FinOps Domains encompass the activities and knowledge essential for establishing a successful FinOps practice within companies. Each domain comprises several capabilities that explicitly outline the necessary activities to enhance maturity within that domain.
To navigate the implementation of a FinOps journey seamlessly, companies must grasp six key FinOps Domains:
Understanding Cloud Consumption and Costs
Within this domain, the objective is to gather all pertinent data on cloud consumption and associated costs, standardize this data, ensure its accessibility for review, and grant access to relevant stakeholders for necessary actions.
Performance Tracking and Benchmarking
Within this domain, consumption, and costs are continuously monitored against established budgets. Leveraging historical data for forecasting, establishing, and measuring Key Performance Indicators (KPIs) is essential to accomplish this.
Real-Time Decision-Making
In this domain, collected data is presented to decision-makers within the relevant context required for informed decision-making. This iterative process facilitates continual improvement and alignment of the company’s processes with the realities of cloud operation.
Cloud Rate Optimization
Within this domain, the company aims to define pricing model objectives. It utilizes historical data for adjustments, including securing discounts based on cloud consumption commitments.
Cloud Consumption Optimization
Within this domain, the company identifies and implements strategies to align cloud consumption with actual needs. This involves automated resource sizing, decommissioning of unnecessary resources, and establishing decision processes for the creation of new resources.
Organizational Alignment
Success in a FinOps journey requires the involvement of the entire company. Within this domain, cloud consumption is monitored and integrated with other company processes to ensure comprehensive alignment.
e-Core: Your Partner in Implementing FinOps
At e-Core, we’ve helped several organizations improve their FinOps culture, starting with quick wins and increasing complexity as maturity evolves. After understanding your current challenges and goals, we work together to design an adoption plan specific to your needs, creating a FinOps adoption strategy that ensures a smooth and successful transition to a more financially accountable cloud management model.
Interested in taking your cloud financial management to the next level? Get in touch with our experts and boost your FinOps strategy.
* Source for this article: FinOps Foundation
