Mastering FinOps with MIT. Addressing the Crawling, Walking and Running Stages for Cloud Cost Optimization.
Your FINOPS journey with MIT can be divided into 3 stages as crawling, walking, and running. The crawling stage is focused on wastage removal and the walking stage focuses on performance tuning while the running stage focuses on automation and making a center of excellence in cost optimization.
The crawling stage focuses on the removal of wastage. It strongly focuses on getting rid of unnecessary expenses. It’s all about spotting and cutting out any spending that doesn’t make sense within the cloud environment, so organizations don’t end up spending more than they should on their cloud resources. This approach is crucial for keeping costs in check while still meeting the needs of the business. By recognizing and dealing with wasteful spending, companies can reduce unnecessary expenses and handle their cloud-related costs more wisely and within budget. This should be a main concern due to the pay-as-you-go concept. Businesses tend to migrate to the cloud as it is more cost-effective than having on-premise servers. But with time they understand that cloud can be more expensive due to not optimizing cost. FINOPS and pay-as-go concepts were planned to go hand in hand but businesses failed to do FINOPS and lost the visibility of the system making it more expensive now businesses have identified it can be focusing on FINOPS as well.
In the crawling stage, the tasks planned to be done are right-sizing, scheduling, decommissioning idle resources, and GP3 conversion.
Right-sizing in the context of cloud computing refers to the practice of optimizing the resources allocated to a cloud service to match its actual requirements accurately. It involves adjusting the size and configuration of cloud instances, storage, and other resources to ensure they are neither underutilized nor overprovisioned. A resource can be overprovisioned, under-provisioned, or optimized. Right-sizing help to reduce cost by making all the resources optimized.
Scheduling in cloud computing refers to the practice of allocating and managing computing tasks and resources efficiently in a cloud environment. It involves making decisions about when and where to execute specific tasks or workloads to optimize resource utilization, performance, and cost-effectiveness.
Decommissioning idle resources in cloud computing is an essential practice to optimize costs, improve resource utilization, and enhance the overall efficiency of your cloud infrastructure. Idle resources are those cloud services, instances, or assets that are not actively being used but continue to consume resources and incur costs.
EBS volumes with GP2 can be converted into GP3 as it is a new and much more efficient volume with less cost.
As you progress through the crawling, walking, and running stages, you’ll further enhance your cost optimization efforts, ultimately building a center of excellence in financial operations. This comprehensive approach aligns with the evolving cloud environment, ensuring that your organization’s cloud-related expenses are managed wisely and within budget while still meeting business objectives.
