A survey of attendees at the recent IT Asset Management (ITAM) Virtual Summit shines some insight into just how important a well-structured FinOps team can be to an organization. For example, the survey respondents indicated the most challenging ITAM issues in 2021 are best practices (26.2%), cost reduction (25.4%), and accelerating program value (19.7%)… all areas that FinOps teams are well-positioned to address.
When asked how concerned they are with cloud control, 92% of respondents indicated that they were concerned at least to some degree, with over 50% being very concerned. This further validates that cloud spend, cloud control, and financial management are on the top of everyone's mind.
Survey respondents also indicated that governance (34.2%) and process design (28.9%) were the most problematic areas of their asset management efforts. Moreover, two-thirds of respondents indicated that asset management did not have a seat at the IT decision-making table.
This is unsurprising when you consider that many survey respondents are not yet implementing FinOps methodology in their workplaces. When an organization’s data layers, communications, and collaboration are not far enough along, they can’t properly measure how much they're spending in the cloud or the value it returns.