Learn from the Olympics and take a FinOps approach to cloud efficiency

This article is part of our Opinions section.

The Paris Olympics were the most streamed Games in history with 218 million viewers from BBC Sport alone – more than doubling the 104 million streams recorded during the Tokyo Games three years ago. We also saw viewing records broken at this year’s Paralympics. Fans have been spoiled, with real-time streaming, data sharing and interactive viewer engagement on a scale never seen before – and we have cloud computing to thank for this.

As the primary broadcast method for the Olympics and Paralympic Games, cloud computing has led to a transformative shift in global connectivity. The explosion of cloud use is not only limited to global sporting events, of course – 94% of companies worldwide will use a cloud computing service to help run operations this year. With the public cloud operating as a key driver of global economic growth, it’s essential for organisations to ensure their cloud spend is as efficiently structured as possible.

FinOps fundamentals 

If you’re looking to reduce your cloud waste, FinOps might just be the silver bullet you’re looking for. FinOps (a combination of finance and DevOps) is a cultural practice and operational framework aiming to optimise the cloud’s business value. It predominantly does this through introducing a shared sense of responsibility over cloud usage, particularly between finance, IT, engineering and business teams, to ensure that resources are used efficiently, effectively and in alignment with business objectives.

The advantages to adopting FinOps principles to your business are numerous, but optimised spending is a highlight. As organisations increasingly rely on cloud services for the day-to-day running of business operations, costs can quickly spiral out of control. By implementing FinOps principles, businesses enjoy a greater sense of control over their expenses, and the ability to anticipate and prevent exceeding budgets.

On top of this, by optimising cloud usage, organisations are also able to maximise the value of their cloud investments by aligning cloud spending with business goals, which in turn opens the door to greater ROI. With boosted visibility into cloud usage and costs, organisations can enhance their decision-making and make more informed business decisions.

FinOps also fosters a sense of collaboration across the business. With teams across the organisation well-aligned with financial goals, business leaders can promote accountability, with clear guidelines for cloud spending. With efficient, FinOps-led cost management processes in place, organisations are free to invest elsewhere in the business, particularly in more innovative or strategic initiatives. No longer constrained by unpredictable cloud expenses, the opportunity arises for progress elsewhere.  

The how-to guide

From accessibility to flexibility to potential cost savings, businesses understand the benefits that cloud computing can bring to businesses. And yet, the technology must be mindfully implemented to reap the benefits. Here’s how to do it. 

Establish a FinOps tiger team

Firstly, bring together a team to drive the implementation of FinOps practises and ensure that the business sticks to the strategy. The team should have representatives from sectors across the organisation (finance, engineering, operations) who will be directly involved with the implementation to guarantee representation from across the organisation.

Roles and responsibilities should fit each team member’s strengths. So, for example, the finance professionals provide the cost management expertise, whilst the engineers focus their time on optimising resources.

Set clear objectives

Next, you need to consider what exactly you’re looking to achieve through the implementation of FinOps principles. Are you looking to improve your organisation’s overall business strategy? Or are you more focused on purely cost savings?

Whatever it may be, establish clear objectives that align with your business goals and define targets to stay accountable. A good place to start is by measuring cost per customer or cloud cost as a percentage of your overall revenue.

With this in mind, you must be open to continuous improvement. As time passes and your business evolves, initial objectives may change and targets should be adjusted accordingly. Similarly, you should look to continuously refine your FinOps practises based on team feedback and developments in the cloud technology itself. A simple way to benchmark your organisation’s performance is through comparison to industry benchmarks or past performance, where you’ll be able to identify what’s going well, alongside areas for improvement.

Implement cost management tools 

Once you’ve decided that you’re going to prioritise gaining visibility into your cloud spending, you need to figure out how exactly you can do that. The key? Investing in a FinOps-friendly cloud cost management tool. Set up real-time dashboards and alerts which can monitor continuous cloud spending and usage patterns. 

This not only gives peace of mind but allows for immediate action in the long run. A small investment now can actually be a great one down the line.

Ultimately, as the Olympics and Paralympics have shown us, cloud computing is a brilliant technology that offers real benefits to both businesses and consumers alike. But to avoid cloud spending going to waste, a holistic approach is essential. Take the time to adopt a FinOps-centric approach to cloud adoption, and you set yourself up for success down the road – organisers for the 2028 LA Games, take note!

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• Why thinking like a detective can help businesses’ digital transformation while still cutting costs