The emerging discipline of FinOps enables enterprises of all sizes to turn cloud usage-based pricing models to their advantage. They only pay for what they use, and only use what they need. 

Cloud-based analytics projects sorely need FinOps because their workloads can fluctuate widely, which makes it hard to budget and control costs. A FinOps program helps cross-functional teams govern cloud costs as they forecast, monitor, and account for the resources that go into cloud-based analytics projects. 

It helps them oversee the project lifecycle, including design, operation, and optimization. It helps control the cost of cloud based applications as well as their underlying storage, compute, and network resources, reducing the risk of painful monthly bills. 

Data observability tools can assist FinOps while improving the health of data environments. Data management is the largest and fastest-growing cloud spending category, leading to increased focus on FinOps for data, also known as DataFinOps. 

Implemented well, a FinOps program can drive measurable, achievable returns on investment (ROI) for cloud-based analytics projects. Cross-functional teams should adopt the following guiding principles to succeed with their FinOps program.

Key Takeaways:

• Start with business requirements, then rinse and repeat. Analytics leaders should design their analytics projects to stay flexible and meet business requirements that might change, even before project completion. Strategic initiatives, business priorities, and budgets might evolve slowly or change on a dime. Analytics and FinOps teams must stand ready to adjust their tools and processes when that happens.

• Take small bites. Like all technology programs, a FinOps program works best when implemented in phases. A FinOps team should start with one business unit or set of analytics projects and set modest, achievable objectives. If they demonstrate success with the first phase, they can gain the executive support needed to tackle bigger challenges and set more ambitious goals in subsequent phases.

• Continuously improve. FinOps programs depend on continuous improvement. Business leaders, analysts, and engineers all must find ways to sharpen best practices and reinforce a culture of accountability and vigilance. They must use data observability tools to drive this process with insights and automation.

• Consider adopting a maturity model. The FinOps Foundation offers a FinOps Maturity Model that can help cross-functional teams track program performance as they make adjustments to boost results. A model like this helps FinOps teams accelerate their journey to cloud cost governance.

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