FinOps Best Practices: How to Control Cloud Spending and Maximize ROI

Cloud expenditure has hit record highs, with businesses across the globe investing more than $490 billion on cloud services in 2024. However, research indicates that businesses waste as much as 30% of their cloud budget as a result of weak financial management processes. This is where FinOps—Financial Operations for the cloud—comes into play for contemporary companies. What is FinOps and Why Does It Matter? FinOps is an cultural practice that integrates financial responsibility into the variable spend cloud model. It allows companies to achieve optimal business value by providing a platform for the collaboration of engineering, finance, and business units in data-driven spending decisions. The fundamental principle of FinOps is based on three sequential phases: Inform, Optimize, and Operate . In contrast to conventional IT financial management, FinOps is in real-time, giving instant visibility into cloud expense and allowing proactive decision-making. Real-world Example: Ne...