Trends Report

IT Financial Management (ITFM) In The Age Of FinOps

Enhance ITFM With FinOps

April 10th, 2024
Tracy Woo, Principal Analyst
Tracy Woo Principal Analyst
Gordon Barnett, Principal Analyst
Gordon Barnett Principal Analyst
With contributors:
Lauren Nelson , Arthur Ross , Kara Hartig

Summary

In today’s rapidly evolving technological landscape, traditional financial management practices in IT fall short in addressing the complexities of dynamic demand, third-party services like cloud, and sustainability needs. Technology executives must shift toward optimizing value and aligning expenses with changing demands. Enter FinOps — a specialized practice within IT financial management (ITFM) focusing on cloud cost optimization. This report delves into the paradigm shift required, explaining the relationship between ITFM and FinOps and providing insights for technology executives in navigating the challenges of modern ITFM effectively.

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