The FinOps Foundation, part of The Linux Foundation’s non-profit technology consortium focused on advancing the people and practice of cloud financial management, announced that ProsperOps, the autonomous cloud cost optimization platform, is joining as a Premier Member company. Additionally, Erik Carlin, ProsperOps co-founder and chief product officer, will join the FinOps Governing Board as a voting member to help craft Foundation strategy and direction.
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FinOps is a portmanteau of “Finance” and “DevOps,” stressing the communications and collaboration between business and engineering teams. It is a synonym for the practice of “Cloud Financial Management,” a growing discipline designed to ensure organizations extract the most value from every dollar they spend on cloud.
ProsperOps is an autonomous cost optimization platform for Amazon Web Services (AWS) customers that algorithmically manages discount instruments, such as Savings Plans and Reserved Instances, to maximize compute savings while minimizing lock-in and liquidity risk. ProsperOps currently manages close to $1 billion of compute usage, analyzing nearly 20 million customer environment changes per month for some of the world’s leading born-in-the-cloud businesses.
As a result of using their service, customers are able to reduce cloud compute costs by over 50%, measured by Effective Savings Rate (ESR), an objective FinOps metric that measures the true outcome of cloud cost optimizations.
“We’re excited to join the FinOps Foundation to help more organizations leverage smarter cost optimization strategies,” said Carlin. “The amount of FinOps work required to optimize a dynamic computing environment almost always outstrips engineering team capacity. As a member of the FinOps Foundation Governing Board, I look forward to helping promote broader awareness of metrics like ESR and AIOps, so FinOps and DevOps teams gain more visibility and achieve optimal savings outcomes.”
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“The need for automated platforms like ProsperOps could not be greater as organizations streamline and maximize the business value of the cloud while supporting their FinOps teams,” said J.R. Storment, Executive Director of the FinOps Foundation. “With Erik joining our board, the entire FinOps community will benefit from his leadership, experience and ProsperOps contributions to the community.”
With FinOps practices growing in number and importance, the FinOps Foundation community of over 9,600 community members from more than 3,900 organizations continues to tackle challenges for FinOps practitioners through FinOps best practices.
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