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💨Get Crucial Cloud Cost Insight: How to be a FinOps Pro 🙌

by | May 15, 2024 | T.E.M. Thought Leadership

Under increased pressure to control growing cloud costs, organizations are seeking to maximize the value of their cloud spending. This means an increased need for clarity and solutions that help execs understand and manage IT tech spend — but how can you find cloud spending clarity? For many, Financial Operations (FinOps) solutions are the answer.

FinOps solutions are crucial to solving technology cost challenges. These practices are designed to control, simplify, and streamline tech expenses to better align with corporate goals, maximize ROI, and drive profit.

SpyGlass is here to help you understand and benefit from FinOps.

Cloud Computing Expenses Have Skyrocketed

Cloud computing offers businesses many advantages, including flexibility, reliability, and space for innovation to drive efficiencies. However, as businesses realize the advantages of moving more services into the cloud, the need for cloud space has increased dramatically. In response, tech spend costs have become a murky, unmanageable behemoth in many organizations.

As cloud computing grows, many companies are paying for more services than they need, are paying for duplicative services, or are missing other inefficiencies that negatively affect budgeting and forecasting for these tech-related expenses. Case in point: 32% of cloud spending was wasted in 2023, up from 30% the previous year.

The result? Bills are paid reactively instead of proactively, and more cloud expenses are added each year.

What’s missing? Data-driven spending decisions.

FinOps for Tech Spend Management

For business and financial executives, smart FinOps practices can leverage cross-collaborative efforts to understand, control, and reduce tech spending.

Intelligent, data-driven FinOps management efforts help you uncover and eliminate unnecessary spending, streamline and simplify services, and make better, more informed decisions based on cost analytics and strategic pricing decisions that will align with business goals.

Strategic, Not Reactive

If your finance department is paying bills in reactive mode instead of tying targeted tech spending to corporate goals, it’s time to change how you manage your cloud costs. Without an audit of where you might be spending unnecessarily, you can’t manage and reduce those expenses.

A technology expense management (TEM) SnapShot Audit from SpyGlass blends analytics, automation, visualization, and easy-to-use software to deliver risk-free tech expense savings recommendations for your organization.

 â€śCloud computing isn’t new, but the challenge lies in managing multiple cloud expenses,” said Steve Fisher, Vice President of Strategic Services at SpyGlass. “Identifying inefficiencies requires visualization and automation expertise. That’s where we come in.”

SpyGlass provides granular cost analytics and strategic pricing decision information to streamline the entire IT budget for more precise, optimized cloud spend, including:

  1. SnapShot Audits: A SnapShot Audit achieves financial transparency around cloud cost challenges to help you understand your current cloud spend and identify areas for optimization.
  2. Expertise in technology expense management: With decades of industry expertise, SpyGlass guides you through the complexities of cloud cost management, helping you avoid common pitfalls such as overspending and underutilizing resources.
  3. Strategic partnerships: SpyGlass collaborates with you to comprehend emerging trends and integrate cutting-edge technologies for mastering cost efficiency in the cloud.
  4. Cloud strategy development: SpyGlass helps you develop a cloud strategy to ensure cloud investments contribute to overall business success.

Take control of your cloud spending to ensure less waste and more accurate forecasting.

Start today with a SnapShot Audit.

Contact SpyGlass to inquire about a no-costs-up-front SnapShot Audit.