Building a Successful Cloud Financial Management Practice

Enterprises look to the public cloud to improve agility, gain more flexibility and innovate rapidly. However, this leaves organizations with the monumental task of aligning cloud spend to business initiatives and ensuring that costs don’t spiral out of control. The processes for accomplishing these tasks in an on-premises world don’t translate well to the public cloud, where procurement, financial, operational and strategic models are very different. As a result, leading organizations are adopting a new approach called cloud financial management, one of the three key pillars that form the basis of a mature cloud strategy.

As cloud environments become more complex, collaboration across departments plays a vital role in introducing more accountability among business leaders. This paper details a set of organizational best practices and principles, outlining key stakeholder groups, roles and responsibilities to help you plan, build and execute a successful cloud financial management strategy.

Who will benefit from this paper?

With increased cloud complexity and adoption, the boundaries between various teams have blurred. Prior to this evolution, teams such as developers, finance, IT operations and security were siloed and would rarely know what other teams were doing. Now, collaboration across teams and stakeholders is crucial for any successful cloud journey. 

While this paper is primarily aimed at IT operations and finance professionals who are tasked with optimizing and governing cloud costs, engineering teams and IT leadership will also find these best practices helpful in understanding dynamics within their organization and how they can better promote the right culture of financial awareness and accountability.

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