Client story Leading Electronics Distributor Saves Millions With World-Class FinOps Framework
Looking to drive cost savings across their cloud, this global distributor of electronic components and services turned to Insight for strategic FinOps support.
By Insight Editor / 28 Aug 2024 / Topics: Cloud cost optimization IT optimization Change and training Cloud
Facts at a glance
Client industry:
Electronics
Challenge:
Reduce cloud costs to provide workforce with security and stability.
Solution:
Identify opportunities for lowering costs and implement a custom cloud FinOps framework across the business using Insight’s FinOps Accelerator.
Insight provided:
- Cloud FinOps framework and strategy assessment
- Current-state IT spend and optimization analysis
- Actionable recommendations for cloud cost optimization
- Value stream mapping to optimize financial reporting
- Organizational change management (OCM)
Outcomes:
- $3.4M in annual savings across top ten subscriptions
- Financially right-sized cloud environment
- Better visibility and control over cloud costs and consumption
- Detailed roadmap and plan for continued FinOps success
The vision: Increase financial stability by lowering cloud costs.
As is true for many organizations across industries, this global electronics distributor found that increased cloud adoption and consumption had created challenges in cloud cost containment. To stabilize the business during a transitional period, the client needed to reduce operational costs to ensure the security of its workforce. Having previously partnered with Insight on various hardware and software needs, the client turned to Insight for support managing spend and maintaining oversight of cloud costs.
The solution: Implement cloud FinOps framework using Insight’s FinOps Accelerator.
To kick off this engagement, Insight walked the client through our FinOps capabilities and solutions. After initial talks, Insight recommended our FinOps Accelerator solution as best-suited to the client’s needs and objectives. Insight’s FinOps Accelerator encompasses a FinOps framework and strategy assessment, an analysis of current-state cloud spend and optimization opportunities, and actionable recommendations for FinOps adoption.
Insight ran a project comprising of three complementary workstreams:
- Cost optimization analysis: Insight performed discovery and analysis of the client’s current-state cloud environment to locate cloud expenses and recommend optimizations to increase efficiency and maximize investment.
- Strategy and enablement: Insight reviewed the client’s current-state cloud FinOps practice, tools, and processes to produce a roadmap for closing gaps and improving FinOps maturity.
- Organizational change management (OCM): Leveraging our deep expertise in OCM methodologies, Insight provided a tailored change strategy and training plans for the client to communicate, adopt, and sustain new FinOps procedures.
For a typical FinOps engagement, Insight will complete these assessments of potential savings, then the client will self-implement Insight’s recommended FinOps approach. In this case, the client leaned on Insight to guide and support implementation. This was a multiple business unit engagement in partnership with the client’s modern cloud and digital enablement teams.
While implementing the client’s new FinOps framework, Insight also provided value stream mapping to optimize the client’s financial reporting practices in order to help improve observability and prevent future overspending.
The outcome: Financially right-sized cloud environment — and more than $3.4M in annual savings
Insight’s FinOps Accelerator solution and proceeding support on implementation resulted in more than $3.4 million in annual savings for the client across their top ten subscriptions — roughly 29% of the client’s annual subscription spend.
In addition to significant cost savings, this cloud FinOps engagement delivered:
- Greater visibility across the client’s cloud environment
- Improved responsiveness to potential cost issues
- A best-practices approach to cloud consumption and governance
- An organizational culture ready to make the most of its newfound FinOps principles
These savings empowered the client to provide its workforce with security and stability during economic uncertainty and major business changes. The client continues to engage Insight on opportunities to drive additional cost savings and FinOps maturity, as well as other transformational needs.
