Title

AWS re:Invent 2023 - FinOps tips for optimizing your cloud infrastructure and data costs (COP224)

Summary

• Ann Johnston from Capital One discusses the importance of maximizing cloud value and introduces FinOps, a discipline for cloud financial management.
• Patrick Bartsch talks about Slingshot, a product for cloud and data management.
• FinOps is not about saving money but about collaboration between engineering, finance, technology, and business teams for data-driven spending decisions.
• Capital One's FinOps approach includes four pillars: people, architecture and standards, tooling, and analytics and modeling.
• The talk covers the importance of understanding cloud usage and cost, cloud rate optimization, and organizational alignment.
• Patrick dives into the challenges of managing cloud spend as an operating expense and the need for new operational processes.
• He outlines the needs of finance, technology, and business teams in managing cloud costs and introduces Slingshot for optimizing Snowflake spend.
• Ann discusses the full stack approach to FinOps, including infrastructure as a service, platform as a service, and application layer considerations.
• Key takeaways include investing in FinOps skills, creating a culture of spend awareness, and measuring what matters most.

Insights

• FinOps is a relatively new field that requires a cultural shift within organizations to ensure that all teams are aligned in their approach to cloud spending.
• Capital One's journey to the cloud and subsequent development of FinOps practices and tools like Slingshot can serve as a model for other organizations.
• The transition from capital expenses to operating expenses in cloud spending necessitates more frequent and collaborative review processes between different teams.
• The focus on data and the full technology stack indicates that FinOps is not just about managing costs at the infrastructure level but also involves optimizing applications and services.
• The emphasis on creating a culture of spend awareness and measuring success suggests that behavioral change and clear metrics are crucial for effective FinOps implementation.
• The shared accountability model for cloud costs highlights the need for tools and processes that support collaboration and informed decision-making across finance, technology, and business teams.
• The discussion of specific challenges and solutions related to managing Snowflake spend provides practical insights into how companies can tackle similar issues with their cloud data platforms.
• The presentation underscores the importance of selecting the right tools and creating processes that fit the unique needs of an organization, rather than being swayed by the latest market trends.