to this problem is the FinOps Foundation, and they have done an incredible job of eradicating overspending for companies operating in the cloud. But in this article, you get a comprehensive overview of the purpose of the FinOps Foundation and what it aims to achieve.
Business, enterprises – illustrative artistic interpretation. Image credit: Jeffrey Blum via Unsplash, free license
What is FinOps?
One must understand the meaning behind cloud FinOps definition before moving on to the organization pioneering this concept. FinOps is a belief that an organization can balance the reduction in the amount they spend on cloud resources and the quality of products/services they use. It combines finance and DevOps, representing cloud operations’ finance and developmental aspects.
Furthermore, the purpose of FinOps is to ensure that businesses continue to operate at the highest level while at the same time keeping their finances low. In other words, an organization can still perform at the highest level without exceeding its budget.
FinOps involves using cloud optimization tools like Globaldot and applying the best practices to ensure an organization maximizes its cloud use for more revenue. While practicing FinOps, the first thing an organization does is identify and analyze its cloud costs. Secondly, they identify ways to save cloud costs and create an effective allocation strategy. A non-profit organization called the FinOps Foundation spearheaded the concept of FinOps and has provided several resources for people to learn.
What is the FinOps Foundation?
The FinOps Foundation is hosted inside another organization called the Linux Foundation, and it aims to spread the concept of reducing cloud costs while performing at the highest level. Apparently, the purpose of this organization isn’t even to encourage cloud cost optimization — it is just a part of their concept. Their concept is that a business operating in the cloud can maximize a few cloud resources, operate at the highest level, provide stunning results, and simultaneously reduce cloud costs.
The FinOps Foundation manages a wide range of professionals worldwide, providing them different resources to learn about cloud optimization. The FinOps Foundation created guidance on how an organization can implement the FinOps culture through what they called the FinOps Framework.
Understanding the FinOps Framework
The FinOps framework is a set of rules and the best practices provided by the FinOps Foundation to guide an organization’s implementation of the FinOps culture. It gives an organization or business insights into certain things they can implement to restructure their cloud operations.
This restructuring includes removing unnecessary tools the organization has been paying for and right-sizing cloud services according to the organization’s core needs. As said, the FinOps framework doesn’t prioritize cost reduction. Instead, the primary objective is ensuring that a business meets its goals efficiently without spending much money.
What is the Purpose of The FinOps Foundation?
Understanding the purpose of the FinOps Foundation can only come from analyzing what the organization has to say about itself. One can understand the true purpose of the FinOps Foundation through its mission statement. The FinOps Foundation says they have some things that they aim to achieve, and this defines their existence and purpose.
● Creating Connections
FinOps Foundation wants to create connections among those with similar goals of optimizing their business cloud costs. The FinOps Foundation says one of its missions is to create a community of like minds where people of similar interests can connect. Connecting within this community brings people many opportunities, including recommendations for jobs. Ultimately, these connections provide a diverse opinion of how to reduce cloud costs and, at the same time, operate at the highest level.
● Inspiring Growth
The FinOps Foundation does not only build a community. They also create a well-designed catalog of courses and certifications that help individuals reach their goals by being knowledgeable on FinOps. The FinOps Foundation has a wide range of courses to learn from, including those for beginners and those meant for intermediates and experts.
In the same way, some of their courses are generalized, while others are created specifically for a department in the FinOps team. They have the FinOps Certified Practitioner, FinOps Certified Platform Engineer, FinOps Certified Professional, and many other certifications. All these courses were created to help many get advanced knowledge of cloud cost optimization and management. But most importantly, this is among the purposes of the FinOps Foundation.
● Empowering Best Practices
The FinOps Foundation advocates for how an organization operating in the cloud can save money without compromising the quality of its results. They do this by providing organizations with the best practices to help them achieve their aim.
The FinOps Foundation created some principles that must be followed if an organization wants to optimize its cloud operations. Some of these principles include accountability, provision of the FinOps team, collaboration, and many others. All these are part of the FinOps Foundation’s purposes, as expressed in its mission statement.
Wrapping Up
The FinOps Foundation is a non-profit organization with a long-term goal of seeing many companies and businesses transition to the cloud without overspending. It also advocates for businesses to operate at the highest level by maximizing their cloud resources and cutting costs.
The FinOps Foundation has many aims and purposes, which have already gone a long way in achieving them. Some are creating connections, inspiring growth, and advocating for the best FinOps practices.
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