Cloud Cost Management – Features, Advantages, and Best Practices

About Cloud Cost Management

With the rapid growth of cloud technology and businesses adopting cloud environments for their business operations, it has become necessary to keep a complete check on all the cloud costs that occurred along with cloud performances. 

Cloud cost management is the process of monitoring, measuring, and optimizing cloud costs to ensure that the business is fully maximizing its investments. Cloud cost management is often known as cloud cost optimization. Along with focusing on cost optimization, waste reduction, a cloud governance platform also focuses on architectural optimization. In this way, the applications are built keeping in mind the flexible cloud infrastructure so the business pays for only what they and their users consume. 

Cloud Billing Management Tools for MSPs and Resellers helps businesses in managing their billing and carrying out the smooth workflow of each department. Cloud billing management tools help in managing the financial transactions and billing processes systematically and reliably. For MSPs and resellers, the cloud billing management tool proves an efficient way to serve their consumers more smoothly and safely.

Features of Cloud Cost Management 

Automatic Scalability – The primary feature of cloud cost management tools is their automatic scalability. Automatic scalability ensures that resources are used and available when needed, and powered down when, not in use. Businesses need not spend large amounts on their utilized cloud resources. The cloud governance platform helps companies automate the management of costs, compliance, security, and cloud developments.

Instance Management – If a business is not using an instance, the multi-cloud management platform tracks it and alerts the customer to save costs. 

Automated Notifications – Multi-cloud management platform allow users to set up automated alerts. These alerts inform the user when there are any authorization losses, sudden cost spikes, untagged infrastructure, and when budget limitations are crossed. This helps in ensuring full productivity with optimized costs. 

Chargeback Facility – Chargeback is a feature where the cost of cloud services is applied or “charged-back” to the business unit responsible for the cloud expense. The chargeback feature allows businesses to track the departments that are making the most (and least) use of cloud costs.

Advantages of Cloud Cost Management

Cost Optimization – A cloud governance platform helps in reducing the overall costs and optimizing cloud usage without compromising productivity.

Low Service Maintenance – A cloud governance platform helps in the maintenance of the servers, as well as any relevant upgrades/restorations, which are handled by the cloud service provider thus, helps in generating low service maintenance for a business.

Improvement in performance – With automated functionality and management of cloud usage, an organization fully focuses on improving its performance and makes efficient progress in its objectives.

Detailed reports and insights – A cloud cost management tool extracts reports and insights of cloud usage and provides a detailed report to the decision-makers about the current performance indicators.

Billing & cost management – AWS cost management helps the customers can take control of the costs and continuously optimize their expenditure, helping in both performance and cost-efficiency.

Best Practices for Cloud cost management

  • Visibility and management of the entire cloud inventory to ensure better management of the multi-cloud resources.
  • Regular tracking and reporting of cloud spending across different cloud servers.
  • Controlled access as per the requirement of each business unit.
  • Regular administration and alerting through cloud governance platform.
  • Efficient and strategic cloud budget distribution among multi-cloud servers.
  • Right-sizing the computer resources according to each cloud server’s needs.
  • Eliminating inactive resources and keeping a regular check over any idle cloud resource.

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