Spot by NetApp Achieves FinOps Foundation's Certified Platform Certification

Rhea-AI Summary

Spot by NetApp has achieved FinOps Foundation's Certified Platform certification, validating its capability in cloud financial management. The company has launched two new solutions, Cost Intelligence and Billing Engine, which provide comprehensive insights and control over cloud expenses. These tools help organizations optimize cloud spend, reduce waste, and improve financial accountability. The certification and new products enhance Spot by NetApp's holistic FinOps portfolio, aimed at maximizing cloud investments and driving business growth.

Positive

• Achieved FinOps Foundation's Certified Platform certification.
• Launched Cost Intelligence and Billing Engine, enhancing cloud cost management.
• New products provide actionable insights and comprehensive billing reporting.
• Tools help organizations optimize cloud spend and reduce waste.
• Improves financial accountability and operational efficiency.

Negative

• None.

Insights

Financial Analyst

The certification from the FinOps Foundation and the general availability of Cost Intelligence and Billing Engine solutions from Spot by NetApp mark significant milestones for the company. Securing the FinOps Certified Platform status signals the platform's maturity and reliability in cloud financial management. This certification is likely to enhance trust among potential clients, potentially leading to increased market share and revenue. The addition of advanced cost management tools such as Cost Intelligence and Billing Engine strengthens NetApp's portfolio, offering integrated solutions that can enhance financial and operational efficiency.

Short-term, these advancements can drive client acquisitions and conversions as businesses look for robust solutions to manage cloud costs. Long-term, the continuous optimization and AI-powered insights can create substantial value for clients, resulting in sustained revenue growth and client retention for NetApp.

Retail investors should note that these developments indicate a focus on innovation and customer-centric solutions, positioning NetApp favorably in the competitive landscape. This could reflect positively on NetApp's stock performance.

Tech Expert

NetApp's integration of Cloudcheckr’s capabilities into its FinOps offerings is a strategic move that enhances the holistic approach of the Spot platform. By combining cost management and operational efficiency tools, NetApp provides organizations with a powerful toolkit to optimize cloud spending and resources. The machine learning and AI analytics capabilities of Spot Ocean and Elastigroup, when used in tandem with Cost Intelligence, promise highly accurate optimization recommendations, which is a clear differentiator in the market.

This technical sophistication can drive adoption among tech-savvy enterprises that need both granular visibility and actionable insights to manage their cloud infrastructure effectively. The platform's unified approach reduces the overhead associated with using multiple standalone tools, offering a streamlined and efficient FinOps practice.

Cost Intelligence and Billing Engine are now generally available from Spot by NetApp, expanding the company’s integrated, holistic portfolio of FinOps solutions

SAN JOSE, Calif.--(BUSINESS WIRE)-- NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that Spot by NetApp has achieved the FinOps Certified Platform certification from the FinOps Foundation, validating the platform's ability to provide the depth and breadth of capabilities organizations need to practice sound cloud financial management. Also, Spot by NetApp has expanded its certified platform with the general availability of its Cost Intelligence and Billing Engine solutions.

As organizations move increasing amounts of their workloads to the cloud, especially to fuel the development of AI applications, balancing the competing needs of infrastructure and financial efficiency becomes more difficult. Overprovisioning cloud resources results in wasted expenses, but under-provisioning can slow business operations and stifle innovation. The traditional approach of standalone FinOps tools, with their focus on cost cutting, fall short of meeting these evolved requirements to deliver cost-effective yet high-performance cloud infrastructure.

Spot by NetApp closes this technology gap by delivering a holistic, integrated portfolio of FinOps solutions that supports an organization’s intelligent data infrastructure. With its breadth of capabilities, organizations can unify cloud cost and infrastructure optimization, deliver analytics to maximize the efficiency and impact of every dollar spent in the cloud, and drive digital business growth. Becoming a FinOps Certified Platform helps Spot by NetApp enable its customers to successfully adopt cloud best practices aligned with the FinOps standards.

“According to the FinOps Framework, implementing a productive FinOps strategy requires effective collaboration between teams. Effective collaboration requires full access to both financial and cloud operations data,” said Mike Fuller, CTO of the FinOps Foundation. “A thoughtful and comprehensive approach to FinOps helps organizations maximize the business value of the cloud so they can more easily achieve their business goals. We recognize Spot by NetApp as a FinOps Certified Platform due to its ability to deliver software that helps organizations successfully adopt FinOps practices.”

To support this comprehensive approach to FinOps, Spot by NetApp has integrated the cloud cost management capabilities of Cloudcheckr into its portfolio with the introduction of two new product modules:

• Cost Intelligence: This product delivers panoramic visibility with actionable insights on cloud costs, resources, and usage across multi-cloud environments through interactive dashboards and drill down reports. To support the cost optimization process, Cost Intelligence provides best practice checks that immediately flag problems and help users optimize spend, effectively utilize resources, reduce waste, and address misconfigurations.
• Billing Engine: This product provides comprehensive billing reporting with intelligent cost allocation capabilities including chargeback and showback. With this product, businesses can better track and manage cloud spend across different groups to drive accountability.

FinOps teams will benefit from a single source of truth for financial and cloud operations data. The release of Cost Intelligence and Billing Engine improves the effectiveness of all solutions in the Spot by NetApp portfolio. For example, organizations will be able to use Spot Ocean and Elastigroup’s machine learning and AI analytics together with Cost Intelligence’s advanced cost analysis to deliver the most accurate optimization recommendations. Teams can further simplify their FinOps practices by automatically applying those recommendations to their infrastructure.

“The expansion of our integrated FinOps offering and becoming a FinOps Certified Platform is a true validation of Spot by NetApp's vision and approach to leveraging data and technology to help customers get the most from their cloud investments,” said Haiyan Song, Executive Vice President of Cloud Operations at NetApp. “Our comprehensive and integrated portfolio spans financial management and continuous cloud infrastructure optimization. We continue to innovate and evolve our cutting-edge AI powered solutions, harnessing the intelligence from the vast workloads and infrastructure under management by Spot by NetApp to provide critical insights in FinOps management and enable autoscaling and continuous optimization. Expanding our FinOps offerings with Cost Intelligence and Billing Engine is another step forward in our ongoing mission to support our customers and unlock more value from the cloud.”

To learn more about the Spot by NetApp solution for FinOps, visit the Spot by NetApp booth #G3 at the FinOps X conference running from June 19-22 at The Marriott Marquis, San Diego

Additional Resources

• Helping Companies Go Beyond Savings with Spot by NetApp for FinOps
• Cost Intelligence: Reduce costs through actionable insights on your cloud environment, all in one place
• Billing Engine: Streamline invoicing with a flexible, customizable billing engine

About NetApp

NetApp is the intelligent data infrastructure company, combining unified data storage, integrated data services, and CloudOps solutions to turn a world of disruption into opportunity for every customer. NetApp creates silo-free infrastructure, harnessing observability and AI to enable the industry’s best data management. As the only enterprise-grade storage service natively embedded in the world’s biggest clouds, our data storage delivers seamless flexibility. In addition, our data services create a data advantage through superior cyber resilience, governance, and application agility. Our CloudOps solutions provide continuous optimization of performance and efficiency through observability and AI. No matter the data type, workload, or environment, with NetApp you can transform your data infrastructure to realize your business possibilities. Learn more at www.netapp.com or follow us on X, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240620996726/en/

Media Contact:

Kenya Hayes

NetApp

kenya.hayes@netapp.com

Investor Contact:

Kris Newton

NetApp

kris.newton@netapp.com

Source: NetApp

FAQ

What certification did Spot by NetApp achieve in October 2023?

Spot by NetApp achieved the FinOps Foundation's Certified Platform certification.

What are the new products announced by Spot by NetApp?

Spot by NetApp announced Cost Intelligence and Billing Engine.

How does Spot by NetApp's new Cost Intelligence tool help organizations?

Cost Intelligence provides insights on cloud costs and usage, helping to optimize spend, reduce waste, and improve resource utilization.

What capabilities does the new Billing Engine by Spot by NetApp offer?

The Billing Engine offers comprehensive billing reporting, cost allocation, chargeback, and showback, enhancing financial accountability.

How do the new solutions from Spot by NetApp benefit FinOps practices?

The solutions provide a unified platform for cloud cost management and infrastructure optimization, enhancing financial management and operational efficiency.