How CIOs Are Using FinOps to Rein in Cloud Spending

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As EY teams work with financial services clients around the world, we often find CIOs and CTOs battling through similar cloud conversations. The original business case for cloud was built around cost reduction. But years after migration and increasing consumption, cloud costs still appear to outweigh the benefits for many clients. For the uninitiated, it’s easy to jump to the conclusion that IT departments oversold cloud to their business.









In fact, the prime reason cloud costs are exploding is that most companies have yet to venture much beyond the “crawl” stage of cloud financial management to embrace FinOps. Like any other business service, optimizing cloud requires balancing financial discipline with consumption. CIOs need visibility of who is using which cloud services and how much they cost. The services need to be tagged so they can be transparently charged back to the consumer.









Right now, even in more mature Asia-Pacific financial sectors such as Australia, Singapore and Hong Kong, few institutions have these capabilities – and the consequences can be severe. Features like the elastic scaling of cloud resources mean provisioning costs regularly exceed their original forecast many times over.








