Flexera One FinOps Offers New Levels of Enterprise Collaboration and Control Over Cloud Spending

Flexera One FinOps provides an integrated view of the technology ecosystem. It helps cloud teams collaborate with partners and stakeholders across the organization, such as ITAM and software license management (SLM), IT (operations and engineering), finance, engineering, architecture and security teams.

“Enterprises want more governance over cloud spending, but they’re not willing to give up the speed, agility and other benefits that come from digital transformation,” said Brian Adler, senior director of cloud market strategy at Flexera. “Today, when wasted spend across the IT estate is rampant, FinOps provides both a financial management discipline, as well as a cultural practice that maximizes business value at organizations that are serious about managing their cloud spend as their digital transformation initiatives move ahead.

“Effective FinOps for a hybrid IT estate requires knowing what you have, knowing how much you’re using, planning effective cloud migrations, and governing efficiently,” he continued. “Flexera One FinOps supports all of that through a single solution.”

Reliance on FinOps is growing; 72% of organizations now have dedicated FinOps teams, as reported in the Flexera 2023 State of the Cloud Report. The report, based on a survey of cloud decision makers, found that public cloud spend was over budget by an average of 18%; 30% anticipate that spending will increase in the coming year. These findings indicate the growing need to more effectively manage hybrid IT estates and expenses.

Flexera One FinOps

Flexera One FinOps, available as a standalone solution or as a part of the broader Flexera One platform, builds on existing Flexera Cloud Cost Optimization (CCO) technology. Forrester Research positioned Flexera One Cloud Cost Optimization as a leader in The Forrester Wave™: Cloud Cost Management and Optimization, Q3 2022. In this report, Flexera received the top score in the current offering category.

Flexera One FinOps goes a step further, helping users stay informed about areas of potential savings, optimizing their investments, and operating efficiently by automating and governing processes across a hybrid IT estate.

"In the 2023 State of FinOps, we found that 'Empowering Engineers to Take Action' and 'Getting to Unit Economics' are the top challenges for organizations in 2023. Understanding how to communicate both the cost and value of everything an organization is doing in the cloud, as defined and measurable for a product or service, is essential to success,” said J.R. Storment, Executive Director, FinOps Foundation. “’Reducing Waste' (a challenge that increased 30% since 2022), and 'Organizational Adoption of FinOps' are also recurrent top challenges for practitioners. More than ever, building programs, cultures and implementing solutions that can tie together visibility and allocation of cloud usage and billing (alongside efficient management of hybrid IT estate) will be essential to the success of the technology organization."

Flexera One FinOps solutions are available with multiple configurations to fit each organization’s needs:

• Flexera One Cloud Cost Optimization: Flexera’s standard FinOps offering provides visualization to allocate cloud usage and billing.
• Flexera One FinOps Advanced: Flexera One FinOps Advanced offers cloud cost optimization and either of the following:
  • cloud migration: builds on the standard offering with cloud migration functionality, allowing users to effectively plan for migration and operate cloud at scale.
  • SaaS management: builds on the standard offering with SaaS management functionality, allowing users to efficiently manage hybrid IT estates and operate cloud at scale.
• Flexera One FinOps Enterprise: Flexera’s new comprehensive FinOps offering includes cloud migration and SaaS optimization functionality to plan for migration, efficiently manage hybrid IT estates and operate cloud at scale.

Industry momentum, recognition and additional resources:

• Flexera One is a FinOps Foundation FinOps Certified Platform, indicating that it helps enterprises  “successfully adopt cloud financial management practices aligned with the FinOps standard.”
• The FinOps Foundation recently created an ITAM+FinOps working group in an acknowledgement of the need for expertise in the overlap of these two disciplines.
• Flexera One FinOps builds on the leading cloud cost optimization capabilities, as detailed in The Forrester Wave: Cloud Cost Management and Optimization, Q3 2022), delivering comprehensive visibility into the technology organization in order to take action, assess outcomes and gain insight into value as complexity and velocity scale. Flexera had the highest possible scores in the product vision, access and permissions, resource discovery and cloud platform support, billing, cloud visibility, cost optimization, partner ecosystem, and commercial model criteria.
• Flexera’s cloud financial management tools were awarded Frost & Sullivan’s 2022 Best Practices Product Leadership Award in the Global Cloud Economics Industry.
• Flexera One FinOps solution brief
• Flexera announces Flexera One FinOps solutions blog
• Flexera 2023 State of the Cloud Report

More about Flexera One FinOps is available https://www.flexera.com/flexera-one/finops.