Enterprises globally prefer to use cloud cost optimization tools to maximize their cloud investments. While certain organizations use native tools provided by AWS, GCP, and Azure others tend to opt for homegrown tools or third-party tools. Few even mix up to reduce cloud spending. According to a report from report of the FinOps Foundation, enterprises use an average of 3.7 tools for their cloud cost optimization process. Let’s see in this article a few of the best cloud cost optimization tools you can evaluate for 2024.
Cloud Native – It leverages the power of cloud features like scalability, elasticity, etc. facilitating faster deployment
Externalized Business Rule Engine – It allows the user to play around with multiple cloud assets recommendations, so the user has the flexibility to choose as per their infrastructure and project needs.
Non-intrusive nature – It stays within your cloud environment eliminating the need to worry about the security breach and third-party intrusion
Role-based data access – Customizing the cost optimization data visibility based on roles (Engineering team, Finance team, etc.) is simple with Cloud CADI.
Showback- It allows you to drill down and find the root cause of the cost overruns to take immediate actions.
End-to-End Automation- It facilitates the seamless integration of ticketing tools like ServiceNow.
Alerts- It has customizable reporting& alert capabilities to give visibility over IaaS/SaaS/PaaS services and assets, resulting in a better understanding of activities in the cloud
Clients – Johnson & Johnson, Unisys, GSM Outdoors, Exafluence, DigiKey
Founded – 2019
HQ: New Jersey, USA
‘Finops Foundation‘ is a non-profit organization that was established to promote best practices, standards, and education in the emerging field of cloud financial management, recently released a report on “Different Usage Types of FinOps Tools” (ref. figure below). Let’s see some of the tools mentioned,
A native product of AWS cloud service provider helps to visualize, understand, and manage your AWS costs and usage over time. Few key features are,
- Monthly costs report – AWS Cost Explorer includes a default report that helps you visualize the costs and usage associated with your top five cost-accruing AWS services and gives you a detailed breakdown of all services in the table view.
- Hourly & resource level granularity – AWS Cost Explorer helps you visualize, understand, and manage your AWS costs and usage over a daily or monthly granularity.
- Savings plan reports – It provides you with two reports to help analyse your Savings Plans purchases and saving opportunities – Savings Plans utilization report and Savings Plans coverage report.
- Reservation reports – The reservation utilization report visualizes your aggregate reservation utilization and allows you to set a custom reservation utilization target. The reservation coverage report visualizes your overall reservation coverage and allows you to set a custom reservation coverage target.
Few Clients – Verisk, Airbnb, Arista
Founded – 2014
HQ: Seattle, Washington, United States.