Managing an organization’s cloud costs and knowing where the cloud usage is going is almost an impossible task if done with no management tool. Every organization’s primary goal is to have its costs and expenses minimized, along with effective performance. To achieve this, an enterprise needs the right resources to minimize its expenses and improve performance. Here, Cloud Cost Management Tools helps a company in managing its cloud costs strategically.
A Cloud Cost Management Tool is the organizational planning tool used by organizations to monitor, measure, and control the cloud costs and other related aspects of its cloud technology. The cloud cost management tool helps in ascertaining cost-effective ways to minimizing cloud usage and having a balance over the costs. Cloud Cost Management Tool, also known as Cloud cost optimization platform, can benefit the greatest if used strategically and also can lead to chaos in the cost management if not managed properly. Thus, an enterprise must apply the right Cloud cost management strategy to use its cloud infrastructure, keeping costs in control.
Purpose of Cloud Cost Management Tool:
Cloud cost management helps businesses control their spending on cloud services along with boosting their resources. Most cloud providers offer basic cloud cost management tools to achieve this, and there are also more specialized third-party tools that provide additional visibility and insights into cloud spending. Through cloud cost management, an enterprise controls its costs and practice authority, ensuring its cloud resources’ efficiency to stay competitive.
Why choose Cloud Cost Management Tool?
Cloud costs are always changing and the decision-making in an enterprise is often decentralized, making cost visibility difficult. Here comes the Cloud Cost Management Tool, which makes it easier for an enterprise to put an effective strategy to tackle its costs and expenses.
These are the Top Advantages of Cloud Cost Management Tool:
1. Forecasting: Cloud cost management tool helps in forecasting and planning our budget accurately. This makes it clear for an enterprise to determine how much should be allocated for its smooth running.
2. Savings Opportunities: The cloud cost optimization platform helps in finding saving opportunities in the cloud, which contributes to increased profitability.
3. Identifying Liabilities: Another great advantage of the Cloud cost management tool is identifying liabilities like least profitable technologies, unresponsive customers, and projects within the cloud system.
4. Decreased costs: When businesses take a strategic approach to the planning of cloud costs, the Cloud cost management tool ensures they don’t spend on inefficient resources.
5. Detailed Visibility: The cloud cost management tool provides detailed visibility of the organization’s cloud infrastructure. This contributes to giving a transparent view to the decision-makers and keeps things systematic in even a large enterprise.
6. Smooth Performance: The top advantages listed above helps in ensuring the smooth performance of the cloud resources. A Cloud governance platform makes the best and efficient use of an organization’s resources and infrastructure, giving it profitability with lowered costs.
Some of the top Cloud Cost Management Tools:
BillOps: Catered to the billing needs of Cloud Resellers and MSP’s, BillOps streamlines and automates billing operations for cloud-related consumptions. Our product catalog enables you to install your own pricing for cloud resources and managed services for any cloud environment.
FinOps: Organizations investing in cloud deployments need to be able to observe their cloud deployments in terms of cost and performance, optimize their cloud consumptions, instill federated governance via policies, and communicate with different stakeholders using reports and dashboards. Our FinOps offers these continuous monitoring and continuous optimization (CMCO) capabilities to cloud organizations.
Azure Cost Management + Billing: It is a Cloud Cost Management Tools by Microsoft. It is a free cost management solution offered to Azure cloud customers and partners via the Azure portal. Azure provides end-to-end cost management and optimization solution that help its users make the most value for what they invest. Azure Cost Management provides information about the total costs and its application across all Azure services.
The Azure Cost Management constantly monitors the resources and provides live reports of their usage. You can use Azure Advisor to get cost recommendations as per your usage.
AWS Cost Explorer: AWS Cost Explorer is a cost management tool provided by Amazon Web Services (AWS) that allows users to visualize their AWS usage and bills by type of service. AWS Cost Explorer is one of the widely used cost management tools which lets its users extract reports and apply filters for different service types, forecasting, usage report, and many more.
Apptio Cloudability: It is a cloud cost management tool that concentrates on helping its users get visibility into their cloud spend and then manage and optimize it efficiently. Apptio Cloudability helps the organization to forecast their costs and manage them well across their cloud infrastructure.
Cloudhealth by VMWare: Cloudhealth is a cloud cost management tool that specializes in the governance of overall cloud costs. Cloudhealth helps its users get visibility into their spending, optimize it, and create policies that meet compliance and financial management objectives.
Kubecost: Kubecost provides visibility into an organization’s Kubernetes resources to reduce spending and prevent resource-based shortages. This cost management tool focuses specifically on identifying costs and optimization opportunities in the cloud infrastructure. Kubecost is primarily useful for engineering teams.
We highly recommend Aquilaclouds BillOps and FinOps Tool for the management of cloud usage. A tool that provides around the way of handling and managing the overall costs and reducing it for better performance and growth. A Cloud Management Tool helps in making an organization’s objectives meet, along with efficiency in costs.
In Today’s world, rapid growth and development require every enterprise to adopt a Cloud Cost Management tool to stay in the competition to the fast-growing technological world.