Flexera Drives FinOps Best Practices with Flexera One Cloud Cost Optimization

Flexera’s flagship platform, Flexera One, is the first of its kind: an award-winning platform that delivers the power to mitigate risk, reduce costs, and maximize every technology investment. It offers technology value optimization (TVO) through IT visibility, IT asset management (ITAM), cloud cost optimization (CCO), and cloud migration and modernization. Flexera One enables enterprises to take control of their cloud journey with:

• Definitive technology resource data. Flexera One offers comprehensive and normalized cost visibility into the data center, SaaS and cloud through unique discovery and the unmatched Technopedia catalog of IT product reference data.
• Consumption intelligence. Flexera One provides savings on licensing costs by applying use rights and rightsizing investments. Internal Flexera customer research has found that customers save more than 30 percent with this approach.
• Automated portfolio governance. Flexera One continually optimizes business agility through automated cost optimization and feeding compliance and cost data into other IT solutions via outbound and inbound APIs.
• Hybrid IT optimization. Customers leverage Flexera One’s data for negotiations with major vendors, including Microsoft, IBM, Oracle and SAP.

Flexera One FinOps Innovation

Flexera continues to work with its customers and the broader FinOps community. Recent Flexera One Cloud Cost Optimization innovations include:

• Cloud spend anomaly detection: anomaly analysis and detection in cloud spend based on any dimension. Choose business dimensions across multiple cloud costs. Look within automatically calculated thresholds at an account level and identify which services are driving outliers.
• Cloud spend forecasting: straight line, linear regression and moving average, configurable look back, projection options, and categorization by relevant dimensions.
• Usage forecasting: project usage by region, account or business dimension to support commitment and capacity planning decisions.
• Cross-platform cost ingestion: common bill ingestion of any cloud or other costs into the platform. Flexera supports Alibaba Cloud, Azure China, Oracle cloud and the ingestion of data from any other service or source, including labor and full-time equivalent (FTE) costs, on-prem licensing or any cost to provide a total cost of ownership (TCO) view.
• Automation engine for unit economics: production of unit economics KPIs using Flexera’s automation engine to ingest other metrics, such as usage data from other sources, to produce relevant cost of goods sold (COGS) measures. These include FinOps best-practice KPIs (such as cost per instance hour) and other business KPIs.
• Contextualized multi-cloud data: complement existing hybrid and multi-cloud tagging strategies by ingesting attributes from CMDBs, enterprise architecture tools or other repositories.
• Integration with existing tools: push cloud spend recommendations into existing tools, such as JIRA and ServiceNow, using Flexera’s automation engine. Engineers can use these existing tools to prioritize optimization initiatives.
• Currency adjustment program: automatic conversion of cloud costs to any currency through integration with Xe.com. This makes multi-cloud strategies more effective for global enterprises that work across multiple currencies.

Growing Leadership in the FinOps Community

Beyond product innovation, Flexera’s commitment to the field of FinOps includes active involvement in initiatives that help advance cloud financial management.

Flexera’s Brian Adler, senior director, cloud market strategy, and Jeremy Chaplin, senior cloud solution architect, will speak at FinOps X in Austin, TX. The session, FinOps & IT Asset Management, The Partnership for Success, will be on Monday, June 20, from 4:10 to 4:40 pm CDT. The FinOps Foundation hosts the FinOps X event as the gathering place for engineers, FinOps practitioners, finance people, architects, and anyone who participates in managing the value of cloud.

Other highlights of Flexera’s leadership within the FinOps community include:

• Flexera is a Premier Partner Member of the FinOps Foundation,
• Flexera One is a FinOps Certified Platform, 
• FinOps Foundation appointed Flexera’s Brian Adler as a FinOps Foundation Governing Board Member.
• IBM and Flexera announced in March 2022 “IBM Announces New AIOps Solutions Designed to Automate Software License Compliance”