Mastering Cloud Cost Management
While the cloud offers numerous benefits, it also presents a set of unique challenges, particularly in managing and controlling expenses.
In a multi-cloud or hybrid cloud environment, tracking and managing cloud costs can be challenging due to the lack of centralized visibility. This can result in unexpected cost overruns and hinder financial planning.
Cloud service providers offer a multitude of services, each with its unique pricing model. Understanding these pricing structures and optimizing costs accordingly can be daunting for CIOs.
Allocating resources efficiently across various workloads and applications is crucial to avoid unnecessary expenses. However, without proper monitoring and optimization, resources can go underutilized, leading to wasted costs.
Balancing cost optimization with performance requirements can be a delicate task. CIOs must strike the right balance to ensure optimal cloud utilization without sacrificing performance or user experience.
Features
Realize cloud cost savings up to 10% with Serviceware's ITFM solution that comes with cloud cost management. Gain a holistic and clear picture of cloud economics and how much money you're actually spending on cloud provisions.
Seamlessly integrate the Serviceware ITFM and cloud cost management solution into your existing cost model. Or, with the Serviceware Digital Value Model approach, you can immediately generate insights and analyses of your cloud spend through an out-of-the-box integration into technology business management.
Ensure combined strategic outcomes such as cloud total cost of ownership (TCO), cloud chargeback and cloud planning.
• Discover the true total cost of ownership (TCO) for your cloud services and downstream services, such as cloud-based applications.
• Implement automated and cause-based billing that accurately reflects your cloud service usage.
• Compare the performance of cloud and on-premises solutions, particularly in the infrastructure domain.
Leverage insights to
• analyze plan, actual, forecast, and simulation values and perform deviation analysis to understand cost trends and anomalies.
• monitor cost developments, such as rising costs in the compute and storage sector, to ensure optimal resource allocation.
Use the integrated planning and forecasting tool to
• plan and forecast your cloud costs holistically as part of your overall IT budget.
• consider dependencies in the value chain fully in your planning and forecasting, for example, an increase in the cloud space due to increased business demand for certain applications.
Develop personalized rules that automate everyday cloud tasks like billing for cloud services. Accelerate decision-making and lower potential risks.
Track expenses by department and encourage responsible spending in line with budgets.
Expand into FinOps by right-sizing your resources and finding resources that are not being used effectively.
“From data to dashboard, team Serviceware’s approach to ITFM and Technology Business Management is unique: they exude service excellence in all processes. Multi-cloud customers should expect to cut costs using VMware Aria Cost powered by CloudHealth’s structured data and Serviceware Financials speedy time-to-value and TCO planning and reporting platform.”
Brigitte Orth
Director of Channel, VMware Germany
Data Ingestion: Collect and process data from various cloud services to gain insights into usage patterns.
Allocation: Allocate cloud costs accurately to different departments and projects.
Reporting & Analytics: Generate comprehensive reports and analytics to understand cloud spending.
Planning & Estimating: Plan and estimate future cloud costs effectively.
Forecasting: Forecast cloud spending to avoid surprises and manage budgets better.
Budgeting: Create and manage cloud budgets to ensure financial discipline.
Benchmarking: Compare cloud spending against industry benchmarks.
Unit Economics: Analyze cost per unit of service to understand financial efficiency.
Licensing & SaaS: Optimize SaaS licensing to reduce costs.
Cloud Sustainability: Implement sustainable cloud practices to save costs and reduce environmental impact.
FinOps Tools & Services: Utilize advanced tools and services to manage FinOps practices effectively.
Invoicing & Chargeback: Streamline invoicing and chargeback processes for better financial governance.
Demo
Take a tour of our cloud cost management tool →
Or book a live demo with our expert consultants today to discuss your business needs.
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