2022's Cloud Cost Management Guide

About Cloud Cost Management

Cloud cost management has gained huge hype along with needs in the business world. With growing cloud spending, it has become necessary to employ cloud cost billing management tools for MSPs and resellers. A cloud optimization tool helps in many ways when it comes to dealing with a business's cloud costs saving both time and money in every aspect. 

Cloud Cost Management is a process of ascertaining steps and tools required to evaluate and manage the costs of a business's cloud billings. A cloud cost billing management tool helps in effective costing and decision-making of cloud resources spread across multiple departments of a business. 

 

Along with utilizing a cloud cost management tool for all the cloud resources, it is equally important to have a clear understanding of how the cloud billing management tools work and how can they be fully utilized for better management and cost optimization. Following are the common mistakes most businesses do when selecting a cloud optimization tool for their respective businesses. 

Common mistakes while selecting cloud cost management tools

Poor monitoring of cloud resources -  It is very important to have effective monitoring of all your cloud resources. There should not be any under or over-provisioning of cloud resources. Efficient tracking of all the cloud resources must be a part of the regular workflow to ensure smooth functioning.

Incompatible strategy allocation - An effective cloud cost management works only when the strategy of performance and workflow are aligned across all the departments. Every team has to be aware of its business priorities and work in sync with the cloud cost management tool.  

Complicated billing cost breakdown - When using multiple cloud resources, billing at each department gets complicated. Thus, it is mandatory to have an effective billing cost breakdown so that no overlapping occurs. 

Not adopting a cloud billing management tool - The foremost mistake a business does in its cloud costing management is not adopting a cloud cost management tool. A cloud governance platform plays a major role in evaluating and managing the cloud costing for a business.

Best strategies for cloud cost optimization

Cloud environment analysis - Cloud cost management is a complicated process and it is very important to have a thorough analysis of your business's cloud environment and plan accordingly. 

Annual auditing - Auditing your business' performance as well as your cloud resources is very crucial for an organization. It is a very cost-effective and efficient way to determine your business's potential and plan strategies ahead. 

Planning for the future - Examine your cloud cost management tool and plan for the next five years. The key is to analyze whether the tool you've adopted now will be helpful in the next 4-to 5 years and how better you can go. 

 

A trial before finalizing - When going for a cloud cost management tool, it is important to have a trial version and then go with finalizing the tool if it serves your needs perfectly.