In the Financial Services Industry, adopting a FinOps practice is key to unlocking cloud value. This collective effort involves all stakeholders, guided by a central group of best practices, ensuring effective cloud utilization across the sector.
At the heart of a strong FinOps framework in FSI are the 5 Cs, essential for strategic cloud financial management.
Focusing on the fourth C, Continuous Improvement, is crucial for FSI firms to adapt and thrive in the ever-evolving financial landscape.
Continuous Improvement takes several meanings in the context of FinOps. One is based on the speed of cloud technology. For example, a migration may start with a "lift and shift." Then, you may then modernize applications with cloud-native services and containers. Then, who knows what the future will bring? The continuous evolution of the cloud requires a similar shift in your FinOps strategies and the communication and education that goes along with it.
Continuous improvement is not always about technology. It can also be about communication, executive buy-in, or creating more value with your existing processes.
Ultimately, FinOps isn't something you just do once. It's an ongoing practice that optimizes your cloud usage and costs over time.
Be sure to read through the rest of our "The 5 Cs of FinOps" series:
Developing a cloud financial management or FinOps practice can help you better manage cloud spend.
Developing a cloud financial management or FinOps practice can help you better manage cloud spend.
