6 Collaborative Use Cases for FinOps and ITAM Teams

Managing costs and resources efficiently has become paramount for organizations seeking to maintain competitiveness. Financial Operations (FinOps) and IT Asset Management are two distinct but interconnected fields that play a vital role in optimizing costs and resources. These use cases are from the framework the FinOps Foundation has established on how ITAM intersects with FinOps capabilities. 

Use case #1: Cost allocation

Cost allocation is a fundamental aspect of financial management, and it’s where FinOps and ITAM converge effectively. 

FinOps cost allocation activities: 

ITAM cost allocation activities: 

FinOps and ITAM intersection – Cost allocation: 

Use case #2: Managing shared costs

Shared costs present unique challenges, but collaboration between FinOps and ITAM can ensure equitable distribution. 

FinOps activities with managing shared costs: 

ITAM activities for managing shared costs: 

FinOps and ITAM intersection – Managing shared costs: 

Use case #3: Managing anomalies

Identifying and managing anomalies is crucial to preventing financial leakages and ensuring IT organizational processes are followed.

FinOps activities with managing anomalies: 

ITAM activities with managing anomalies: 

FinOps and ITAM intersection – Managing anomalies: 

Use case #4: Forecasting

FinOps and ITAM come together to make stronger forecasts for the business as a whole. 

FinOps activities with forecasting: 

ITAM activities with forecasting: 

FinOps and ITAM intersection – Forecasting: 

Use case #5: Budget management

ITAM and FinOps teams can work together to optimize budgets for greater efficiency.  

FinOps activities with budget management: 

ITAM activities on budget management: 

FinOps and ITAM intersection – Budget management: 

Use case #6: Workload management and automation

Workload management and automation prioritize efficient resource usage by ensuring that resources are active only when necessary.  

FinOps activities with workload management and automation: 

ITAM activities with workload management and automation: 

FinOps and ITAM intersection – Workload management and automation: 

The intersection of FinOps and ITAM offers a powerful synergy for organizations seeking to enhance their cost management efforts. By leveraging the strengths of both disciplines, organizations navigate the complexities of cost allocation, data analysis, anomaly management, shared cost distribution, and more.