Driving the public cloud freeway--don't get caught overspending

Recently, I heard the following from an IT leader: “We went all in cloud first, and then we got the cloud bills. We are now on a journey to cloud smart.” How did this company miss the mark?

According to Gartner Research, “80% of organizations will overshoot their IaaS budget, due to a lack of automated cloud cost optimization or misguided upfront cloud spend commitments.”

As healthcare payers lean into digital and start to realize the potential value of cloud, the need for cloud financial management is on the rise. FinOps, short for “cloud financial operations” or “cloud financial management,” is the creation of a culture and establishment of best practices to allow an organization to leverage public cloud agility without breaking the bank. FinOps blends financial expertise and technical expertise.

Cloud can spur payer revenue growth in various ways:

• By delivering a personalized, differentiated experience to consumers
• By offloading data storage while making it accessible for machine learning and artificial intelligence
• By accelerating data sharing and interoperability

The challenge is to digitally transform to improve productivity, revenue, care quality, and customer experience and at the same time optimize cloud spending.

While enterprise IT teams have been busy strategizing plans for using public cloud, the shine might be disappearing from the new object. After the cloud bills start arriving, organizations fear they might have veered too far with all-in cloud adoption; that’s when they overcorrect by halting cloud migration plans. But there’s no need to steer the wheel more than necessary.

Companies such as Spot by NetApp can provide the knowledge and automation to help payers succeed in the cloud journey, creating deep cost visibility to running infrastructure in the most optimal way. You can stay ahead of the competition by embracing cloud while managing and optimizing cloud compute costs. 

Don’t wait until you get ticketed for overspending in the cloud. Learn more about how the proper FinOps technologies and tools can put you in the driver’s seat by visiting the Spot by NetApp resource center.