3 Approaches Firms Can Take to Understand Cloud Costs
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3 Approaches Firms Can Take to Understand Cloud Costs

By CIOReview | Wednesday, April 28, 2021

Managing cloud costs is a significant problem, but efficient approaches can help firms in deploying cloud solutions.

FREMONT, CA : The advent of cloud computing has allowed the business to develop faster and ship more than ever. Enterprises are spending a lot more on the cloud. The battle now is not increasing the speed of innovation, but rather one of cloud cost management —optimizing the costs that have come with faster innovation.  While businesses want to empower developers to build, test, and implement code quickly, they need to be efficient.  Here is a few approaches firms can tangibly take to understand and handle cloud costs.

Manual Cloud Cost Management

Firms can manage the cloud costs by keeping track of what they are using and wherein a spreadsheet. It makes sense and seems seamless enough. This approach can make a lot of sense when firms are spinning up ten AWS EC2 instances and three S3 buckets. Still, anyone who’s done their management knows that this rapidly becomes a chore and is impossible as we scale — especially when firms start introducing things like containers.

Using Cloud Cost Management Software

Usually, this method is best leveraged by SMBs or early mid-market companies, and it’s most effective when these needs are met. Organizations with several teams using multiple various groups of cloud resources, teams who can’t depend only on good governance and tag hygiene, understand costs, and teams who need to keep costs in check at a point in time or periodically. With cost management software, suddenly, firms abstract away many of the complex work needed with manual management of cloud costs.

Collaborative Cloud Cost Management

This method works well for firms at all stages, but specifically for growing SMBs, mid-market firms, and especially enterprises. It is most effective when these needs are met. There are many good things about cloud cost management software, and firms need to preserve those. In particular, regardless of the solution firms select, firms need to ensure they can have a simple view that assists them, understand cloud costs.

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