Standing at the Intersection of FinOps, ITFM and Shared Services

Standing at the Intersection of FinOps and ITFM

“MagicOrange demystifies the black box of IT spend, making it accessible and relevant to all stakeholders, including the business line. Whether you are a CIO navigating the intricacies of technology expense allocation or a business leader seeking clarity into the true cost of business applications, MagicOrange is here to facilitate a seamless and understandable conversation between technology leaders and the stakeholders they serve,” says David Harding, CEO, MagicOrange.

MagicOrange is strategically positioned at the intersection of FinOps and ITFM, a distinction that holds immense significance. There are a number of cloud cost management solutions on the market; some designed to work with multiple cloud providers, some which only work with a single provider, as well as some inbuilt functionality available from the hyperscalers themselves.However, most enterprise organizations are operating in a hybrid environment, with a significant on-premise footprint and any organization strictly focusing on a FinOps solution is leaving up to 75% of their technology investment in the proverbial black box.

The MagicOrange platform is a more comprehensive and nuanced solution, covering the entirety of IT expense management – public and private cloud, on-premises, labor costs and shared services. MagicOrange isn’t just a tool for CIOs. It’s a resource for CIOs, CFOs and other senior executives aiming to enhance profitability, drive margin improvement, address tech debt and update legacy technology.

CIOs are often unaware of the true costs associated with servers or technologies within their data centers. The MagicOrange platform sheds light on these costs, empowering businesses to optimize spend, prioritizing, repurposing, or even eliminating certain expenditures. “We drive accountability throughout the business, by providing transparency, and crystal clear line of sight into the drivers of technology spend. Businesses, once aware that their technology allocations are based on actual consumption rather than arbitrary metrics like headcount, become more responsible for their spending and IT can be more assured of their investment strategy,” says Harding.

It’s not always about sophisticated cost modelling and allocation models. In one instance, a large financial services firm was using 180 different Excel models for their month-end processes. Recognizing the lack of enterprise-grade efficiency, this company turned to MagicOrange for help. Within three months, the firm successfully transitioned their 180 Excel models into a single instance of MagicOrange, with the consolidated model now running in just two minutes. This rapid processing time is a testament to the exceptional efficiency of MagicOrange’s cloud-native platform and consigns the days of overnight processing to history.

MagicOrange demystifies the black box of IT spend, making it accessible and relevant to all stakeholders, including the business line.

MagicOrange also stands out as one of the only vendors in the ITFM space with a comprehensive global footprint, offering a broad source of knowledge and services to customers including top-tier organizations across the world. The company, with its strong vision to be the global standard for enterprise ITFM solutions, is on a continuous journey to enable people and organizations to discover the business value of IT and shared services. This solid vision reinforces MagicOrange’s role as a transformative force in the evolving landscape of technology.