What Are the Best Ways to Manage Cloud Costs?
Looking for the best ways to manage cloud costs?
If you are reading this article, the answer is “yes”.
Needless to say, developing an effective cloud cost management strategy is a challenge for many business owners. According to research data by IDG, more than 55% of organizations are using public cloud services.
You are not alone.
Without properly managing your cloud spend, you can end up spending much more than you have to.
With more than 92% of businesses reporting on the importance of cloud use for their businesses, managing your cloud spending means enjoying your IT infrastructure in a cost-effective way.
Here are the best practices to keep your costs in line:
Start at the root of the problem
In order to find the best ways to manage cloud costs, you need to start at the root of the problem- who is responsible for these costs and how do they evaluate them?
Doing this by yourself sounds rather tricky. But a professional cloud manager will always look at your cloud cots and determine if they are evenly distributed.
Remember, your cloud service also goes a long way in keeping you secure. Whether you’re scaling up or down, it will protect your servers from crashing.
A cloud manager will also let you know whether your cloud solution is worth its cost when it comes to keeping you safe from security threats.
Consider a cloud management financial solution
A majority of cloud providers’ offer cost management strategies that will better your small business.
But as you continuously grow and expand in size, you may be struggling to maintain your cloud costs as their tactics only worked well while you were at a smaller capacity.
A financial solution will provide insight into complex cloud expenditures and allow you to operate more effectively while keeping over-consumption at bay. Implement quotas and budget allocations that will keep costs under control.
A budget will help you avoid any unwelcome surprises to your cloud bill. It will allow you to track your actual spending, against your planned spending.
The budget will also set limits for how far you can go with your projects. This will guard you against runaway costs.
The biggest cost of inaccurate cloud services are overlooked costs like the cost of outages and failures, migration costs as well as the cost of unused resources.
To make sure you never wind up with an accumulation of these costs, strategize, plan and review your costs or cloud spend on a monthly basis.
This will give you room for adjustment before your expenses are too far gone.