New Survey Reveals 45% of FinOps Practitioners Win $100,000– over a year
PORTLAND, Oregon., August 3, 2022 /PRNewswire/ — According to a new survey by the nonprofit, more companies across more industries are building and growing FinOps teams and practices as they move to the cloud and are looking to better manage forecasting and planning for cloud migration and spending FinOps Foundation.
FinOps, the field of financial management in the cloud, is also becoming a lucrative career. More … than 45% of the practitioners surveyed are undergoing $100,000 a year with an average career length of three years.
The State of FinOps 2022 survey, which helps companies better focus and innovate around real-time financial management in the cloud, included more than 1,000 FinOps practitioners from around the world and companies representing more than $40 billion in collective cloud spending. This is the second annual “State of FinOps” report.
The State of FinOps
The results of this year’s survey underscore that Global 2000 companies continue to adopt FinOps, and while companies are doing so in multiple ways, the end result is a more scalable and effective FinOps culture and practices.
More than half of respondents (54%) represent industries other than financial services and technology companies, indicating that FinOps is proliferating beyond early adopters who want to make sense of cloud costs. Respondents from the telecommunications, retail, manufacturing and energy sectors were included.
Additionally, 45% of respondents represented organizations with 10,000 or more employees. FinOps practitioners report to CTOs (43%), CIOs (24%) and CFOs (17%), indicating its cross-functional role, but there were also regional variations in reporting structures
“This survey confirms that FinOps is not just a technical engineering discipline or solely finance-based. It is a cultural discipline that brings together finance, engineering, product and management,” says JR Storment , Executive Director of the FinOps Foundation. “Coupled with the fact that most of the people who responded were planning to nearly double the size of their FinOps teams over the next year, there simply aren’t enough qualified practitioners in this emerging field to fill all the positions. vacant. What we will learn from this work will shape how we continue to build and redefine FinOps best practices and education for our global community of practitioners to meet this need.”
Main challenges, activities
Unsurprisingly, cost allocation (the ability to account for where cloud spend is coming from by team or business unit) was identified as the #1 priority by 39% of practitioners and ranked in the top 3 priorities for 64% of respondents surveyed.
While cost allocation is by far the core activity of FinOps, it also poses a cultural challenge. Repeating the best result from last year, encouraging engineers to act on cost optimization remains a major challenge for all companies, although this changes when you divide it by FinOps practice maturity.
Other key facts about FinOps:
- Automation is on the rise, with only 25% of respondents saying they don’t have automation, up from 49% last year investigation. Among respondents who automate, over budget notifications, reporting, and tag hygiene are the most common things to automate.
- Barriers to FinOps automation are related to availability of technical resources (35%) and adoption of FinOps (29%).
- The average FinOps team size is five people and teams are expected to grow. Many companies are in their early stages with 36% of respondents working on FinOps but without a team.
- FinOps is promoted almost equally via executive directive (46%), organic adoption (45%) and grassroots (43%).
In addition to cost concerns, enabling automation, container cost reporting, and reducing wasted and unused resources were noted as key challenges over the coming year, particularly among respondents representing more advanced FinOps practices.
“These challenges grow in complexity as spending and usage increase,” Storment says. “The FinOps Foundation community continues to address all of these challenges, creating how-to guides and content that every member can use.”
The FinOps Foundation has over 7,000 active members and practitioners who contribute to a state-of-the-art framework, which includes best practices and learnings from innovative organizations and cloud providers such as Mayo Clinic, Chevron, Target, Box, Expedia , Atlassian, HSBC and Google. Cloud platform.
About the FinOps Foundation
The FinOps Foundation (F2) is a non-profit professional association program The Linux Foundation. It is dedicated to advancing each person who manages the value of the cloud with rewarding connections, professional growth, and capacity building wherever they are. The FinOps Foundation community includes more than 7,000 individual members from more than 2,800 companies that use the public cloud, including Atlassian, Spotify, HSBC, Fidelity, Adobe, Target, JPMorgan Chase & Co, and Chevron.
Contact: [email protected]
SOURCE FinOps Foundation