Issue link: https://resources.cloudbolt.io/i/1501910
CII - The Real State of FinOps cloudbolt.io 2 OVERVIEW The global economic downturn of 2023 helped usher in a milestone in the evolution of Cloud. For the first time, IT leaders were asked to reduce the rate of spending growth in the cloud, hold flat, or even cut. This created a perfect storm for the explosion in the adoption of FinOps – the discipline of cloud financial management. Established by The FinOps Foundation (an offshoot of the Linux Foundation), FinOps comprises a comprehensive set of standards, operating principles, and recommendations regarding best practices, organizational structure, capabilities, and benchmarks designed to help companies optimize cloud value at scale. In a matter of just a few years, FinOps has seen mercurial growth, rapidly evolving from a set of early adopters to being accepted by the global mainstream as the answer to taming cloud costs. Before FinOps was formally introduced, pockets of individuals and teams were attempting to manually implement cloud spend visibility. Using rudimentary tools and a whole lot of spreadsheet work, they attempted to rationalize spend, right-size workloads, and apportion costs. But those efforts never scaled properly and thus fell short. Next, companies began to invest in first-generation cloud cost management and optimization technologies, but those failed to fully scale as well – especially as companies moved more fully into hybrid/multi-cloud paradigms. Now, with the FinOps Foundation's documented recommendations and certifications guiding dedicated FinOps teams, companies are starting to feel that success is in reach. But is it? And how soon? Any time there is high exuberance in a market or practice, there is usually an opportunity to take a closer look and help separate reality from the collective hope and hype. That can only come from a dispassionate examination of what is occurring. CloudBolt Industry Insights (CII) – now in its 10th installment – was designed for exactly this kind of analysis. And just like every other edition so far, this CII report does not disappoint in what the data reveals.