Cloud cost management is no longer just about monitoring invoices at the end of the month. The most effective FinOps teams understand that success lies in proactive habits transforming good practices into great ones that consistently generate measurable savings.

Yet many companies find themselves overspending. The very flexibility that makes the cloud powerful can also result in wasted unused resources, unmonitored growth, and surprise charges at the end of the billing cycle.

With intelligent automation features like AutoSavings, FinOps teams can move beyond manual cost-tracking to a model that maximizes savings and efficiency. Here are three habits that set highly effective FinOps teams apart.

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1. Prioritize Commitment Without the Risk

Cloud providers offer significant discounts for long-term commitments like Reserved Instances (RIs) and Savings Plans. However, managing these commitments manually is a complex and time-consuming task. Usage patterns fluctuate, new instance types are released, and business needs change, making it difficult to maintain high utilization and coverage.

This is where automation comes in. Instead of relying on manual analysis, great FinOps teams leverage automated platforms that can:

• Dynamically purchase and sell commitments: Based on real-time usage data, these platforms can automatically buy and sell RIs in the marketplace, ensuring you always have the optimal level of coverage.
• Eliminate long-term lock-in: By managing the buying and selling process, these solutions can provide the benefits of RIs without the risk of a one or three-year commitment.
• Maximize savings with minimal effort: Automation frees up your team to focus on strategic initiatives, while the platform works in the background to maximize your savings.

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2. A Culture of Visibility and Accountability

Good teams analyze cloud spend and identify inefficiencies, but great teams take it one step further by automating corrective actions so savings happen continuously, without manual effort.

Effective FinOps teams understand the importance of clear, granular visibility into cloud spending. This means having a centralized view of costs across different accounts, services, and projects. Interactive dashboards and detailed reports are crucial for:

• Tracking key metrics: Monitor metrics like total coverage, on-demand cost equivalent, and savings rate to get a comprehensive view of your cost-saving efforts.
• Identifying cost-saving opportunities: Drill down into specific services and instance types to identify areas of waste and opportunities for optimization.
• Promoting accountability: When teams have a clear understanding of their cloud spending, they are more likely to take ownership of their usage and make cost-conscious decisions.
  
  

3. Embrace Continuous Commitment Management

The cloud is a dynamic environment, and cost optimization is not a one-time project. It's an ongoing process that requires continuous monitoring and adjustment. Great FinOps teams embed optimization into their daily operations, constantly looking for ways to improve efficiency and reduce waste.

• Regularly reviewing and adjusting your strategy: As your business evolves, so should your FinOps strategy. Continuously evaluate your usage patterns and adjust your commitment portfolio to ensure it aligns with your current needs.
• Leveraging real-time data: Use real-time data and analytics to make informed decisions and proactively address potential cost overruns.
• Adopting a proactive mindset: Instead of reacting to last month's bill, great FinOps teams are always looking ahead, anticipating future needs and proactively optimizing for them.

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Taking Your FinOps Practice From Good to Great

By adopting these three habits, you can transform your FinOps practice from good to great. Embracing automation, fostering a culture of visibility, and focusing on continuous optimization will not only help you control your cloud costs but also unlock new opportunities for innovation and growth.

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