FinOps Framework for Cloud Spend Optimization

This document is a guide that outlines a strategic framework for optimizing cloud spend and enhancing business value through FinOps in the financial services industry. It discusses the increasing cloud expenditures faced by financial services firms, which averaged $25 million annually in 2022, and highlights the challenges of managing these costs due to poor visibility and uncontrolled cloud adoption. The guide details how implementing a FinOps practice can improve cost governance and transparency, providing a comprehensive view of cloud expenses while leveraging automation to reduce waste. It emphasizes the importance of real-time visibility into spending, optimizing costs, and automating processes to enhance financial predictability and profitability. The document also presents specific FinOps capabilities that can assist organizations in managing expenses, eliminating cloud waste, and maximizing discounts through smart rate optimization. Additionally, it suggests establishing guardrails for provisioning to prevent overspending and discusses the transition from FinOps to GreenOps, focusing on sustainability goals.