Businesses are moving their operations to the cloud, making cloud cost management a crucial concern. The difficulty of cost control accompanies the freedom and scalability that cloud computing offers. A lot of businesses unintentionally overpay, frequently as a result of underutilized resources, ineffective provisioning, or opaque cost structures. But just as cloud ecosystems and platforms change over time, so do the solutions available for controlling and maximizing cloud usage.
Organizations will have access to a broad range of cloud cost management technologies in 2024, all of which are intended to improve automation, optimization, and insights into cloud expense management. This article delves into some of the best cloud cost management tools for 2024.
Cloud cost management is a crucial business practice emphasizing monitoring, evaluating and optimizing an organization’s expenditures. It provides better insight into how resources are being used, making it possible to spot and get rid of unnecessary or overly generous services. It also makes it easier to project future cloud expenses, which helps create accurate budget estimates.
1. AWS Cloud Financial Management Tool
AWS cloud financial management solutions provide an extensive range of resources for cost and use monitoring and effective organization. Users may drive cost-reduction initiatives and get more control with tools like budgeting, forecasting, pricing optimizations, and unified billing and access rights. By utilizing resources like the Pricing Calculator, budgets, Billing Conductor, and AWS Cloud Value framework, companies may efficiently optimize their AWS expenditure and save a substantial amount of money.
2. Azure Cost Management
By improving visibility and accountability, Azure Cost Management, a component of Microsoft's portfolio, enables businesses to maximize their cloud investments. With the assistance of customized cost optimization recommendations from Azure Advisor, users may track and report on cloud usage and costs via the Azure site.
Personalized cost management strategies are made possible by integration with Cost Management APIs and Microsoft Power BI connections. AI features have recently been combined to offer forecasting, reporting, and deeper insights. By assisting with the implementation of governance policies and encouraging economical practices, this helps to maximize the return on cloud investments and cultivate an efficient and accountable culture.
3. Google Cloud Platform
Google Cloud Platform (GCP) provides a comprehensive set of about twelve tools for efficient cost management. Cloud Billing Reports and Cost Tables are the two main cost-related sections that users can view within the console.
Users can preview use costs with Cloud Billing Reports, which makes it easier to spot and analyze trends in resource utilization. Users may quickly determine which goods and places account for the majority of spending by using charts. Furthermore, expense management can be organized using projects, folders, or labels in accordance with organizational hierarchy.
4. IBM Turbonomic
IBM depends on Turbonomic to deliver an AI-driven solution for deployment management that efficiently synchronizes infrastructure and application demand. The solution uses data from a warehouse to educate artificial intelligence (AI) for future decisions, automatically starting, stopping, and relocating apps in response to demand. A new dashboard and reporting architecture based on Grafana are included in the most recent edition.
To fully utilize its potential, Turbonomic interacts with a wide range of applications, tools, processes, and workflows with ease. It facilitates cost-effective resource decisions by offering full-stack visualization, which gives an extensive view of entity interactions and affects across all layers. Furthermore, by providing dynamic resourcing to optimize application performance, intelligent analytics provide actionable insights. The software facilitates cloud migration planning, helping companies create customized, economical plans to satisfy their unique cloud service needs.
5. Harness
Harness, a CI/CD platform, which prioritizes cost transparency, optimization, and governance as a means of controlling cloud expenses. Feature flags, cloud cost management, service reliability management, security testing orchestration, continuous integration, continuous delivery, and chaos engineering are among its features.
Harness automates the shutdown of idle cloud services and provides recommendations for workload management to reduce costs. It does not, however, provide several essential cloud automation features, such as autoscaling, rightsizing, or spot instance use.
Effective cloud cost management is becoming more and more important as businesses move their activities to the cloud in order to save costs and maximize resource usage. Although the cloud provides incredible scalability and flexibility, cost control is still a concern with it. The flexibility to flexibly scale resources can frequently result in unforeseen costs if improperly handled.
Organizations will have a wide range of solutions at their disposal in 2024 that are intended to solve these issues and improve cloud cost management. Every solution has a different set of capabilities, ranging from IBM's AI-powered Turbonomic to Microsoft's Azure Cost Management, Google Cloud Platform's precise billing insights, Harness's CI/CD-integrated cost management features, and Amazon's extensive range of financial management tools.
Cloud cost management entails not only tracking and assessing expenses but also forecasting and optimizing. Through the utilization of these sophisticated instruments, enterprises can attain enhanced insight into their cloud use, detect inadequacies, and execute economical tactics.