Cloud computing has become an increasingly popular choice for businesses looking to streamline IT operations and reduce costs. However, managing cloud costs and maximizing cloud ROI can be challenging, particularly for CFOs who are responsible for forecasting and budgeting IT development and operations.
Augmented finance operations (augmented FinOps) can help CFOs overcome these challenges by providing real-time financial data and insights. In this blog, we will explore how augmented FinOps can help the CFO forecast cloud costs and improve cloud ROI.
Forecasting Cloud Costs
One of the primary challenges facing CFOs when it comes to cloud computing is forecasting costs. Cloud costs can be difficult to predict, particularly as usage patterns and requirements change over time and cloud providers continuously evolve as well. However, augmented FinOps can help CFOs overcome these challenges by providing real-time financial data and insights that can be used to forecast cloud costs more accurately, using advanced machine learning models.
For example, augmented FinOps can provide real-time visibility into cloud usage patterns and identify areas where costs can be reduced. Additionally, augmented FinOps can help CFOs model different scenarios and identify potential cost savings opportunities, allowing for more accurate forecasting and budgeting.
Improving Cloud ROI
Another key challenge facing CFOs when it comes to cloud computing is maximizing cloud ROI. While cloud computing can be a cost-effective solution, maximizing ROI requires careful management and optimization. Augmented FinOps can help CFOs improve cloud ROI by providing real-time financial data and insights that can be used to optimize cloud usage and identify cost-saving opportunities.
For example, augmented FinOps can help CFOs identify areas where resources are being underutilized, such as idle instances or oversized storage volumes. Additionally, augmented FinOps can provide real-time visibility into cloud usage and costs and help CFOs optimize resource allocation to maximize ROI.
Conclusion
In conclusion, augmented FinOps can help CFOs forecast cloud costs and improve cloud ROI by providing real-time financial data and insights that can be used to optimize cloud usage and identify cost-saving opportunities. By leveraging technology to automate and streamline financial processes, augmented FinOps can help CFOs navigate the complexities of cloud computing and drive business success. As such, it is an important tool for finance leaders looking to maximize ROI and manage costs in today's fast-paced business environment.
To learn more about how Nubovi can help you implement augmented FinOps so that you can also be a well-informed CFO, have a look at our white paper or watch this short explainer video.