According to the FinOps Foundation, the terms Cloud Optimization, Cloud FinOps, Cloud Cost Management, and Cloud Financial Management often refer to the same thing:

Whatever you call it, adopting FinOps fundamentals is an effective way for organizations to better see and manage their organizational cloud usage and costs. FinOps teams are typically supported by a central best-practices group, often housed within a Cloud Center of Excellence (CCoE) or Cloud Business Office (CBO).

Managing cloud costs requires constant attention to a variety of factors. By taking the time to understand and implement a combination of finance and DevOps best practices, organizations can save money while capitalizing on the benefits of their particular cloud architecture and operating model:

• Control cloud costs and spend while maximizing value and ROI
• Enhance the performance of workloads and applications through automation
• Achieve full visibility into cloud consumption while driving compliance
• Optimize infrastructure to support business and IT goals
• Consolidate cloud subscription management and billing
• Manage cloud consumption across the enterprise
• Establish reliable metrics for measuring what cloud success looks like
• Enhance reporting, forecasting, insights and savings opportunities
• Visualize real-time cloud consumption metrics
• Optimize the structure of cloud subscription accounts
• Maximize negotiation leverage with public cloud hyperscalers