Why FinOps is important for your data foundation?
There is definitely not a lack of technology out there that can help companies bring value from data. Coming with this is that daunting feeling of run-away cloud consumption costs. Hence it becomes very apparent that management of cloud costs needs to become part of the foundation of data itself. This has formed a new concept, called FinOps.
What we have learnt from working with companies on their data journey is that companies are more than willing to invest where it brings ROI. The challenge with the cloud is that often you are not aware of the impact of running certain experiments, in fact it really impedes innovation - which is quite ironic in that the cloud also enables so much innovation as well.
There are critical components to cloud cost management that will help companies in lowering the entry barrier even more for achieving value from their data.
1: Being able to easily see current operational costs.
2: Seeing the impact of potential changes or operations you would like to run.
3: Forecasting of costs on different cadences such as daily, monthly and yearly.
4: Get different options of running your workloads on different providers in an effort to have free choice in where you process your data.
5: Controlling potential run-away costs by setting limits that don't stop the operation of critical data flows.