Cloud Cost Management Tools: Benefits & Best Practices for 2022

About Cloud Cost Management

Cloud cost management or cloud cost optimization is the process of identifying and managing the cloud costs and other needs relating to the cloud resources. In other words, it means finding cost-efficient ways to maximize cloud performance and utilizing cloud resources to their best.

With businesses adopting multiple cloud resources including public and private cloud vendors, it is required for businesses to have a cloud governance platform that serves their different needs based on different cloud resources. Here a multi-cloud cost management platform offers the business in managing and optimizing all its multiple cloud resources deployed across the different departments. Different factors contribute to cloud costs. These are network traffic, storage, support services, software licenses, virtual instances, and more. All such factors are considered while choosing a multi-cloud cost management platform to achieve the best performance. 

Advantages of Cloud Cost Management

Efficient Management – A multi-cloud management tool supports efficient management of all the different cloud resources deployed by the business.

Cost Visibility – With cloud cost management, it is easier to manage and have full visibility of all the cloud spending and expenditures. 

Expense reduction – Through detailed cost visibility, it is easy for a business to optimize its costs to get maximum benefits. 

Forecasting – The cloud cost management platform offers the forecasting feature which reports the business about cloud performance and other related factors. 

Best Practices for Cloud cost management

Identifying idle resources –  To reduce cloud management costs it is necessary to eliminate any unused resources and only keep the resources you need to manage your cloud server well. 

Right-Sizing –  In cloud cost management, we can buy only what we need and then add more. This technique helps in maintaining what’s required and leaves any chance of idle resources.

Managing Workloads – We need to schedule our cloud computing resources. We should configure schedules to start and hold the resources depending on the workloads and work hours. It helps in working on only the resources that can be utilized.

Cloud Automation – The automation feature will install, configure, and manage your computing services wherever possible. Automating tasks such as backup and storage, security and compliance, and many more can reduce the amount of constant monitoring of the cloud resources. 

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