A Comprehensive Guide to Choosing the Right FinOps Tools in 2024

Cloud has transformed the world by revolutionizing business operations, enabling seamless collaboration, scalability, and accessibility to resources and services on a global scale. Similarly, FinOps solution providers have made it easier for organizations to manage costs associated with the cloud. Using FinOps tools, businesses can prosper in a competitive world without worrying about financial constraints and inefficiencies. These tools empower companies to optimize costs and make data-driven decisions that yield desired financial outcomes. Besides, IT solution firms have paved new ways for organizations to navigate challenges related to finances that may arise in the future. Let’s find out how to shortlist the right FinOps tools for your company and the top 3 FinOps tools in 2024.

Cloud FinOps Tools 101

FinOps revolutionizes cloud cost management by promoting collaboration and accountability across IT, DevOps, and finance teams. It involves cultural change, supported by software tools, to optimize cloud usage and costs. With a focus on full-funnel accountability, FinOps tools help businesses understand cloud consumption and correlate costs with products, projects, and teams, making it crucial for sustainable growth, particularly for SaaS companies.

How to Choose the Right FinOps Tools?

Developing a FinOps culture is crucial for sustainable business models, and specialized FinOps tools enhance maturity levels. Businesses can address complexities, automate cost management, and set ambitious goals with the right strategy and tools. When selecting a FinOps platform, consider business needs, such as multi-cloud support or scalability for growing environments, and ensure alignment with business size, current FinOps maturity, and performance indicators. These metrics may vary from company to company; hence, you must ensure that your chosen FinOps tool aligns with your business’s specific requirements.

Top 3 FinOps Tools in 2024

With an ever-growing market of FinOps tools in 2024, it can be challenging for professionals to choose the one that fits them best. To make it easier for you, we have shortlisted the top 3 FinOps tools you need to consider:

Densify

Densify is a platform that utilizes machine learning to automate the optimization of cloud costs and usage. It provides functionalities like automated optimization of instance sizes and intelligent scaling for various cloud resource types. Its primary focus is containerization using the Kubernetes platform, efficiently managing clusters, namespaces, quotas, and projects at scale.

Densify stands out from other FinOps tools as it primarily caters to the requirements of cloud engineering teams. These teams face increasing pressure from finance departments to report and validate their cloud resource utilization accurately. The tool is designed to be compatible with single-, hybrid-, and multi-cloud environments. Using this tool, you will gain the following advantages:

High Optimization: Find out opportunities for optimization, facilitate precise resource matching, and effectively prevent overprovisioning, resulting in significant cost reduction.

Better Efficiency: Finance and operations teams can enhance their efficiency by intelligently creating scaling groups and seamlessly integrating FinOps workflows into DevOps pipelines. This integration boosts their overall effectiveness and productivity.

Cloudability

Apptio Cloudability is a FinOps platform that promotes collaboration among IT, finance, and DevOps teams for optimized cloud usage, improved service delivery, and cost reduction. While focusing on the FinOps framework, it primarily serves large enterprises and leading cloud adopters.

Cloudability provides professional services encompassing strategic counsel and technical proficiency, aiding businesses in successfully adopting a FinOps culture. Some of the benefits of using Cloudability include the following:

Improve Efficiency: Foster a shared understanding of costs and business value to enhance the cost-effectiveness of cloud operations continuously.

Optimize Costs: Align spending with actual needs, explore reservation and commitment-based discounts, and identify opportunities for cost optimization through purchasing and adjustments.

Enhance Visibility: Consolidate billing and usage data to obtain a unified perspective, enabling better cost understanding and governance of cloud consumption.

Harness

Harness serves as a FinOps software delivery platform with a strong focus on cloud cost optimization tailored to DevOps teams. While it is not exclusively a FinOps tool, it offers comprehensive features for reducing cloud expenses. The platform primarily targets development teams and highlights intelligent cloud cost automation as a key benefit, claiming potential savings of up to 70%. Automation is a central focus of Harness, covering the entire cloud software delivery pipeline and efficiently managing cloud resources and idle time, eliminating the need for manual scripting or custom engineering efforts.

Harness enables users to optimize financial operations in a multitude of ways:

Monitoring and Reporting: Harness proactively monitors and generates timely reports on opportunities to terminate unused instances, ensuring efficient resource utilization hourly.

Better Collaboration: Harness’s Cloud Cost Management enables seamless collaboration between finance and IT teams, empowering them to track and manage cloud spending effectively.

Higher Cost Efficiency: The Harness Continuous Delivery Platform includes root cost analysis capabilities, enabling users to correlate cloud events with their corresponding costs effectively.

Why You Should Partner with Mobiz

Whether your business requirements call for a private, public, or hybrid cloud solution, our expert team at Mobiz is well-equipped to craft, execute, and oversee the right cloud infrastructure tailored to your unique needs. Our services include ‘Cloud Ops,’ a suite of managed cloud services engineered to empower businesses in fine-tuning their cloud environments for unparalleled efficiency, unwavering security, and optimal cost-effectiveness. Additionally, we provide Azure services, offering enterprises the gateway to harnessing the formidable capabilities of Microsoft’s Azure cloud platform.

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The Bottom Line

Cloud FinOps tools are essential for businesses aiming to optimize cloud costs, foster collaboration, and drive operational efficiency. By adopting a FinOps culture and leveraging specialized tools like Densify, Cloudability, and Harness, organizations can gain visibility into cloud consumption, align spending with needs, and continuously improve cost-effectiveness. These tools offer features such as machine learning-driven optimization, comprehensive FinOps platforms, and robust cloud cost management capabilities. They enable businesses to make informed decisions, enhance efficiency, improve collaboration between teams, and achieve significant cost reduction. Embracing Cloud FinOps tools empowers organizations to navigate the complexities of the cloud landscape, achieve sustainable growth, and excel in their cloud operations.

Frequently Asked Questions

What are the features of FinOps tools?

Top FinOps tools, such as Densify, Cloudability, and Harness have the following features:

Shared Cost Management: Effectively managing costs shared among multiple entities.

Cost Allocation: Assigning costs based on metadata and hierarchical structures.

Anomaly Management: Handling and resolving irregularities or deviations.

Data Analysis and Showback: Analyzing data and demonstrating costs to stakeholders.

Forecasting: Predicting future costs and budget requirements.

Commitment-Based Discount Management: Effectively managing discounts based on commitments or agreements.

Budget Management: Efficiently overseeing and controlling financial resources.

Workload Management & Automation: Optimizing workloads and implementing automated processes.