Cloud-based computing has become more accessible than ever before thanks to high-speed internet access and high-end hardware becoming more affordable. According to reports, 81% of companies already have a multi-cloud strategy in place, meaning that they rely on multiple cloud-based tools in parallel. Medium and small businesses have especially taken to the technology, with 34% using cloud-based technology far more than anticipated in 2021.
Cutting costs efficiently has become an especially noteworthy point of discussion in the wake of COVID-19, with many cloud cost optimization tools being used worldwide. Let’s take a closer look at some of them and discuss how they can help minimize operational costs and maximize your profit margins.
Google Cloud Platform Billing is a cloud-based cost optimization tool designed to allow eCommerce and retailers to oversee their resources as if they were Google. The tool is intended for advanced finance executives and teams who want access to spending analytics through a cloud-based infrastructure. It is a great tool for small-scale enterprises and provides a good overview of exactly how and why you are experiencing resource spending. However, it is not an ideal tool for large-scale companies, given how many different profit and spending channels they feature. Regardless, Google Cloud Platform Billing is noteworthy because it is free to use for every Google service subscriber.
Spot is a cloud cost optimization tool built around using your generated data to provide insight into how to manage your resources going forward. This means that the tool will never “optimize” your cost-cutting automatically and leave the final decision up to your team. Spot is designed with easy integration with other cloud-based services, including Google Cloud Platform and Azure. Its forecast reports are always on point, and you can use them not only for monetary optimization but also for other types of in-house resources. This makes Spot by NetApp viable for R&D and engineering teams just as much as it is suitable for financial experts.
Microsoft’s Azure cloud cost management platform is one of the most comprehensive costs optimization tools on the market. It allows for extensive cloud spending monitoring and improved organizational agency for your finance team. Azure is built with AWS integration in mind and enables its users to manage costs across multiple cloud platforms from a centralized hub. Thanks to Microsoft’s backing, Azure features extensive cyber-security measures, which will undoubtedly interest large-scale enterprises. Azure comes packed with developer documentation and training videos aimed to get you up to speed on its features as quickly as possible.
Given how many retailers and small businesses rely on Amazon, using Cost Explorer, which is built into its AWS, makes sense. This cloud cost optimization tool is intended for data visualization and informed decision-making for online sales. It features in-depth analysis tools which enable users to extrapolate and oversee the exact data points they are interested in at that moment. Some of its tools include monthly cost reports, hourly granularity, as well as savings plan suggestions to maximize your profit margins. This is a great tool for businesses that rely on AWS in any way and want to ensure their resource spending is well-optimized in 2021.
Harness Cloud Cost Management is a cost optimization tool that goes out of its way to enable FinOps professionals to oversee their companies. This is a dynamic, modern cloud-based tool with built-in cost-stopping and business intelligence features. It enables professionals to take accountability of their financial resources head-on and keep a close eye on any spending as it happens. As such, Harness Cloud Cost Management has cost optimization and cost transparency features available in addition to its integration versatility. Given its features list, the tool would require a period of transition and onboarding for financial professionals before they can utilize it efficiently. It is a high-end cost optimization tool that large companies will make the best use of.
The Perks of Using Cloud Cost Optimization Tools in 2021
Now that we’ve covered some top contenders when it comes to cloud cost optimization, let’s address the “why”. What’s the purpose of shifting toward cloud-based tools if you already have an offline workflow in place?
Recent statistics have shown that COVID-19 has made permanent changes in the way we perceive cloud computing, with 87% of companies speeding up cloud adoption. Data points to the fact that more and more companies are abandoning traditional software-based workflows in favor of cloud-based tools.
Cost-cutting tools are especially valuable in that aspect, as they can help optimize your finances with up-to-date industry info straight from the cloud. Here are the benefits of shifting toward cloud technologies in 2021, cost-cutting or otherwise:
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Feature and bug fix updates arrive momentarily
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Improved data security due to a cloud-based workflow
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Mobility allows staff to access data and work anywhere
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Improved teamwork and collaboration among staff
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Cost-saving not only for resource management but software acquisition
In Summary
Making good use of cloud-based tools is all about finding the one that suits your organization’s interests and workflow the most. These are only some cloud cost optimization tools available, and you should take a look at each before settling for the right one.
Eventually, it comes down to being able to optimize your company’s costs effectively, so the tools that work for others may not be ideal for you. Don’t simply follow trends without doing proper research, and your efforts to find the best cloud cost optimization tool for you will pay off.