Best FinOps tools: A guide to the most well-known FinOps solutions in the market

Are you continuously amazed by the number of new FinOps tools that enter the market? I know I am. In the 8+ years I’ve worked in this sector, the landscape has evolved from just 5 tools to over 115, according to the FinOps Foundation’s tooling landscape.

What’s happening? First-generation platforms are scrambling to retain their foothold. Meanwhile, second-generation platforms are competing to overthrow established leaders such as Cloudability and CloudHealth. Niche solutions are carving out their place in the market, some going platform-agnostic and partnering with more comprehensive platforms to expand their reach. And let’s not forget the latest wave: AI-powered FinOps tools. While many, if not all, tools in the market are building AI capabilities, these new tools are capitalizing on the hype and striving to stand out by incorporating AI capabilities from the outset. Ultimately, there has to be some consolidation in this market. I expect we’ll see more mergers and acquisitions in the years to come. 

It’s challenging for even seasoned practitioners to keep track of every new solution. This blog is your guide to making sense of it all. I’ll walk you through the most well-known FinOps tools available today (excluding native cloud provider offerings), categorized by tool type. Continue reading if you are new to FinOps, are in the process of shopping for tools, or simply want to understand the landscape.

FinOps platforms

First-generation: Cloud cost management platforms

Many of these first-generation platforms emerged to address the issue of cloud overspending. Several of them even aimed to be comprehensive cloud management platforms. However, their parent companies largely pigeonholed them into the cost management category. As a hint, think of those with strong governance capabilities or built-in security best practices; they clearly aspired to offer more than just cost control.

Let’s go down memory lane and see what happened to the initial five platforms: 

Although they go by other names now, the first generation is still in play. What are they most well-known for?

These tools laid the foundation for today’s FinOps practices but now struggle with scalability due to their legacy architectures.

Second-generation: FinOps-native platforms

This category includes platforms purpose-built for cloud FinOps, many of which emerged after the FinOps Foundation joined the Linux Foundation in 2020.

These modern FinOps platforms align closely with the FinOps Framework.

Niche FinOps tools

Niche FinOps tools, often called point solutions, are built to solve a specific market challenge or use case. Typically, they work in tandem with a FinOps platform or a native cloud service provider console. 

Optimization

Governance

FinOps platforms for MSPs

Often overlooked as a distinct category, I believe FinOps tools with features specific to managed service providers (MSPs) deserve recognition. 

Several FinOps platforms, such as Cloudability and Flexera, have recently entered the channel partner market or enhanced their capabilities to target CloudHealth partners. 

Non-FinOps tools that also do FinOps

Think of these tools as the ones who do FinOps as a side hustle. FinOps is not their primary revenue stream, but they have functionality for it. This is not an all-inclusive list for this category by any means.

A few that pop up most often in the community include:

One tool doesn’t fit all

In FinOps, one tool cannot meet the needs of every organization. That is becoming more apparent as more entrants attempt to establish a foothold in the space. If there was a miraculous answer, we wouldn’t have a tooling landscape with 115 solutions.

In an increasingly competitive market, it can be difficult for vendors to convey their differentiation. With everyone aligning to the FinOps Framework, I must admit, many tools are beginning to sound similar. What ultimately distinguishes a vendor from others? It comes down to people, process, technology, and how well a vendor aligns with your business.

Why Ternary is the best FinOps tool in the market

People

Our team is made up of early FinOps thought leaders, seasoned practitioners, and veterans of first-generation tooling. We’ve gained deep insight into the strengths and weaknesses of today’s FinOps solutions through years of hands-on experience.

Process

While every employee at a FinOps vendor will tell you why their FinOps platform is superior, very few will tell you if you’re not a good fit for their business. Ternary is one of those exceptions. We lead with transparency. We’d love to show you our features and help you overcome your challenges, but if we can’t, we’ll explain why. 

Additionally, Ternary supports a buy-and-build strategy. We understand that many companies have unique business needs that a single solution can’t solve. Our solution gets you 80-90% of the way there, and you can build on top of it.

Technology

At Ternary, we’re leading the way in multi-cloud FinOps with an open data platform designed for the future of technology spend management. Stay tuned for exciting product announcements!