Title

AWS re:Invent 2022 - FinOps: The powerful ability of insight to accelerate AWS (PRT035)

Summary

• The session emphasizes the importance of cloud cost management and the varying levels of FinOps practice sophistication among businesses.
• The FinOps Foundation's model for cloud cost strategy is highlighted, consisting of three phases (inform, optimize, operate), six domains, 18 capabilities, and three maturity levels (crawl, walk, run).
• The speaker introduces Anodot's approach to FinOps, which includes a fourth phase, and stresses that FinOps is not just about reducing costs but also about driving revenue and fostering a collaborative culture.
• FinOps is defined as a cultural practice involving people, principles, and phases of action, with the first five principles focusing on people.
• Insights are identified as the key to empowering FinOps stakeholders, with qualities such as being timely, accurate, meaningful, automated, and accessible.
• Common challenges in FinOps efforts are discussed, particularly the lack of empathy between finance and engineering teams, and how insights can help overcome these issues.
• The speaker shares customer success stories and the importance of relevant insights for different personas within an organization.
• Practical advice is given on leveraging AWS native cost management tools and when to consider using Anodot for advanced insights and recommendations.
• The session concludes with the message that successful FinOps practices should aim to drive collaboration, empathy, and insight among all stakeholders.

Insights

• The FinOps Foundation's model is a structured approach to managing cloud costs, indicating that cloud financial management is a complex and multi-faceted discipline.
• The introduction of a fourth phase by Anodot suggests that companies are looking for ways to go beyond standard models to further enhance their FinOps practices.
• The emphasis on insights and their characteristics underscores the importance of actionable intelligence in managing cloud costs effectively.
• The challenges faced by finance and engineering teams highlight the need for better communication and understanding between different departments to achieve FinOps success.
• The speaker's focus on AWS native tools before considering third-party solutions like Anodot suggests a best practice of maximizing existing resources before investing in additional tools.
• The high renewal rates and customer success stories shared by the speaker indicate that personalized and relevant insights can lead to sustained value and engagement with FinOps tools.
• The session's conclusion reinforces the idea that the human element—collaboration and empathy—is central to the success of FinOps practices, not just the technical or financial aspects.