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Overview of Cloud Cost Management and Its Tools

Cloud Cost Management

Cloud costs need to be managed accurately by cloud experts. As most of the cloud service providers like Microsoft Azure and AWS utilize pay-as-you-go model, organizations may find it difficult to keep track of expenses. In addition, securing a variety of cloud services also increases the costs that have to be incurred by businesses. This has necessitated companies to implement Cloud Cost Management and make use of various tools available to manage such costs.

Cloud Cost Management

What is Cloud Cost Management?

Cloud Cost Management is a business practice for managing, controlling, and optimizing expenses that are associated with cloud platforms. This practice even offers insights to IT teams, engineers, and cloud professionals to analyze the cost impact of utilizing various cloud resources. In addition, the finance department of the organization can also predict better budgets for cloud resources.

With cloud infrastructure becoming more complex, businesses need to monetize their cloud costs effectively. A wide range of cloud cost management software is available for businesses to choose from and make the task easier. However, to choose the software, businesses need to consider various factors that meet technical and business requirements. Let us try to understand these factors.

Transparency

The cloud cost management software chosen should offer visibility into various cloud resources that an organization has secured. In addition, the software should help IT experts in understanding the utilization report of each cloud resource. Instilling software that does not assist in offering such insights is again an unnecessary expense for the organization.

Automation

Businesses need to choose a tool that has an automation feature. This makes it easier for IT experts to schedule cloud resources. Applying this practice assists in optimizing the cost spent on these resources. In addition, IT experts can easily reduce their manual efforts in tracking and controlling the usage each of cloud resource.

Support of multi-cloud

Often organizations tend to employ services of various cloud service providers for utilizing different resources. IT experts of the organization should also ensure that the cloud cost management software chosen can support such cloud platforms. Without the feature of multi-cloud support, businesses might have to invest in more than one software for managing their cloud expenses. As a result, this factor of cloud cost management software plays a significant role in choosing the best one.  

Pricing and ease of use

Price is the second major factor that affects the decision to instill the best cloud cost management software. Based on the requirements of the organization and the cost budget set for the cloud, IT experts need to choose the most suitable software that meets all the criteria. In addition, this software should also be easy to use by the IT team. If the software is not easy to use, professionals might have to undergo training again for this purpose which may further increase the cost of cloud management.

Therefore, IT experts need to weigh each of these factors along with various others before choosing the right software. Let us further look at some of the best cloud cost management software.

Best Cloud Cost Management Software

Amazon CloudWatch

Amazon has its own software CloudWatch that has the ability to track over 70 applications and offer in-depth insights. The software even has a single dashboard to highlight the progress of cloud utilization. IT experts using this software can easily manage cloud costs incurred through AWS Cloud Services and further optimize them for effective usage.

Azure Cost Management + Billing

Microsoft’s Cloud Service can be instilled with Azure Cost Management + Billing tool to reduce expenses incurred on cloud services. Like the other native tools, this cloud cost management software allows IT team to monitor, analyze, set budgets, export cost data, and suggest actions for optimization. The tool further allows cloud experts to manage the expenses of AWS cloud along with Azure cloud if an organization uses both platforms.

Harness

Harness Cloud Cost Management tool allows cloud professionals to track their utilization progress by the hour. Although this tool cannot be aligned with specific projects, it offers an overall picture of the cloud costs. In addition, experts can easily take action if anomalies are detected in the usage of cloud resources leading to increased expenses.

ParkMyCloud

This multi-cloud cost management tool assists businesses in finding and mitigating excess spending on cloud resources. It can work with various cloud platforms such as AWS, Azure, and Google cloud. Additionally, this tool automatically recommends switching off/on cloud resources and creating a schedule. This makes ParkMyCloud one of the best tools for the effective management of cloud resources.

To Sum Up:

Cloud Cost Management practice is quite necessary for organizations employing diver cloud services from different providers. Businesses that employ just a portion of the service from a single cloud provider can use their native tools. However, for diverse cloud resources, businesses need to ensure that they weigh all the factors before choosing the best cloud cost management tool.