Author(s): Venkata Sasidhar Kanumuri
Cloud adoption offers flexibility and potential cost savings, but expenses can quickly escalate without careful management. Cloud Cost Management (CCM) tools are crucial for modern businesses seeking to rein in cloud costs and fully realize the return on their cloud investments. Effective CCM solutions provide a consolidated view of costs across complex multi-cloud environments, breaking down spending by project, department, and resource type. They offer deep visibility, historical trend analysis, and AI/ML-powered insights to understand usage patterns, pinpoint inefficiencies, and forecast future spending. Selecting the right CCM tool is vital. The VIA (Visibility, Insights, and Actions) framework helps organizations evaluate potential tools, prioritizing features for granular cost tracking, actionable recommendations, and optimizing tasks. This guide also delves into the 'build vs. buy' decision, weighing factors like in-house expertise, urgency, budget, and customization. For many, third-party CCM tools provide the ideal balance of features, speed of implementation, and ongoing support. By effectively implementing a CCM strategy, businesses can optimize cloud resource usage, eliminate waste, and drive continuous improvement in their cloud ROI.
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