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Top 3 Takeaways from FinOps X Europe 2024

3 min read

FinOpsX EU 2024: A Resounding Success

The energy was palpable at FinOps X Europe 2024 as thousands of FinOps practitioners, cloud and SaaS providers, and industry experts came together to discuss the future of cloud financial management. This year’s conference highlighted the rapid evolution of FinOps. What was once considered a niche practice is now mission-critical for organizations of all sizes. While we’re excited about emerging trends in AI, FinOps X Europe 2024 reminded us to remember the importance of the foundational work we’ve already done in cost management.

Here are our top 3 takeaways from the event:

 

FinOps is Everyone’s Job

One of the most prominent themes at FinOps X was the need for collaboration. It’s become clear that FinOps is everyone’s job and requires buy-in from engineering, product, finance, and IT. The days of siloed departments working independently are over. In today’s fast-paced digital landscape, cross-functional collaboration is not just beneficial—it’s essential.

FinOps is about more than just managing cloud costs; it’s about creating a culture of financial accountability and transparency across the entire organization. This means that everyone, from engineers to executives, needs to understand their role in the FinOps process. By fostering a collaborative environment, organizations can ensure that financial management is integrated into every aspect of their operations.

Actionable Insight: Start assembling your FinOps Avengers! Identify the individuals within your organization who share your vision and bring them to the table to help drive your FinOps initiatives. Create a cross-functional team that includes representatives from engineering, finance, product, and IT. This team should meet regularly to discuss cloud spending, set financial goals, and develop strategies for optimizing costs. By working together, you can create a more efficient and effective FinOps practice.

WEBINAR Bridging the Gap: Aligning FinOps and IT for Enhanced Financial Outcomes

 

Focus Is Key

The launch of the FinOps Open Cost and Usage Specification (FOCUS) 1.0 signifies a major step forward for the FinOps community. FOCUS provides a standardized schema for cloud billing data, enabling faster time to insights, data-driven decision-making, and unified methodologies across cloud providers. This standardization is crucial for organizations that use multiple cloud providers, as it allows them to compare costs and usage across different platforms more easily.

FOCUS is not just about standardizing data; it’s about creating a common language for FinOps practitioners. By adopting FOCUS, organizations can ensure that everyone is on the same page when it comes to cloud financial management. This can lead to more accurate reporting, better decision-making, and ultimately, more efficient use of cloud resources.

Actionable Insight: Begin incorporating FOCUS into your FinOps practice! Turn on the native FOCUS data feeds, give feedback to your cloud providers and FinOps platforms, and start speaking the language of FOCUS. Educate your team about the benefits of FOCUS and how it can help streamline your cloud financial management processes. By adopting this standard, you can improve the accuracy and efficiency of your FinOps practice.

With FOCUS, Surveil’s consistent cost and usage datasets reduces complexity and unifies IT estates.

 

 

FinOps Goes Beyond Public Cloud

FinOps X showcased the expansion of FinOps principles to other areas of technology spending like SaaS licensing, and even AI. This is a significant development, as it highlights the growing importance of financial management across all areas of IT. As organizations continue to adopt new technologies and expand their IT estates, the need for comprehensive financial management becomes increasingly important.

Applying FinOps principles to all areas of technology spending can help organizations gain a more complete picture of their total cost of ownership (TCO). This can lead to improved allocations, better budgeting, more accurate forecasting, and ultimately, more efficient use of resources. By extending FinOps beyond the public cloud, organizations can ensure that they are managing their entire IT estate in a financially responsible manner.

Actionable Insight: Start thinking about how you can apply FinOps principles to your entire IT estate! This will give you a more complete picture of your total cost of ownership (TCO). Begin by conducting a thorough audit of your technology spending, including SaaS, licensing, and all your workloads. Identify areas where you can apply FinOps principles to optimize costs, convert waste into value, and improve efficiency. By taking a holistic approach to financial management, you can ensure that your organization is making the most of its IT investments.

 

FinOps X Europe 2024 was a testament to the power of community and the importance of FinOps. It was inspiring to see so many passionate individuals coming together to share their knowledge and experiences. The conference highlighted the rapid evolution of FinOps and the growing importance of financial management in today’s digital landscape. As we look to the future, it’s clear that FinOps will continue to play a crucial role in helping Enterprise organizations manage their cloud costs and optimize their IT spending. By embracing collaboration, adopting standards like FOCUS, and extending FinOps principles to all areas of technology spending, Surveil helps organizations gain greater financial control and transparency in their cloud environments. Learn how Surveil provides the data and insights necessary for better financial accountability and operational efficiency.

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