Managing IT costs is a big challenge for many businesses today. As technology becomes more important in running day-to-day operations, controlling IT expenses is crucial while still staying innovative. The virtual event titled “How to Keep IT Costs in Check” was designed to help businesses learn effective strategies for managing these costs. In this event, experts shared practical advice and tips on how companies can better manage their IT budgets and reduce unnecessary spending.
Event Overview
The virtual event “How to Keep IT Costs in Check” on Wednesday, August 14, recently featured key industry experts, including Jenny Lin, Chief Architect at Broadridge Financial Solutions, and Tracy Woo, Principal Analyst at Forrester. The session, moderated by Matt Ashare, Senior Reporter at CIO Dive, delved into the persistent challenges of managing cloud costs, the impact of FinOps, and the evolving landscape of IT budget management.
The first session, titled “Why Is Managing Cloud Costs Still So Difficult?”, set the tone for the event by addressing enterprises’ ongoing difficulties in cloud cost management. Lin and Woo emphasized that cloud cost management remains a complex issue despite advancements due to the rapid growth in demand for FinOps tools and the expanding infrastructure needed to support them.
During the discussion, Jenny Lin highlighted how the standardized multi-focus visibility now offered by major cloud providers, including Google Cloud and Azure, has made operations and billing processes more streamlined. However, she pointed out that fulfilling end-user expectations is a challenge, making it essential for companies to maintain visibility and equip their teams with the right tools and resources.
Tracy Woo expanded on these points by discussing how FinOps and tools like FOCUS are transforming cloud computing. She explained that FinOps, an approach that combines finance and operations, is gaining traction through events like the annual FinOps X conference, which brings together industry rivals like Google Cloud and Azure to discuss cost management strategies. Woo noted that while cloud providers are making strides in offering tools and templates to help companies manage costs, there is still a growing need for a more robust infrastructure to support these tools, especially as demand for SaaS and other cloud services increases.
Key Takeaways
The event offered several key takeaways for businesses looking to optimize their IT costs:
- Leveraging Automation: Jenny Lin emphasized automating cloud environments to reduce unnecessary expenses. Companies can significantly cut costs while maintaining operational efficiency by setting up automated processes that control cloud usage based on time zones and other parameters.
- Adopting FinOps Practices: Lin and Woo agreed that embracing FinOps (Financial Operations) is crucial for effective cloud cost management. FinOps practices help create an environment where financial and operational teams can collaborate to make informed decisions, ensuring that IT spending is aligned with business goals.
- Categorizing Companies Based on Efficiency: Lin introduced the concept of categorizing software companies into crawling, walking, and running stages, depending on their operational efficiency in cloud computing. This classification helps organizations understand where they stand and what steps they must take to advance to the next efficiency level.
- Continuous Improvement: Tracy Woo stressed the need for continuous interaction with industry experts and regular updates to cost management practices. As the FinOps landscape evolves, staying informed about the latest tools and strategies is very essential for maintaining a competitive edge.
- Josys’ Role in Managing SaaS Costs: The event also underscored the importance of tools in managing SaaS costs. This is where Josys comes in, helping businesses to manage SaaS costs. Josys helps businesses identify waste, right-size their budgets, and implement cost-effective strategies, filling critical gaps in traditional IT cost management practices.
For those looking to gain a deeper understanding of IT cost management and explore the strategies discussed in greater detail, we encourage you to watch the full virtual event. The insights shared by industry experts like Jenny Lin and Tracy Woo provide valuable guidance for organizations striving to control IT costs.
