When faced with economic uncertainty, companies look for places to cut costs. Say goodbye to those sweet office perks, and prepare to hurt some employees. But it does not have to be this way. Cloud computing costs are expected to account for over half of technology budgets by 2023. CloudFinops is a tech-based solution that helps you make budget cuts without any guilt.
CloudFinops stands for cloud financial operations. It helps manage your storage so you can clearly tell where each dollar is being spent and what purpose it serves.
Imagine the sinks in your home. Would you leave all the sinks running 24/7 throughout the week? No. It would be a waste, your water bill would skyrocket, and your house would flood.
From small startups to major enterprises, companies can spend millions on cloud storage each year or even month. By not optimizing your cloud usage, you would be wasting storage, paying for more than you need, and losing potential cloud space in your plan. Fortunately there are many ways to mitigate this from happening.
According to Gartner, the best way to turn your cloud spend into savings is to focus on unused and under-utilized AWS and Azure resources.
1. Identify IDLE Amazon EC2 instances and Azure Virtual machines.
2. Identify unattached Amazon EBS volumes and Azure Disks.
3. Analyze Amazon S3 and Azure Blob usage and reduce cost by switching to low-cost storage tiers.
4. Identify IDLE and low-utilization Amazon RDS and Azure SQL database instances.
5. Analyze Amazon DynamoDB and Azure CosmosDB usage, and reduce cost by shifting to serverless or lower DynamoDB Read/Write Capacity Units or lower CosmosDB RUs.
However, optimizing on your own can be complicated and with the exponential growth in Cloud usage, it becomes overwhelming. Luckily there are software that exists to analyze the data for you:
CloudTrakr is a multi-cloud cost software that uses AI to optimize your spend with monthly recommendations, and provides a simplified view where every penny of your cloud cost is being spent. Users have reported saving at least 20% of their cloud spend within the free trial period. Intelligent software such as CloudTrakr is both an affordable and reliable way for you to start taking your cloud-spend by the reins so you can make budget cuts with ease.
