Cloud adoption is a significant technology trend as many businesses are undergoing digital transformations, and the cloud is the most logical solution to issues with IT infrastructure. However, adopting cloud technology can become expensive if not handled efficiently. FinOps is a new concept gaining momentum as a solution to cloud overspending.  

FinOps teams consist of cloud financial management professionals who bring together IT, finance, engineering, product developers, IT asset management (ITAM), leadership, and other stakeholders to align on cloud usage and spending goals. The purpose of a FinOps team is to support agile work streams while avoiding overspending on the cloud. The team is solely responsible for maintaining cloud budgets and ensuring there are no redundant or unnecessary licenses costing the business money. To implement FinOps successfully, clear communication and accountability between all departments must exist. Cloud adoption is complex, and adopting multiple clouds means a change to the entire IT infrastructure as well as business processes and procedures.  

A comprehensive software asset management (SAM) program is extremely helpful to manage subscription costs. According to Gartner by 2025, 40% of organizations will utilize continuous software asset management (SAM) managed services from third parties for at least part of their rapidly expanding and increasingly complex software estate. The best way to combat rampant cloud spend is to ensure you are on top of all cloud software and usage and designate at least one specific person to monitor cloud spend and usage.

Connor, your partner for success
To optimize your use of cloud solutions, employing either a FinOps or SAM program can aid in managing costs and developing efficiency strategies to minimize expenses. It's essential to ensure that the program you choose is delivered by a partner with skilled resources who utilize expertise, intellectual property, rigor, and best practices. Your partner should work directly with you, the end-user, without a middleman. You may opt for either continuous or scheduled services, but neglecting continuous management may expose your business to potential risks, unbudgeted spend or true-ups due to license mismanagement.

By collaborating with Connor, you can benefit from our customer-centric services. We evaluate your current subscriptions to identify overlap and redundancies, analyze the most cost-effective way to stack software and applications, and devise methods to improve efficiency, resulting in significant ROI and fast time-to-value.

To learn more about our SAM services or to speak to an expert, please email us at softwareadvisoryservices@connor-consulting.com. 

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