Enterprises look to the public cloud to improve agility, gain more flexibility, and to innovate rapidly. However, this leaves organizations with the monumental task of aligning cloud spend to business initiatives and ensuring costs don’t spiral out of control. The processes for accomplishing these tasks in an on-premise world don’t translate well to the public cloud, where procurement, financial, operational, and strategic models are very different. As a result, leading organizations are adopting a new approach called Cloud Financial Management, one of the three key pillars that form the basis of a mature cloud strategy.
As cloud environments become more complex, collaboration across departments plays a vital role in introducing more accountability among business leaders. This paper details a set of organizational best practices and principles, outlining key stakeholder groups, roles, and responsibilities, to help you plan, build, and execute a successful cloud financial management strategy.