May 2019
Intermediate to advanced
48 pages
56m
English
book
Financial Governance for Data Processing in the Cloud
by Amit Duvedi, Balaji Mohanam, Andy Still, Andrew Ash
Content preview from Financial Governance for Data Processing in the Cloud
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Chapter 7. Summary
There can be no doubt that the tools and technologies available today are leading to a true democratization of data that is allowing all companies to benefit from the competitive advantages that effective use of big data provides. Any company not taking advantage of these tools and technologies will soon be left behind by their more reactive and forward-thinking competitors.
The cloud is one of the fundamental pieces of this modern big data world. It gives any company, big or small, access to an industry-leading platform with no need for upfront investment, specialist skills, or physical infrastructure.
However, the power of cloud platforms—the ability to dynamically and easily create infrastructure, use services on demand, and be charged entirely by usage—can lead to chaotic and untracked systems and therefore unexpected and unpredictable bills. This can cause a backlash against the benefits of cloud platforms if you do not bring it under control.
Thus, effective financial governance is essential if cloud platforms are to be used, and this must not only minimize costs, but also provide a good degree of traceability and predictability.
A good financial governance plan includes three stages:
- Understand
-
Through detailed reporting, you should be able to have a full understanding of what is being undertaken on your platform, by whom, and how it relates to business objectives and value. Your reporting should also be able to track usage over time, both short and ...
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