By Vijeth Shivappa
Worldwide spending on public cloud services is forecasted to grow at 23 % CAGR to a total of approximately $800 billion by 2027, according to Global Industry Analysts .Companies are moving to the cloud to maintain their competitive edge, accelerate innovation, and transform interactions with customers, employees, and partners. However, for data-driven organizations, the cloud is today one of the most expensive resources.
Keeping cloud costs under control is a tough job. Cloud assets are fragmented, and most companies need to manage multi-cloud and multi-container inventory. Generally available cloud cost management solutions offers reactive monitoring and lack real-time visualization and cost optimization. The result is that companies lack cost control and observability and unable to correlate cost and revenue changes to achieve unit economics. Customers are been looming for a comprehensive cloud cost monitoring capabilities, including billing visualization, cost optimization and container cost visualization. It became clear that to regain control over cloud spending, a new solution is needed — one that stitches together business monitoring with cloud cost management.
Cloud spending data has not been fully utilized until now — but with the cutting edge FinOps Solutions that leverages AI/ML companies will be better able to control their cloud costs, Kubernetes costs, and SaaS costs. FinOps will have a better way to do their jobs.cloud cost management platform helps companies visualize and optimize their cloud costs by monitoring the cloud environments end-to-end, including an accurate breakdown of Kubernetes costs.
By combining advanced ML-based business monitoring with cutting-edge cloud cost management, a new kind of cloud cost monitoring enables companies to regain control over their cloud spend and proactively make business-impacting decisions regarding cloud utilization. To optimize cloud costs companies need to understand how spending fluctuates relative to business decisions and whether, for example, a cost increase is proportionately tied to revenue growth.
A robust FinOps Solution automatically discover all cloud assets and provide users with a single console to view and manage multi-cloud inventory. By monitoring usage across the cloud infrastructure, it enables users to review allocation, capacity, and consumption, helping them to stay on top of their cloud costs, optimize, and maximize ROI. An Advanced data analysis by co-relating cost metrics , revenue and business metrics, helps customers to achieve unit economics and understand how specific units and/or customers impact cloud metrics including cost, utilization, and performance.
An Intelligent Cloud FinOps must offer :
Real-time correlation for improved business performance: A deeper understanding of the correlation between cloud usage and costs and how they impact overall business metrics.
Advanced visualization: Complete, end-to-end visibility into the entire cloud infrastructure and related billing costs all from a single platform
Real-time anomaly detection and cost alerts: Proactive autonomous monitoring that learns the behavior and pattern of every cloud service to automatically identify deviations from expected usage and cost patterns. Alerts to anomalous spikes or drops, in real-time.
Automatic real-time insights and recommendations: AI-based machine learning algorithms to offer deep root-cause analysis and recommended remediation.
Autonomous forecasting: AI-powered forecasting that leverages deep learning to automatically optimize cloud cost forecasts, enabling businesses to anticipate changing conditions and usage and related costs.
This continuous monitoring and deep visibility enables users to eliminate unpredictable spending and cut cloud bill costs. With tailored recommendations and automated controls, users can catch spend spikes quickly triage and resolve cloud cost incidents. Customized insights are tailored for each user’s environment and include precise and simple steps to implement so actions can be taken to reduce costs and increase ROI. This way Customers can get a better visibility and control over cloud costs while combining it with business data which delivers unit economics data for better business decision-making.
– All views expressed are personal