New Requirements for Financial Accountability in the Variable Spending Model of Cloud Fuels Need For Community of IT, Finance and Business Leaders to Share FinOps Best Practices
O’Reilly Media to Publish New Book, “Cloud Financial Management Strategies, Creating a Culture of FinOps,” Authored by FinOps Foundation Members
San Francisco, CA Feb. 26, 2019 - Today, at the Cloud Economic Summit in San Francisco FinOps leaders from Atlassian, Autodesk, Cloudability, Gannett, HERE Technologies, Just Eat, Nationwide and Spotify have joined together to announce the FinOps Foundation, a nonprofit trade association, focused on codifying and promoting cloud financial management best practices and standards.
The mission of the FinOps Foundation is to empower distributed teams running in the cloud to operate at high velocity while optimizing the unit economics of cloud deployments. To learn more about FinOps, and to join the FinOps Foundation please visit https://www.finops.org.
It was also announced today that O’Reilly Media will be publishing the first book of its kind, dedicated to FinOps and cloud financial management best practices.
“Over the years, I’ve worked with the top cloud spenders in the world as they paved the way and created a model for good cloud financial management that others can now follow with FinOps,” said J.R. Storment, Cofounder of Cloudability and President of the FinOps Foundation. “The FinOps Foundation is a community where practitioners and executives alike on both sides of the aisle - Finance and Tech - can collaborate on practical everyday challenges to plan for the future of their cloud journey.”
Cloud spending is now a material amount of total IT spend. Gartner, a research and advisory firm, has stated the five-year CAGR (in constant USD) for the public cloud services market through 2022 is forecast at 16.6%, hitting USD 360.2 billion by 2022.* Yet with all this growth, the cloud operating model is immature. As companies move away from the data center and its fixed cost model and move to variable, consumption-based spending in the cloud, they must transform their financial operating model.
The FinOps operating model -- a combination of systems, best practices and culture - brings financial accountability to the variable spend model of cloud, enabling distributed teams to make business trade-offs between speed, cost and quality. Distributed decision-making coupled with the move to variable spending in cloud, means that technology teams now must partner with finance and business teams to make informed decisions that drive continual optimization. FinOps processes enable these teams to operate at high velocity while improving the unit economics of cloud.
The FinOps Foundation is an open membership community. Community members receive access to the following resources:
The FinOps Foundation (F2) is a non-profit trade association made up of FinOps practitioners around the world including Atlassian, Autodesk, Cloudability, Gannett, HERE Technologies, Just Eat, Nationwide and Spotify. Grounded in real world stories, expertise, and inspiration for and by FinOps practitioners, the FinOps Foundation is focused on codifying and promoting cloud financial management best practices and standards to help community members and their teams become better at cloud financial management. For more information or to join, please visit.
* Forecast: Public Cloud Services, Worldwide, 2016-2022, 4Q18 Update, January 16, 2019.
Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries.