Budgets have become increasingly scrutinized in 2023, especially so considering increasing cloud usage. In the 2023 Flexera State of the Cloud Report, public cloud spend was over budget by an average of 18 percent, up from 13 percent the previous year. On top of this, 30 percent expected spend to increase in next twelve months, right in line with Gartner’s prediction for the market to reach nearly $600 billion of spend by the end of 2023. It’s easy to see why FinOps continues to evolve and grow as a cultural practice and financial management discipline as organizations struggle to tackle this ever-growing financial beast.
To help with this difficult task, Flexera is proud to announce new cloud budget capabilities into Cloud Cost Optimization, part of the Flexera One FinOps solutions announced earlier this year. With the new cloud budgets feature, organizations can create their budgets and view that budget vs their actual cloud spend across myriad dimensions.
Introducing Flexera’s New Cloud Budget Feature for Cost Optimization
Through a simple creation process, amortized or unamortized costs can be grouped by a library of standard dimensions such as cloud vendor, resources and tags. In addition, these dimensions can be extended to rule-based dimensions to fit any unique need of the organization. This could be a financially-related dimension like chargeback code, or a more line of business (LOB) or application-based metric, such as cost owner.
Cloud Management
Take control of cloud use with out-of-the-box and customized policies to automate cost governance, operations, security and compliance.
For more advanced FinOps practices, setting budgets can also be automated through Flexera’s budget API for further productivity boosts.
Align FinOps Efforts with Your Organization’s Financial Goals using Cloud Budgets
Utilizing this new cloud budget feature, organizations can ensure that their FinOps efforts are within budget and aligned with wider organizational financial goals. This also provides a great source of historical data to determine future cloud budgets and demonstrate progress in cloud cost optimization efforts.
Learn more about Flexera One FinOps here.
