With a constantly evolving digital landscape, it is not surprising that businesses are increasingly relying on cloud services as part of their digital ecosystems. Considerations such as cloud cost management, cloud optimisation, and a range of solutions are all factors when buying software.
Our buyer’s guide is written and designed to explore, discuss, and detail some of the essential factors that buyers and users should consider during this all-important procurement process.
Principal professional audience for our buyer’s guide
Cloud cost management and optimisation is a major interest for a wide range of professionals. For any business that needs to fully optimise cloud cost management and optimisation solutions, our content offers some perspicacious pointers.
Though the guide is designed for any professional interested in cloud cost management software, it will be particularly insightful for digital procurement professionals, IT managers, and finance teams.
Key considerations for cloud cost management tool components
Range of functionality and features
When it comes to buying cloud cost management software for your business, it is important to evaluate functionality and features. Every business requires a range of unique solutions, making the selection process quite complex.
Among the other features and functional capabilities to look for, consider cost visibility, budgeting capabilities, cost allocation, and forecasting features.
In addition, your software should be able to generate detailed reports and a range of powerful analytics, each of which matters for overall effective cost optimisation within your digital ecosystem.
Long term software scalability
In any business endeavour it is likely that, as your business grows and operations expand, so will your cloud usage requirements.
This fact alone makes scalability one of the key necessities of your cloud cost management solution
Buyers should always confirm that any cloud cost management tools demonstrate the ability to handle increasing data volumes.
Within this capability, the ability to adapt to changing business needs, without compromising performance or efficiency, is also critical.
Integration capabilities
It may seem axiomatic, but it is important to stress the importance of seamless integration within your existing digital ecosystem.
Most, if not all, cloud infrastructures will be complex. Cloud cost management tools should allow organisations to easily and effectively consolidate data from multiple sources, thus providing a complete and clear view of your cloud costs.
Integration with popular cloud service providers, such as AWS, Azure, or Google Cloud, is also important, and this should be something a buyer is aware of.
User-friendly interface
As with any software system, the need to be user-friendly cannot be overstated. Part of any efficient cloud cost management solution is an intuitive interface that allows users to maximise its potential and enjoy ease of use
More specifically, buyers should look for software that includes intuitive dashboards, easy-to-understand visualisations, a range of customisable reports, and the capacity to produce valuable analytic data and cost insights.
Security and compliance
Most companies now handle a swathe of valuable data. Cloud cost management involves handling the most sensitive financial data, making it important to have a high functioning solution.
Any buyer should research and prioritise security and compliance capabilities. Part of any software should be functionalities, including a robust data encryption program, and fully protected access controls.
Additionally, ensure that your cloud cost management solutions all demonstrate full compliance with industry standards, such as GDPR or HIPAA, and any other relevant regulation or regulatory bodies.
Customer support and training
Customer support and training resources are important for most businesses with a digital presence. Cloud cost management buyers should consider a range of things, including the software’s ability to provide comprehensive documentation, a range of online tutorials, and responsive support channels that are customisable as your business requires.
This will ensure that businesses can maximise the value of the cloud cost management tools and address any issues promptly, saving time and money.
Leading solutions in cloud cost management and optimisation
- CloudHealth by VMware
- Cloudability
- Apptio Cloudability
- RightScale Optima
- CloudCheckr
- ParkMyCloud
- Turbonomic
- Cloudyn
- Cloud Cruiser
- CloudSpend
- Cloudyn by Microsoft Azure
- Densify
- Flexera
- CloudZero
- Cloudyn by Oracle
Latest technological advancements in cloud cost management software
As with many fields across the IT landscape, cloud cost management and optimisation is subject to frequent advances in technology.
Some of the latest technological advancements include, but are not limited to:
- Artificial Intelligence and Machine Learning
- Serverless Computing
- Containerisation
Cloud cost management and optimisation: our conclusion
Buyers looking to select cloud cost management and optimisation solutions face a complex process that requires rigorous research.
With so many factors to consider, it is advisable to focus on the most pivotal elements and requirements that will benefit your business when implemented and used effectively.
Essential elements include a wide range of functionalities, long term scalability, seamless and rapid integration capabilities, cost optimisation strategies, user-friendliness, security, and customer support options.
When taking all this considerations on board, businesses should be able to effectively manage and optimise their cloud costs, ultimately enjoying improved financial efficiency.
Online Sources
– “10 Best Cloud Cost Management Tools and Software” – https://www.g2.com/categories/cloud-cost-management
– “Cloud Cost Management and Optimization” – https://www.vmware.com/products/cloudhealth.html
– “Cloud Cost Management Tools” – https://www.cloudability.com/
– “Cloud Cost Management Solutions” – https://www.apptio.com/cloudability/
– “RightScale Optima” – https://www.flexera.com/products/optimization/rightscale-optima.html
