While the adoption of cloud technologies by businesses has been on the rise over the last decade, the COVID-19 pandemic has accelerated move to cloud as organizations ramped up their ability provide virtual spaces for their employees and customers.
With the variety of cloud platforms, technologies, and offerings available these days, we are seeing customers take a many different approaches to their cloud strategy. Some organizations choose a single cloud service provider for all their cloud solutions, while others adopt a hybrid cloud strategy using a combination of public cloud space as well as private storage infrastructure.
Although these options provide immense flexibility for developing an optimal operational strategy, it does come with a cost that could quickly become out of control. Regardless of which cloud strategy is implemented, businesses are left with the important task of managing their cloud services costs as well as forecasting and planning future expenditures.
The ability to manage cost becomes especially challenging for corporations using multiple cloud platforms or even multiple tenants within a single platform. Fluctuations in expenses based on elastic cloud services that automatically scale and provision resources based on utilization create an added layer of complexity to forecasting future budgets.
Whether the organization’s footprint is in Amazon Web Services, Google Cloud Platform, Microsoft Azure, IBM Cloud or any other platform, leaders in organizations are looking for ways to easily visualize all their cloud expenses and utilization in one place so that they can make informed decisions based on a complete picture.
Micro Strategies has solved this challenge for our customers by creating Cloud Expense Management (CEM). The solution provides visibility into an organization’s overall cloud expense and utilization across the enterprise. The dashboard automatically analyzes billing and utilization data in real-time from multiple enterprise sources and recommends cost-saving options, resource optimizations, security and more. (example in Figure 1).
Total for selected accounts:
Figure 1: Expense Recommendations
The CEM dashboard is made even more powerful by including models and processes that analyze historical data to appropriately predict or forecast future trends, as it relates to expenses or utilization (example shown in Figure 2). The degree of confidence in forecasts is increased by making these models account for data seasonality as well as any other business specific factors.
Forecasting can also be made dynamic to provide “what-if” scenarios. This allows decision makers to proactively plan their budgets based on any anticipated future business implications.
Figure 2: Spend Forecast
In addition, by aggregating data from more than one cloud source and presenting it under categories that relate specifically to their organization, customers can filter on different facets and draw insights from a central place.
With businesses feeling the financial effects of the pandemic, the ability to manage technology expenses is more important than ever. CEM allows organizations to effectively manage cloud costs, maximize their ability to identify potential cost savings and forecast future spend even in an elastic structure by providing visibility into their overall cloud expenses and utilization across the enterprise through a single dashboard.
Do you want to gain a better understanding of your cloud expenses? Schedule a demo to learn how our cloud expense management solution can help your business easily visualize and manage current and future cloud expenses in a single view.