Authors: Vinay Kumar Ramachander/ Asst. Vice President, DevOps
As per a recent whitepaper published by Becker’s Hospital Review, Healthcare organizations will face three main challenges in 2024: financial constraints, workforce disruption and growing competition. To address the financial constraints, Healthcare organizations need to prioritize optimizing their IT infrastructure costs and an optimized FinOps framework can help immensely.
This article delves into the FinOps methodology and explores the AWS services that can be used to effectively implement good cloud governance.
Each type of Healthcare organization whether MedTech, Payer, Provider, or Life Sciences depending on their cloud adoption methodology, might experience varying degrees of the following benefits:
Cost optimization - By adopting FinOps practices, Healthcare organizations can gain insights into their cloud spending patterns, identify areas of inefficiency and waste, and take proactive measures to optimize costs.
Operational efficiency - With a clear understanding of their cloud environment, organizations can identify opportunities to enhance workflows, automate processes, and boost overall efficiency.
Enhanced business agility - FinOps empowers Healthcare organizations to scale their cloud resources based on demand, enabling them to swiftly adapt to evolving business needs.
Improved governance and compliance - FinOps assists in establishing sturdy governance frameworks, ensuring that cloud usage aligns with industry regulations, organizational policies, and security requirements.
Strategic decision-making - With comprehensive visibility into cloud spending patterns, organizations can align their cloud strategy with broader business objectives and make well-informed decisions.
Environmental sustainability - FinOps can play a significant role in promoting sustainable cloud usage by raising awareness of the carbon footprint associated with cloud resources.
FinOps is a set of practices that brings together finance, technology, and business teams to accelerate cloud adoption while optimizing costs. It emphasizes collaboration, transparency, and accountability throughout the entire cloud journey. The FinOps lifecycle typically involves three stages: Inform, Optimize, and Operate.
AWS provides a plethora of tools that empower organizations to gain deep insights into their cloud spending. Amazon CloudWatch, AWS Cost Explorer, and AWS Budgets are some of the key services that facilitate cost visibility.
KPI Tracker and modernization Dashboard
Once informed about their cloud spending patterns, organizations can proceed to the optimization phase. AWS offers a myriad of native services designed to enhance cost efficiency and resource utilization.
The Operate phase focuses on implementing the strategies devised during the Inform and Optimize stages. AWS provides several tools and services to streamline financial operations and maintain cost control.
Create a cost-conscious mindset. Empower teams with FinOps education and tools like AWS Billing Alerts to automatically notify them of potential cost spikes.
Cloud Intelligence Dashboards which are an open-source framework, maintained by a group of customer-focused AWS users, enable access to high-level and granular insights into their cost and usage data. Supported by the well-architected framework, these dashboards can be deployed by any customer in their environment, speedily. These dashboards help drive financial accountability, optimize costs, track usage goals, implement best-practices for governance, and achieve operational excellence across the organization.
The Cloud Intelligence Dashboards offer various advantages:
FinOps is not a one-time rodeo. It is a continuous journey of monitoring, optimizing, and refining the cloud cost management practices. As cloud environment evolves, adapt FinOps strategies to ensure responsible and sustainable growth . CitiusTech’s 100% focus on Healthcare combined with AWS’s cutting edge cloud technology helps Healthcare organizations take full control of their cloud environments.
Embracing the FinOps methodology on AWS empowers Healthcare organizations to achieve a delicate balance between innovation, agility, and cost optimization. The combination of informative tools, cost-efficient native services, and operational best practices positions enterprises to thrive in the cloud environment. By leveraging AWS's extensive set of services, Healthcare organizations can navigate the complexities of cloud financial management, ensuring sustainable growth and profitability.
As the cloud continues to evolve, a FinOps mindset becomes integral for Healthcare organizations aiming to maximize the benefits of their AWS investments while maintaining financial prudence. The journey toward mastering FinOps is ongoing, and Healthcare organizations that embrace this approach are well-positioned to navigate the dynamic landscape of cloud computing successfully. In conclusion, the synergy between FinOps principles and AWS native services paves the way for Healthcare organizations to not only optimize costs but also unleash the full potential of cloud innovation.