Maximizing the Value of IT Asset Management & FinOps with Flexera

IT Asset Management (ITAM) is not simply about tracking assets anymore. Driven by new technological demands and ...

... the increasing complexity of modern IT environments, it’s evolving fast. As organizations grow more dependent on cloud services, FinOps (an approach to cloud financial management that balances cost, speed, and quality) is on the rise, and ITAM plays a critical role in delivering business value. Its focus is no longer just on hardware and software management, it's about providing strategic insights that optimize IT costs and enable smarter cloud spending decisions. 

ITAM and FinOps: A Strategic Alliance

With the fast pace of cloud adoption, organizations are moving beyond legacy systems with on software and hardware usage. ITAM teams can provide key data and end-to-end IT visibility that enables organizations to manage cloud resources efficiently. Therefore, they are uniquely positioned to collaborate with FinOps, to really leverage the synergy between ITAM & FinOps to deliver cost transparency and cloud spend optimization.

A successful collaboration between ITAM and FinOps requires ITAM teams to shift from operational roles to strategic business advisors. As organizations increasingly focus on the value IT delivers rather than just its cost, ITAM’s real-time insights into cloud usage, license compliance, and infrastructure needs become critical for effective FinOps execution. By working together, ITAM and FinOps can map IT assets, understand dependencies, and optimize cloud usage and IT investments, helping C-level executives make informed decisions about IT’s contribution to business value.

Cloud Resources: Managing Complexity with FinOps

The rise of cloud computing brings new challenges for ITAM, around managing cloud assets. FinOps helps organizations tackle these by ensuring cloud resources are used effectively while keeping costs in check. The variability and velocity of cloud costs make it critical for FinOps & ITAM teams to work closely, sharing insights on usage patterns, application consumption, and cost fluctuations.

A solid IT infrastructure, where ITAM & FinOps go hand-in-hand, ensures businesses can monitor cloud spend in real-time. By offering live data on cloud resources, ITAM helps organizations optimize their infrastructure, avoid unnecessary expenses by predicting and scaling cloud costs, and move away from legacy on-premise solutions – making ITAM a crucial partner in cloud financial management.

FinOps and Sustainability: A Dual Opportunity

Integrating sustainability into ITAM practices also aligns perfectly with the principles of FinOps. By optimizing software & hardware usage, and cloud resource usage, ITAM not only helps reduce costs but also helps organizations to lower their carbon footprint. Sustainable IT operations, driven by ITAM and FinOps collaboration, lead to better efficiency and tangible cost savings. This dual focus on financial and environmental impact is becoming a strategic priority for many organizations.

The Tools that Power ITAM and FinOps Collaboration

For FinOps to be successful, ITAM needs the right tools to provide detailed insights. Take for example FlexeraOne ITAM. This is a powerful solution, offering robust functionality to track both software and hardware, manage SaaS usage, and ensure compliance. With its reporting capabilities, ITAM can offer the transparency FinOps needs to drive smart decision-making.

Flexera’s Cloud Cost Optimization (CCO) module plays a key role here, allowing FinOps and ITAM teams to monitor cloud costs, identify inefficiencies, and predict future spending trends. This synergy not only enhances IT cost management but also helps businesses align IT investments with their overall financial goals.

Real-World Value: Examples from the Field

In real-world applications, Flexera has helped organizations achieve significant cost reductions. For example, one organization saved over €1.4 million in a year by using real-time insights from FlexeraOne ITAM to optimize SaaS management and hardware verification. This is a clear illustration of how aligning ITAM practices with FinOps principles leads to substantial financial gains.

The key to success in these scenarios lies in real-time data. Flexera's custom reporting capabilities enable ITAM teams to address key FinOps concerns, such as cloud cost transparency and optimization. By effectively managing cloud assets, organizations can make informed decisions about contract renewals, resource allocation, and license compliance, avoiding unnecessary expenses and maximizing value.

Conclusion: ITAM and FinOps – A Strategic Partnership

The collaboration between ITAM and FinOps presents a powerful opportunity for a future-proof IT environment. Together, they enable organizations to optimize costs, improve cloud resource management, and drive sustainable IT practices. By leveraging real-time data, collaborating across IT departments, and using the right tools, ITAM teams can become strategic business partners that deliver measurable value and facilitate FinOps.

By embracing these changes and enhancing collaboration between ITAM and FinOps, businesses can transition from simply managing IT assets to strategically leveraging them for greater value and sustainability.

Learn more about the ins & outs of (Cloud) Cost Optimization in our video series: