Practice Cloud Financial Management
With the adoption of cloud, technology teams innovate faster due to shortened approval, procurement, and infrastructure deployment cycles. A new approach to financial management in the cloud is required to realize business value and financial success. This approach is Cloud Financial Management, and builds capability across your organization by implementing organizational wide knowledge building, programs, resources, and processes.
Many organizations are composed of many different units with different priorities. The ability to align your organization to an agreed set of financial objectives, and provide your organization the mechanisms to meet them, will create a more efficient organization. A capable organization will innovate and build faster, be more agile and adjust to any internal or external factors.
In AWS you can use Cost Explorer, and optionally Amazon Athena and Amazon QuickSight with the Cost and Usage Report (CUR), to provide cost and usage awareness throughout your organization. AWS Budgets provides proactive notifications for cost and usage. The AWS blogs provide information on new services and features to verify you keep up to date with new service releases.
The following question focuses on these considerations for cost optimization. (For a list of cost optimization questions and best practices, see the Appendix.).
| COST 1: How do you implement cloud financial management? |
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| Implementing Cloud Financial Management helps organizations realize business value and financial success as they optimize their cost and usage and scale on AWS. |
When building a cost optimization function, use members and supplement the team with experts in CFM and cost optimization. Existing team members will understand how the organization currently functions and how to rapidly implement improvements. Also consider including people with supplementary or specialist skill sets, such as analytics and project management.
When implementing cost awareness in your organization, improve or build on existing programs and processes. It is much faster to add to what exists than to build new processes and programs. This will result in achieving outcomes much faster.
