Finout announced the Finout Cost Optimizer, which
is powered by artificial intelligence (AI) and can reduce a customer's
Amazon Web Services (AWS) bill by up to 60%. In today's economic
climate, where companies are tightening budgets and evaluating tech
spend across the organization, this ability will empower teams to scale
rapidly while maintaining a cost-effective cloud environment with
minimum waste.
"Cost optimization was the last missing piece to Finout becoming a
single pane of glass for all of your FinOps needs," said Roi Rav-Hon,
CEO and Co-Founder of Finout. "Similar to how Datadog has become a
single source of truth for observing and understanding the health of
cloud systems, Finout has now become the only solution a company needs
to fully understand, manage, and optimize their cloud bill."
[ READ THE VMBLOG Q&A WITH ROI RAVHON OF FINOUT ]
The Finout Cost Optimizer is the only cost optimization solution on the
market that doesn't charge a fee for customer savings. Competitive
solutions take a kickback of anywhere from 5% - 25%, which can amount to
hundreds of thousands of dollars, essentially charging customers for
saving their own money. Finout's solution comes baked into the broader
Finout platform so that all of the cloud bill savings stay with the
customer.
Launched today with a focus on AWS, the Finout Cost Optimizer works by
constantly evaluating changes in customer usage patterns, then makes
intelligent decisions based on proprietary machine learning (ML)
algorithms that identify the optimal Reserved Instance capacity needed
to reach the customer-defined targets. Should usage drop, Finout will
sell the bought reserved capacity in the AWS marketplace. This
continuous and autonomous optimization cycle of buying and selling
reserved capacity to match the changing demand helps AWS users reach
optimal coverage with minimal risk and reduces their AWS cloud spend by
up to 60%.
Finout's end-to-end FinOps platform includes:
MegaBill: Finout consolidates all cloud providers and 3rd party
SaaS services such as Datadog, Snowflake, and more into a single
dashboard. From there, a layer of cost governance, allocation, and
optimization is applied.
Cost Governance: Finout's agentless cost governance suite enables
teams to automatically detect and manage cloud waste, forecast spend,
alert on anomalies, and stay on budget while scaling.
Cost Allocation: Finout has developed an instant Virtual Tagging
solution on top of the MegaBill, which allows costs to be understood by
individual spend, team spend, application spend, or however else FinOps
decides it wants to understand budget and spend.
Cost Optimization: Finout's new AI-Powered Cost Optimization for
AWS will automatically save companies up to 60% on their AWS bill.
Support for other major clouds as well as 3rd party services such as
RDS, ElastiCache, Redshift, and OpenSearch is coming soon.
By adding cost optimization to their suite of FinOps tools, Finout today
also becomes the only end-to-end FinOps platform that offers solutions
for every domain laid out by the FinOps Foundation. According to their most recent State of FinOps Report,
most companies continue to rely on a mix of native tooling provided by
AWS, Azure, and Google Cloud; as well as various third-party tools; with
an average of 3.7 different tools to meet their FinOps needs.