Jun 8, 2022
On the podcast this week, guest Joe Daly tells Stephanie Wong, Mark “Money” Mirchandani, and our listeners all about FinOps principles and how they’re helping companies take advantage of the cloud while saving their bottom lines. He describes FinOps as financial DevOps, making financial decisions in an effective and optimized way. With his experience in finance and tax accounting, Joe has developed a special knack for navigating the sometimes confusing world of cloud finance policies, and his contributions to the FinOps Foundation have been many.
For starters, collaboration with various business departments is important for developing a plan that leverages the benefits of the cloud but keeps the company using resources wisely, Joe explains. He talks about the FinOps Foundation and their focus on creating community for knowledge sharing. By fostering collaboration among different company roles and promoting financial education, companies are better able to determine financial goals while making sure each facet of the company reaps all the benefits of cloud participation.
Following the FinOps cycle is the easiest way for community members to get started. The three steps, Joe tells us, are inform, optimize, and operate. The inform phase involves clarity in spending so teams understand how much money is being spent. In the optimize phase, benefits of spending are matched with expenditures to ensure resources are being used to their full potential. Finally, in the operate phase, engineers and finance managers come together to understand why solutions were chosen and understand if these tools are offering the right answers for the company.
Every company is different but the sooner it’s possible to start the FinOps journey the easier it will be to maintain in the future. Joe gives us examples of how companies are using the principles for successful strategies and the challenges that some of them have faced. The Foundation has monthly summits that offer perspectives from these companies as well as partner presentations. The FinOpsX conference is coming up soon as well. To wrap up, Joe offers other resources from the FinOps Foundation, including his podcast.
Joe set up two FinOps teams at Fortune 100 companies. He joined the FinOps Foundation and has been setting up the ambassador program, supporting meetup groups, and producing FinOpsPod.
Stephanie Wong and Mark Mirchandani