AWS is increasingly becoming the goto cloud computing provider because of its robust compute solutions. However, a pressing challenge remains, managing costs effectively. At a recent event hosted by 56 Bit, at Hyatt Regency St Julian’s, AWS keynote speakers and 56 Bit’s CEO Patrick Camilleri, shared critical insights on integrating FinOps with AWS compute solutions to optimise cloud spending without altering application architecture. The event served as a platform to also closely understand 56 Bit’s latest solution: Cost Saver.
Following are the key takeaways from the event:
Understanding FinOps in the AWS Ecosystem
FinOps, or Cloud Financial Management, is a practice that empowers organisations to maximise their cloud investments. It focuses on collaboration between finance and engineering teams to ensure that cloud usage aligns with business objectives. One of the most compelling aspects of FinOps is that it allows organisations to optimise costs without needing to change their applications or architecture.
No Need for Application Changes
With a strong FinOps strategy, organisations can make strategic adjustments to existing resources instead of altering application code. This approach not only simplifies cost management but also ensures that businesses can achieve immediate savings of 10-30% within just a few weeks – without any downtime. By focusing on resource optimisation rather than application modification, companies can maintain operational continuity while improving their financial performance.
Eliminating Unpredictability in AWS Billing
AWS billing can often seem opaque, showcasing only service and region without providing comprehensive insights into cost drivers. This lack of clarity can lead to unexpected expenses and budgeting challenges. However, tools like Cost Saver help demystify AWS charges, making it easier for iGaming organisations to understand and manage their cloud spending effectively.
Key Benefits of 56 Bit’s Cost Saver
- Enhanced Visibility: Provides detailed insights into AWS billing.
- Simplified Management: Helps users track and optimise costs seamlessly.
- Proactive Cost Control: Enables timely adjustments based on usage patterns.
When introducing Cost Saver, iGaming companies can remove unpredictability from their AWS billing equation and take control of their cloud expenditures. As Patrick Camilleri, CEO of 56 Bit elaborated “For iGaming companies, Cost Saver is indispensable. It delivers meaningful cost savings while keeping infrastructure at peak efficiency, giving our clients an edge in this competitive industry.”
Adopting a Staggered Approach to Cost Optimisation
One crucial piece of advice shared at the event, by the 56 Bit team, was the importance of avoiding a “big bang” approach when implementing FinOps practices. Instead, iGaming companies should adopt a crawl-walk-run methodology. This staggered approach allows teams to gradually integrate financial operations into their existing workflows, minimising disruption while maximising learning opportunities. The steps for implementation include:
- Crawl: Start with basic cost monitoring and reporting.
- Walk: Introduce more advanced tools for resource optimisation.
- Run: Fully integrate FinOps practices across all teams for comprehensive cost management.
By taking this gradual approach, casinos, sportsbooks and other iGaming organisations can ensure that they are not overwhelmed by the changes and can adapt effectively over time.
Integrating FinOps with AWS compute solutions presents a powerful opportunity for organisations looking to optimise their cloud spending.
As highlighted by Patrick Camilleri, CEO of 56 Bit, these strategies not only lead to immediate savings but also foster a culture of accountability and efficiency within online gambling organisations.
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