Finout Launches AI-Powered Cost Savings for AWS, Giving Every Dollar Saved Back to Customers
June 29, 2023
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.”
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.
