Alphaus team recently attended Cloud Expo Asia 2023, a technology event that brought together leading technology events, including Cloud Expo Asia, DevOps Live Asia, Cyber Security World, Big Data & AI World, Data Centre World Asia, eCommerce Expo Asia, and Technology for Marketing Asia. The event was held on 11-12 October 2023 at Marina Bay Sands, Singapore.
Cloud Financial Management was one of the key topics of the expo, and it was highlighted that it is a crucial aspect of cloud computing. According to McKinsey, Gen AI is driving cloud usage, and many enterprises are interested in Gen AI. However, their experiments typically shock them in terms of the public cloud bill. FinOps is a must-have tool to manage cloud costs. FinOps is a cloud financial management practice involves collaboration across engineering, finance, technology and business teams in a collaborative effort to control cloud costs effectively.
To expand further on the importance of cloud financial management, a report by Flexera (The 2023 State of Cloud report) revealed that organizations waste 28% of their cloud spend on unused or idle resources. This highlights the need for businesses to have a clear understanding of their cloud usage and to optimize their resources to reduce costs.
Another interesting takeaway from the Cloud Expo Asia was that more than 40% of patents involve Gen AI, according to EY. Gen AI models are applied across many business areas, including marketing, sales, employee support, legal, and operational effectiveness, especially on repetitive tasks. This highlights the importance of incorporating AI into business operations to stay competitive in the market. Incorporating AI into business operations can also lead to significant cost savings. Various studies have shown that enterprises can lower their operational cost by up to 30%.
As a company that offers cloud financial management solutions such as Wave and Aqua, attending Cloud Expo Asia 2023 was a valuable experience for Alphaus. The event highlighted the importance of cloud cost management and the role of FinOps in managing cloud costs effectively. It also emphasized the significance of incorporating AI into business operations to stay competitive in the market. Alphaus is excited to incorporate these learnings especially into our FinOps solution called Octo to better serve our clients.
- Mohd Atasha (LinkedIn)
- Regional Director. Asia Pacific except Japan (APEJ)