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What Is FinOps? Why Would You Choose A FinOps Service Company? 5 FinOps Services Companies to Consider What’s The Alternative To Costly FinOps Services Companies?

We get it. FinOps can be challenging to understand, implement, and optimize, whether you’ve done it before or are just getting started. 

Everybody needs help from time to time. If this describes you right now, then check out the following FinOps services companies to get started.

But first, a quick background.

What Is FinOps?

FinOps, or Financial Operations, is the practice of bringing financial accountability to the variable spend model of the cloud, balancing cost, speed, and quality.

FinOps represents a collaborative, cross-functional approach that combines the agility and speed of cloud computing with financial accountability. The goal is to optimize cloud spending by tracking and aligning cloud investments with business value.

A FinOps approach integrates technology, business, and finance to help organizations understand and optimize cloud costs. It’s not just about cost reduction; it’s about maximizing the value of cloud investments, ensuring companies can innovate quickly without losing sight of the bottom line.

If you know the principles and steps of FinOps, you might be able to develop and implement them on your own. But if you need help reaching your FinOps goals, you may want to work with a certified FinOps practitioner.

For mid-sized and large teams or organizations, this practitioner may need to be a FinOps services company or a professional FinOps services provider.  

The Cloud Cost Playbook

Why Would You Choose A FinOps Service Company?

FinOps service companies offer expertise and experience that can be crucial for businesses navigating cloud cost management complexities. 

First, they can bring a deep understanding of both cloud technologies and financial principles. This means such a provider’s professional services may include creating a relevant, practical, and scalable FinOps strategy for you.

Another reason is scalability. As a business grows, its cloud infrastructure often becomes more complex. FinOps service companies can provide scalable solutions that adapt to changing business needs, ensuring cloud spending remains aligned with your business goals.

Moreover, these companies offer specialized tools and analytics that can provide insights beyond basic cost tracking. This includes identifying underutilized resources, optimizing pricing models, and recommending cost-effective alternatives. These insights are invaluable in making data-driven cloud investment decisions.

Lastly, a FinOps services company can act as a bridge between IT and finance teams. They can foster a collaborative culture where both departments work together towards a common goal of efficient cloud spending. This collaboration is key to achieving the financial transparency and accountability that FinOps aims for.

What are the possible limitations of using FinOps services companies?

Some quick ones include:

  • Cost considerations – The expense of hiring specialized FinOps services may not be justifiable for smaller businesses or those with limited budgets.
  • Risk of over-reliance – Dependency on external expertise can hinder the development of internal FinOps capabilities, making the company reliant on the service provider.
  • Integration challenges – Aligning FinOps service providers’ strategies and tools with existing corporate processes can be complex and potentially inefficient.
  • Data security concerns – Sharing sensitive data with an external party involves risks to data security and confidentiality.
  • Customization complexity – Adapting FinOps services to a business’s unique needs can be time-consuming and complex, potentially delaying benefits.

It is ultimately up to you to determine if FinOps professional services are right for you based on your unique goals.

5 FinOps Services Companies to Consider

Here are several FinOps service companies you can consider if you decide to go that route.

1. Earnest and Young FinOps Practice 

EY’s FinOps practice includes a rapid assessment of top applications to identify immediate cost-saving opportunities and a current state maturity assessment to gauge the iterative process of FinOps in the organization.

It also focuses on strategy and governance enablement. The goal here is to help clients integrate FinOps culture and develop a detailed FinOps governance framework.

EY’s services include designing a target operating model, assessing architecture and design patterns for cost-efficient solutions, as well as providing recommendations for cloud services, tools, and technologies. They also offer a cost optimization assessment with recommendations for managing cloud environment expenses.

Additionally, EY can provide insights such as what key performance indicators to pick and track as well as how to use unit economics to maximize profit based on cloud-based software’s marginal cost and revenue. 

2. Deloitte FinOps Practice

With its network of more than 60,000 cloud practitioners, 260 FinOps professionals, and 28 delivery centers worldwide, Deloitte packs a punch. 

More specifically, Deloitte’s cloud FinOps services focus on assessing your existing framework and using the insights from that to plan the way forward. Its services can help you:

  • Establish a FinOps governance framework that acts as your roadmap to cloud financial accountability and compliance.
  • Establish cost ownership across your business units, so you can improve resource traceability all across an enterprise-grade, multi-cloud environment.
  • Increasing visibility into your cloud spending patterns using resource-level cost allocation. The company also uses Machine Learning-driven models to improve predictions for forecasted spend across your cloud providers.
  • Work with you to identify your current FinOps maturity level and align it with your business objectives. This way, you can better allocate resources and measure success based on where you are in your maturity journey.
  • Identify opportunities for improving cloud efficiency, reducing costs, and maximizing cloud computing benefits. This can be in the form of monitoring and analyzing your cloud spend to identify trends and inefficient usage. 

It can also involve implementing specific automation tools to streamline and optimize your cloud operations.  

3. AngelPoint FinOps Services  

AnglePoint, recognized as a leader by Gartner, provides comprehensive FinOps and ITAM services globally.

Its services are tailored to optimize costs, mitigate risks, and strategically plan within complex hybrid IT environments. Key offerings include program development, tooling, spend optimization, IT security, and certified training through AnglePoint Academy. 

Their expertise spans software publishers and cloud service providers, focusing on delivering tangible cost savings and improving bottom lines.

AnglePoint’s approach is not only about managing assets but also about translating learnings quickly into business value. It does this by providing certified training, including practical strategies for transforming FinOps knowledge into daily operations.

4. FinOps Services By NTT Data  

NTT Data’s FinOps services focus on optimizing cloud spending while emphasizing sustainability. Their approach includes agile Cloud Economics sprints, integrating IT, FinOps, and Business Operations.

A notable aspect of their service is the NTT FinOps Carbon initiative. This blends FinOps with GreenOps frameworks, promoting financial efficiency and environmental responsibility.

This innovative service enables organizations to manage multi-cloud costs effectively while aligning with sustainability goals, offering a unique take on cloud computing optimization.

The provider also offers insights into when and how to use AI and ML for big data analytics, personalizing customer experiences, and identifying the value of managed cloud services. Its cloud economics workshops also explore how to leverage historical cost data to make practical predictions so you can align your business accordingly.

Thoughtworks FinOps Services

ThoughtWorks automates the remediation of cloud investment issues rather than just reporting them. It offers FinOps services that focus on optimizing cloud investments, improving cloud economics, and promoting collaboration among finance, product, and technology teams.

They also integrate a GreenOps solution into their FinOps services, addressing both cost and environmental concerns by optimizing for carbon and energy as key metrics. This dual focus on cloud economics and sustainability sets Thoughtworks apart in the professional FinOps services market.

Its approach includes:

  • Identifying issues, suggesting solutions, and automating usage commitments
  • Leveraging third-party tooling to meet client needs where they are. It doesn’t require clients to implement FinOps practices from scratch or with new infrastructure.
  • Building organizational muscle memory in terms of creating and implementing a cultural shift for ongoing success.
  • Encouraging GreenOps, a practice that emphasizes adding carbon and energy metrics in the FinOps framework.

Thoughtworks’ FinOps framework also help organizations develop a strategy to implement remediation and ensure that the new ways of working are retained both culturally and technically.

5. SoftChoice FinOps Practice  

SoftChoice provides a range of modular services aimed at simplifying and optimizing cloud operations. However, it divides them into two groups based on a customer’s FinOps maturity level; Foundational or Advanced.

The foundational side covers executive alignment and business strategy, team workshops, cloud cost evaluations, and maturity assessments. The advanced category covers FinOps program enablement and development.

Its approach includes strategies for managing multicloud costs, automating cloud operational management, and standardizing orchestration across different clouds. SoftChoice also offers insights on 24/7 cloud monitoring and management, cloud identity and access management, and cloud governance automation policies.

What’s The Alternative To Costly FinOps Services Companies?

In case you are concerned about the financial impact of employing expensive FinOps services, there is a solution that you can try, wherever you are in your FinOps journey. 

CloudZero’s FinOps Account Management can help you whether you’re at the start of your FinOps journey or further along.

Here’s how it works.

  • CloudZero is a Certified FinOps Platform. We distinctly understand the practical application of cloud cost optimization best practices without sacrificing performance or customer experience. In one instance, our team has found over $1.7 million in savings using the same strategies.
  • CloudZero’s FinOps partnership enables you to allocate 100% of your spend even if you have imperfect tags or a complex cloud environment. We’ll help you capture costs for tagged, untagged, untaggable, and shared resources in multitenant and multi-cloud environments. 
  • CloudZero is the first FinOps platform to empower you to view costs in over 12 immediately actionable cost dimensions — out of the box. Think of granular, hourly, and contextual metrics such as Cost per Customer, Cost per Product Feature, Cost per Team, Cost per Environment, and more — so you can pinpoint where to tweak usage to optimize costs without compromising performance, engineering velocity, or customer experience.
  • All of our FinOps practitioners are certified FinOps practitioners. The majority of cost tools auto-generate recommendations. We provide real people to help you find immediately actionable solutions that work for you.
  • During your monthly FinOps check-ins, your FinOps Account Manager (FAM) will review your cloud spend and environment, pinpoint areas of concern, and suggest both immediate and longer-term cost-control measures.
  • Expect a suite of efficiency metrics, such as Cloud Efficiency Rate. These help you pinpoint whether your actions are leading to growth or simply overspending.
  • Engineering-Led Optimization (ELO). We help your engineers make timely cost optimization decisions – not just your finance and FinOps teams. With CloudZero, your engineers get cloud financial management insights in their own language, such as cost per deployment and cost per environment. We also alert them to cost anomalies in a contextual, noise-free manner so they can correct issues that could lead to overspending.  

With these and other CloudZero capabilities, companies like Upstart, MalwareBytes, New Relic, and Drift have cut their cloud spend by $20 million, reduced cost management time by 6-10 hours weekly, and saved over $2.4 million in 12 months respectively. This is your chance. to see how CloudZero will transform your FinOps program.

Cody Slingerland
Author: Cody Slingerland
Cody Slingerland, a FinOps certified practitioner, is an avid content creator with over 10 years of experience creating content for SaaS and technology companies. Cody collaborates with internal team members and subject matter experts to create expert-written content on the CloudZero blog.

The Cloud Cost Playbook

The step-by-step guide to cost maturity

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