Tag Archive for: costoptimisation

 

In the era of multi-cloud adoption, the stakes have never been higher when it comes to managing and aligning your cloud expenditures.

Embracing cloud services is a breeze, but mastering cloud spending can be problematic for enterprises dedicated to extracting maximum value from their tech investments.

According to Gartner’s latest forecast, global spending on public cloud services is set to skyrocket by 20.7% in 2023, reaching a staggering $591.8 billion. Meanwhile, Foundry’s Cloud Computing Study for 2023 reveals that while reducing total cost of ownership ranks among the top priorities for cloud computing initiatives, reigning in cloud costs is the ultimate hurdle that can either accelerate or derail cloud adoption.

One of Excelien’s clients points out, “The cloud offers unparalleled potential for growth, but costs can quickly spiral out of control.”

Navigating Uncharted Cloud Expenses

Worries about soaring cloud and distributed computing costs often leave organisations with two crucial strategies for cost containment:

  1. Optimise computing power to minimise expenses while achieving business goals.
  2. Turn off cloud resources swiftly to save precious budgets.

Excelien experts say, “In the pursuit of speed and customer onboarding, cost efficiency can sometimes take a backseat. Attempting to optimise costs after the fact while simultaneously managing operations and growth can become an uphill battle.”

Unleashing cost-efficiency and unleashing productivity hinges on the ability to meticulously track cloud resource usage, workload execution, and the reasonable deployment of available CPUs.

These factors are central to the evolving realm of FinOps, a fusion of financial wisdom and DevOps principles. According to the FinOps Foundation’s Technical Advisory Council, FinOps empowers organisations to bring financial accountability to cloud spending by fostering collaboration among engineering, finance, tech, and business teams for data-driven spending decisions.

With access to financial insights, organisations can make real-time decisions to optimise costs. Engineers can now evaluate the financial implications of feature development and product changes, aligning them with cost efficiency, just as they would fine-tune for performance or uptime.

Bridging the Gap Between Cost and Performance

“To act upon cloud financial data effectively, it’s essential to attribute costs to the teams responsible for spending. These teams are best positioned to leverage the cloud’s elasticity.” – Excelien FinOps.

While all cloud providers offer some level of cost reporting, the complexity of managing multiple cloud environments can make it challenging to consolidate and align cost and performance insights across an enterprise. With advanced analytics, organisations can achieve superior results in less time, extracting maximum value from their cloud investments.

Can you run analytics in the cloud? Absolutely. But will it deliver the performance you need? For many, that’s the million-dollar question…”

Of course, we can help in all the above with a whole host of tools – Automated reports on where cost savings are possible, management of payment methods to ensure you’re on the most cost-effective instance possible, management of RIs to ensure you’re not overprovisioned, rightsizing of containers.

Speak to Excelien, see how a 2-week PoC can deliver you a RoI report and show precisely what savings are possible.

Schedule a meeting with Excelien to discuss FinOps

Banks are investing in cloud technology as a significant priority. According to a recent survey by American Banker, over 40% of executives consider cloud technology among their top five spending priorities. Additionally, 80% of respondents expect to migrate at least 20% of their computing infrastructure to the cloud by 2023.

This shift towards cloud adoption is appropriate due to the advantages it offers banks, such as scalable resources based on usage and the ability to avoid unnecessary onsite hardware purchases to meet increasing resource demands. However, banks currently face three major challenges in managing cloud effectively. 

The first challenge is the need for more visibility, as they need to understand their cloud usage, deployment details, and locations to make the most of it. Increased cloud spending can lead to cloud sprawl and loss of control.

The second challenge is agility, which allows banks to act quickly based on information. Legacy solutions can hinder this advantage, making it crucial for banks to identify areas they need to modernise to enhance their agility.

The third challenge is managing cloud spending efficiently. While the cloud provides cost-effective solutions, expenses can escalate beyond control without proper oversight.

To address these challenges and stay competitive, banks can adopt a CloudOps approach, emphasising visibility, automation, and continuous optimisation in the cloud. This approach aligns business objectives with cloud operations, providing banks with a complete understanding of their cloud-based services, identifying areas for improvement and optimising operations.

Intelligent automation can enhance flexibility, allowing banks to adapt to changing conditions swiftly. Moreover, optimisation based on the principles of continuous integration and continuous delivery from DevOps can help banks save money.

Nevertheless, the elastic nature of the cloud presents challenges in managing resources effectively. Many banks may find themselves surprised by their monthly cloud spending and its rapid growth without a clear strategy to control it. However, with the right approach and solutions, banks can optimise their cloud operations, ensuring efficient resource utilisation and cost control.

How Excelien Can Help Financial Services

Of course, it’s one thing to talk about CloudOps for banks; it’s another to implement it at scale.

Excelien can help. we can help banks discover what they have in the cloud and what they can do to optimise these resources. Companies can also use these tools to significantly reduce their computing costs.

Excelien also can help banks by finding unused resources in current cloud infrastructure and then offloading those resources to other consumers. In other words, Excelien allows banks to effectively sublease some of their excess cloud resources to other businesses, allowing them to eliminate cloud sprawl and reduce costs without compromising performance.

Banks need the cloud to stay current, connect with fintech firms and effectively address emerging market challenges. But just having the cloud isn’t enough. Banks need to boost visibility, improve flexibility and control costs to make the most of cloud deployments.

Contact the team at hello@excelien.com or book an appointment with our specialists.