Recently, I heard the following from an IT manager: âWe first bet everything on the cloud, then we got the invoices from the cloud. We are now on the road to the smart cloud. How did this company go wrong?
According to Gartner Research, â80% of organizations will exceed their IaaS budget, due to a lack of automated cloud cost optimization or erroneous up-front expense commitments in the cloud. ”
As healthcare payers go digital and begin to realize the potential value of the cloud, the need for cloud financial management is increasing. FinOps, short for “financial operations in the cloud” or “financial management in the cloud,” is the creation of a culture and establishment of best practices to enable an organization to leverage the agility of the public cloud without having to ruin. FinOps combines financial expertise and technical expertise.
The cloud can drive payor revenue growth in a number of ways:
By offering a personalized and differentiated experience to consumers
By offloading data storage while making it accessible for machine learning and artificial intelligence
By accelerating data sharing and interoperability
The challenge is to digitally transform to improve productivity, revenue, quality of care and customer experience, while optimizing spend in the cloud.
While the company’s IT teams have been busy strategizing for using the public cloud, the shine may fade from the new object. Once the cloud bills start rolling in, businesses fear they’ve gone too far with the adoption of the all-in-one cloud; that’s when they over-correct by stopping cloud migration plans. But it is not necessary to steer the steering wheel more than necessary.
Companies like Spot by NetApp can provide the knowledge and automation to help payers successfully transition to the cloud, creating deep cost visibility to run the infrastructure in the most optimal way. You can stay ahead of the competition by embracing the cloud while managing and optimizing compute costs in the cloud.
NetApp Inc. published this content on November 15, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 17, 2021 09:46:05 AM UTC.