We took some time out of the chaos that is the technology and telecommunications industry to sit with our Director of Engineering, Rob Hurst, to hear his feedback and thoughts on what he is hearing and seeing in the industry! This is our first topic of many, as we continue to interview other IT Professionals for their unbiased thoughts on what’s happening in the tech industry and what’s top of mind for our clients.
Today we review FinOps.
The first item Mr. Hurst brought up was the prominence of FinOps, meaning Cloud Financial Management or Financial Management. FinOps foundationally is the practice of bringing financial accountability to the variable cloud spend model. It’s a way for teams to manage their cloud costs, where everyone takes ownership and works across departments on a common operational goal.
Businesses are rapidly shifting from traditional big iron on prem data centers to hybrid and full cloud business models. The spend on those resources is no longer just incrementally increasing, but consumption cost are escalating rapidly.
AWS has over 1.4 million SKUs in their cloud catalog and Directors, Sys Admins and CTOs quickly adjusted resources during the pandemic. These cloud resources and the level of detail it takes to manage financially and securely is a huge burden for an organization. From one of our Enterprise clients, “we have escalated so much in cloud cost we are thinking of going back to big iron for our storage, compute and management of our resources.” Rather than making this change and managing yet another project, we had strategy discussions and were able to help optimize this cloud costs.
IQ Wired has the knowledge and partners to significantly optimize, reduce cost and put your team in control. We are here to help with Cloud financial accountability.
Our partner engagements result in:
- 50% average cost reduction on cloud resource
- 5X return on investment
- 3-6 months ROI
- 0% disruption to security, compliance, or stability
Cost containment, optimization and ease of doing business are important to organizations more than ever. IQ Wired is eager to help and be your true partner for your initiatives.