South Korean information technology service provider LG CNS said it launched cloud cost optimization service FinOps Clinic, which assesses clients’ cloud usage to offer the optimal budget and reduce overall cloud spending.

More companies are using multiple cloud services from multiple service providers, and the new service is aimed to allow clients to effectively manage their costs by identifying mismanaged or abnormal cost occurrences, LG CNS said.

FinOps -- formed by combining "finance" and "DevOps" -- consists of three stages: inform, optimize and operate.

Under the inform stage, LG CNS analyzes the client's multicloud usage and the costs, and provides a monitoring program for the clients. From the program, clients would be able to check cloud usage patterns and abnormal occurrence of costs in real time, the IT firm said.

Analyzing three months of the client's cloud usage, the FinOps Clinic recommends how to optimize specifications of cloud services. The client could then allocate budget for different cloud service providers to achieve optimal performance at the lowest cost.

In the operation stage, the FinOps program repeats the prior steps to manage cloud services for the client, and set long-term usage plans, LG CNS explained.

For the new cloud optimization service, LG CNS said it has reinforced the FinOps Clinic team, hiring multiple cost management experts.

"In this time of global economic downturn, FinOps Clinic will become more important as it offers the service to effectively manage the cost of cloud services," said Lee Jae-seung, head of the LG CNS Cloud business team.

"We will do our best to support successful business operation of client firms utilizing our capabilities and know-how gained as a managed service provider."