Unlike previous months, October didn’t see any sweeping new updates from AWS, GCP, or Azure that would affect cloud costs. That means you can take a breather and look into what’s happening behind the scenes in the world of cloud.
Take, for example, these blink-and-you’ll-miss-them stories from October 2023:
- The FinOps Foundation hosted an informational summit on sustainability and FinOps KPIs, among other topics.
- Google Cloud’s performance was underwhelming in Q3, but there’s no reason to worry yet if you look at the bigger picture.
- Healthcare companies now have a new source of insights when weighing the benefits of switching to the cloud.
See the details below!
Cloud Cost News From October 2023
1. The FinOps Foundation hosted a FinOps Summit
On October 26th, the FinOps Foundation held a summit with presentations from Uber and Equifax on topics including procurement, cost allocation, setting KPIs, and operating with sustainability in mind.
Participants got to hear expert analyses on issues that are sometimes confusing for businesses still brushing up on FinOps, like labeling best practices and what to do when a resource isn’t able to be labeled.
You can catch up on the highlights from past summits here, if you see a topic that piques your interest!
This event is over, but it won’t be the last interesting conference the FinOps Foundation folks put on. We recommend checking the FinOps Foundation event page frequently if you’re interested in learning more about FInOps principles, listening to experts share their experiences, and getting to know some big-name industry leaders.
2. Google Cloud’s Q3 reports showed a mixed bag of good and bad news
Though the stock world was buzzing with the news of Alphabet’s stock plummeting 6% toward the end of October due to slower-than-expected cloud growth on the company’s Q3 reports, the news isn’t all bad for Google’s parent company. Most outlets still consider the company’s results to be “better than expected” despite the lackluster performance.
Their revenue is up by 11% year over year, part of which was attributable to “momentum” in cloud usage. Considering that, economically speaking, times are tough for many businesses, steady momentum and slow growth are still preferable to a contraction in cloud usage.
Most investors won’t be alarmed by a quarter or two of underwhelming performance, and long-term investors may see this as an opportunity to buy more stock in Alphabet and Google with the anticipation that future quarters will see growth back on track.
For Google Cloud users, this means you’re unlikely to see your service provider panicking and raising prices or cutting back on services — at least not yet. Hold the course for now, but keep an eye on future reports so you can brace for potential changes down the road.
3. Media outlet Healthcare IT Today released a fascinating summary of expert opinions on cloud costs in the healthcare industry
Healthcare companies that are accustomed to running IT operations on-premises can expect a significant amount of upheaval after transferring to the cloud. Included in that upheaval is the potential for IT costs to change dramatically — whether for better or worse.
And, since higher business costs for hospitals and clinics usually translate to higher healthcare costs for consumers, it’s important to anticipate what some of these changes may look like before making the switch.
If you’re in a healthcare company that could be moving to the cloud in the near future, this article is worth checking out.
Healthcare IT Today asked their prominent community members to weigh in on the costs of implementing cloud technology in a healthcare environment. Their many and varied answers can help you and your executive team fully prepare for the shift.
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