The FinOps Strategy: a MIRACLE Solution for Cloud Optimization

“It’s attention to detail that makes the difference between average and stunning,” said a British bishop in the 17th century named Francis Atterbury, and boy was he right because we live in the age of information. Everything we see, use, and do ultimately is translated to data. And data is details, lots of essential elements that keep this world operating. But it’s not only how we use it that makes a difference, but how we choose to administrate it. So, as a technological society that puts innovation and efficiency on a pedestal, it’s no surprise that it designed the ideal Cloud’s platform. But our culture doesn’t settle for “ideal.” We believe in Optimization, in the belief that to any “best,” there is the “very best” and the “very very best.” 

Various companies still choose to perform with on-premise software and manage all of their data inside their organizations. Nevertheless, crucial requirements make this model less sufficient and much pricier. It requires investing in in-house server hardware, integration capacities, software license, and IT operators close to hand to support and handle possible technical failures that might appear, turning it into a whole operation to generate inside the corporation. All of this, before even knowing to estimate the infrastructure capacity needs.

Against this background, Cloud services provide us with steady and secure on-demand access to a shared supply of computing resources over the internet. Also, its payment model depends on how much computing resources you consume, which prevents overpaying for wrong assessments. 

Cloud Cost Optimization

Even if you instantly need a higher infrastructure capacity, you can extend it within minutes and quickly develop your application globally and provide significantly lower latency and more extra reliable service for your clients with minimal expense.

Some of the world’s most giant corporations like Dropbox, Instagram, and even Netflix aborted the on-premise. They moved their incredibly valuable data and services to the Cloud, which discharged them from the archaic and insufficient computers’ hard drive’s dependencies. 

As mentioned, the business cloud pricing model is built on payment according to volumes and usage consumptions, either prepayment for long-term services. With this in mind, finding the right provider is quite a challenge. Although this sounds generic and simple, it’s much more complex to estimate the exact need in data storage, resources, and connectivity, especially in a company with multiple employees. The wrong estimation causes unnecessary costs, and that required a solution. This led to the development of FinOps.

It proved to be insufficient to move the company’s data to the Cloud and work with the best providers without acknowledging financial management and implementing cost efficiency. It even resulted in needless expenses and created a demand for experts specializing in Cloud Cost Optimization.

In 2020 the Covid-19 pandemic burst into our world and dictated new rules of conduct. It forced us to adjust to a new global order which required us to keep social distance and directed everything to the digital world. We started working from home and communicating through online video platforms, turn to health medical care online, studying online, and keeping our businesses operating remotely. This made the Cloud our life-vest. The Covid-19 created a sense of urgency inside corporations to have sufficient cloud usage and resources. With the versatility, availability, and operating speed the Cloud provided, companies quickly accustomed to the new situation and overcame the challenges.

On 18 DEC 2020, Mr.Wayne W. Duso, Amazon Vice President, blogged on Amazon Web Services Storage Blog, saying: “While an exponential growth in data generated is not new, this growth has exploded in 2020.” He also added that “IDC (International Data Corporation) tells us that by 2023, more than 40% of the world’s data will be stored in hyper-scale or cloud data centers”. Although the Covid-19 brought growth in data storage, the sense of urgency inside corporations resulted in extended use of more cloud resources than needed. This made the FinOps strategy even more imperative for keeping the expenses in check, especially in a challenging time like now, when businesses struggle to survive due to financial difficulties and huge losses.

 

 

Who are the FinOps Experts, and What is Their Role?

These Specialists are technologically savvy and authorities in the economic and business field. They monitor stated assets, recognize and resolve billing errors, optimize service plans, analyze productiveness, and prevent unnecessary expenses. They will become a primary part of the organization and a valuable “asset” for leveraging the company.

Cloud Cost Optimization

This is a cycle when the solution to one problem creates a new problem. However, it’s the mastery of technology to level-up a “masterpiece” and efficient efficiency. With the aid of the best FinOps experts in the industry, these problems shall all be resolved precisely and fluently. The answer to that is the Miracle Software LTD company which is staffed with the best leading FinOps experts and specialists in the field whose main task is to provide the customers with the optimal solutions to their problems and grant their workloads with exceptional performance. They also have unique and dedicated cloud domain software developed by Miracle, and this combination of professionalism and innovative software provides them with a significant advantage and remarkable capabilities.

Miracle Software Ltd is a global FinOps and TEM company specializing in Business Process, Data Analysis, Expense Management, Invoices Processing, Cost Optimizing, Cost Reduction, Team Management & Train Budget Management services in the domains of Telecom Expense Management and Public Cloud. However, Miracle Software holds a secret weapon. With a highly professional and experienced team, exceptional knowledge in the cloud and telecom expense management, and an outside-the-box philosophy, they developed a FinOps service with a unique platform that delivers an inclusive service that covers all types of expanse issues. 

Their core strategy is to present the client transparency and clarity by guiding them through the process, gaining cost efficiency by building the best financial infrastructure to prevent future needless expense, and provide them with the education that will allow clients to always stay on top of things and control their budget.

 

How does the Miracle FinOps Services Operate?

Miracle’s responsibility is to learn the company’s product, environments, and work methodology and ensure that the company will get the most from the Cloud by dedicated financial visibility, ongoing cost management, and build the most accurate and relevant cost optimization opportunities.

The experienced Miracle team will produce reports of various suggestions and proposals to reduce the monthly bill by reviewing the cloud environment. Also, they will issue customize dedicated dashboards by thoroughly dissecting the clients’ costs to services, and it doesn’t end there. Miracle FinOps team will monitor the resource levels daily and work hand to hand with BUs to predict the annual expenses, so the client will always be two steps ahead budget-wise.

Nevertheless, what makes miracle software services unique is treating their clients as equal partners in the process. Providing them with training and education through routinely meets with FinOps experts that provide them guidance on how to practice cloud expanses field and larger their control.

When it involves finance services, there is no room for mediocre. Managing costs and expenses is one of the most critical fundamentals that differentiates between a profitable business and a losing one.

Cloud Cost Optimization

Cloud services are one of the most significant technological inventions of our times, and if we didn’t acknowledge its magnitude in the Pre-Covid-19, we surely know it now. Still, even the best tool in the world can be unproductive and even a menace when wrongly used. That’s why we need FinOps, and when it concerns FinOps, we don’t settle. We only work with the very, very best, Miracle Software Ltd.

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