James Greenfield, vice president of AWS Commerce Platform, made a significant impact at the 2024 FinOps X conference in San Diego by presenting new product announcements aimed at helping customers achieve their FinOps goals. The importance of FinOps proficiency is now widely recognized, and AWS is working hard to provide reliable and easy-to-use tools to assist organizations in optimizing their costs. The Cost Optimization Center was introduced to offer a range of cost-saving recommendations, such as right sizing and purchasing options, to help users prioritize the most impactful optimizations. Additionally, AWS has collaborated with the Amazon RDS team to provide optimization recommendations for RDS instances, now available for PostgreSQL and MySQL database engines.
Flexibility and ease of use are key focuses for AWS in the realm of cloud financial management (CFM), aiming to accommodate varying approaches to FinOps practices. The AWS Billing and Cost Management Console provides a centralized location for key CFM metrics and tools, while Cost Explorer allows users to access detailed cost and usage data. New features like Split Cost Allocation Data for AWS managed services and Cost Anomaly Detection alerts enhance flexibility in monitoring and managing costs. Data Export capabilities have also been expanded to include Cost Optimization Hub reports, providing users with more flexibility in customizing and sharing their cost optimization data.
In line with the FinOps Foundation’s FOCUS project, AWS has contributed to developing data export capabilities for FOCUS v1.0 in AWS Billing and Cost Management. This feature allows users to create exports of their AWS cost and usage data with the FOCUS 1.0 schema, streamlining the process of aligning billing and usage data across multiple sources. AWS remains committed to enhancing its cloud financial management offerings and supporting customers in maximizing their AWS investments through ongoing collaboration with industry leaders.
The future looks promising for AWS and its customers, with a strong focus on advancing cloud financial management practices and driving efficiency in cost optimization. The partnership with the FinOps Foundation and ongoing engagement with industry experts are key elements of AWS’s strategy for continuous improvement in cloud financial management solutions.
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https://aws.amazon.com/blogs/aws-cloud-financial-management/aws-debut-to-finops-x-recap-and-product-announcement-highlights/