Title

AWS re:Invent 2022 - Using AWS savings instruments in a FinOps journey (PRT292)

Summary

John Bach from Spot by NetApp and Dieter Mason shared insights on FinOps and how to use AWS Savings Instruments effectively.
FinOps is an evolving discipline focused on cost-conscious cloud usage, involving collaboration between teams.
Key challenges in FinOps include ownership, accountability, visibility, consistency, and keeping up with changes.
Operationalizing FinOps requires it to be part of day-to-day operations, not just a one-time project.
AWS environment-specific strategies were discussed, including forecasting, balancing flexibility and savings, maximizing coverage, and continuous optimization.
The importance of moving beyond manual, spreadsheet-based approaches to more automated, intelligent solutions was emphasized.
Dieter shared Roku's journey with AWS Savings Plans and Spot by NetApp's Eco product, highlighting substantial savings and the power of automation.
The session concluded with an encouragement to explore FinOps tools and resources, such as the FinOps Foundation and user groups.

FinOps is becoming a critical part of cloud financial management, with organizations increasingly adopting formal practices and frameworks.
The FinOps Foundation plays a significant role in the development and dissemination of best practices in the industry.
The cultural shift from a focus on rapid deployment to cost management reflects broader economic pressures and the need for efficiency.
AWS Savings Instruments like Reserved Instances and Savings Plans are complex and require careful management to optimize costs.
Automation and analytics tools, such as those offered by Spot by NetApp, can significantly improve the management of AWS Savings Instruments, leading to better cost optimization.
Real-world examples, like Roku's experience, demonstrate the tangible benefits of adopting FinOps practices and tools.
The session highlighted the importance of continuous reevaluation and optimization of cloud resources to maintain cost efficiency.
There is a strong emphasis on the need for collaboration across different roles within an organization to successfully implement FinOps practices.