Chronosphere, the leading cloud native observability platform, announced its entrance into the FinOps Foundation today to help address the rising costs of cloud infrastructure. Chronosphere’s 2023 Cloud Native Observability report revealed 87% of engineers using cloud native architectures say it has increased the complexity of discovering and troubleshooting incidents—leading to greater costs such as increases in solution charges and inefficient use of engineer’s time. As more companies transition to the cloud, there’s been a movement to form centralized FinOps teams, which embed financial governance and accountability into engineering and cloud operations teams. The rapid growth of this movement is staggering, leading to the formation of the FinOps Foundation in 2019, which today boasts a community of more than 11,000. Today, 90% of the Fortune 50 now have FinOps teams and Chronosphere is now the first observability company to join the foundation.
“Chronosphere is the first cloud-native observability company to join the FinOps Foundation,and we welcome this expertise as we all strive toward better cloud financial management practices and standards,” said Kevin Emamy, Vice President of Development at the FinOps Foundation. “Chronosphere helps all types of organizations better manage platform performance, understand observability administration and implementation costs and garner crucial insight into observability spending habits, all of which is instrumental in advancing a FinOps practitioners’ ability to drive value.”
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The work of the FinOps Foundation is synergistic with Chronsophere’s cloud native observability platform, which helps organizations analyze cloud-native data and lower costs without compromising observability outcomes. Joining the FinOps Foundation comes on the heels of Chronosphere’s launch of the industry’s first vendor-neutral framework, the Observability Data Optimization Cycle, designed to help companies tame observability data growth and manage costs.
“Historically, FinOps teams and central observability teams operate in silos and rarely communicate, but we’re looking to change that by creating an observability costs working group within the FinOps Foundation,” said Martin Mao, CEO and Co-founder of Chronosphere. “We are confident that the mutually beneficial and symbiotic relationship between Chronosphere and the FinOps Foundation will ultimately serve companies looking to keep costs under control without compromising their observability outcomes.”
