Product Update - Budgeting and Forecasting

What is Cloud Budgeting and Forecasting:

Cloud budgeting and forecasting play a critical role in the practice of FinOps management, enabling organizations to plan and predict their cloud expenses over a specific period.

By allocating funds for various cloud computing components, organizations can avoid overspending, optimize their cloud usage, and manage their costs effectively. This approach is particularly important for FinOps management, which involves managing and optimizing cloud financials to achieve business goals and maximize returns on investment.

By incorporating cloud budgeting and forecasting as part of their FinOps practices, organizations can ensure that they have the necessary resources to meet their cloud computing needs while keeping their costs under control.

Finout's Budgeting & Forecasting Solution

Finout’s budgeting and forecasting solution is a new and robust capability that allows any user to define budget limits on cloud providers and services such as AWS, GCP, Datadog, Databricks, Kubernetes, and more. Moreover, using Finout’s Virtual Tagging feature, you can also create budgets for teams, environments, or literally, any other unit cost you want to track and increase accountability for.

By using real-time threshold-based alerts, you are immediately notified on Slack or Email of any budgeting issues that might require your attention, allowing you to take action quickly.

In other words, for the first time ever, any company can have a single, cloud-agnostic budgeting and forecasting solution across not only cloud providers such as AWS and Azure – but also Kubernetes, Snowflake, CirclCI, Databricks, Datadog, Kubernetes, MongoDB, and other 3rd party services. This helps Finance, FinOps, and DevOps know if they are aligned with the company budget, including next month's forecasting, without adding code or an agent.

The Benefits of Finout’s Budgeting and Forecasting Solution

1. Cost control- Finout's budgeting and forecasting solution helps control cloud costs by identifying overspending, optimizing usage, and reducing overall costs.

2. Resource optimization- The solution analyzes usage data and forecasts to optimize resource allocation, improve cloud efficiency, and avoid unnecessary expenses. 

3. Informed decision-making- Finout's budgeting and forecasting solution provides a better understanding of cloud costs and usage patterns, enabling informed decisions on service, pricing models, and scaling.

4. Predictable expenses- Finout's solution forecasts cloud expenses to help plan budgets, avoid unexpected expenses, and manage cash flow effectively.

5. Cost transparency- The solution provides a clear view of cloud costs, identifying departments, teams, or projects driving costs, and promoting a cost-aware and accountable FinOps culture.

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