This ML-Powered Platform is Helping Companies Maximize their Cloud Cost Savings

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This ML-Powered Platform is Helping Companies Maximize their Cloud Cost Savings

January 10
21:30 2023

Cloud cost savings are a major incentive for companies to adopt cloud computing. But despite its recent popularity surge, many organizations are still struggling to effectively manage their cloud spending. According to research, 58% of companies report that they overshot their cloud budget at least once in the past year, and 37% said that their cloud costs are higher than expected.

One reason for this is the complexity of cloud pricing models. Cloud providers offer a wide range of options and pricing plans, making it difficult for companies to determine the best fit for their needs. In addition, the pay-as-you-go nature of the cloud means that costs can quickly spiral out of control if usage is not properly monitored and managed. 

What’s more, many companies lack the tools and processes to effectively track and optimize their spending. They may not have visibility into their cloud usage and costs, or may not have the expertise to optimize their configuration and settings to minimize waste.

How to Efficiently Manage Cloud Costs?

There are several steps that companies can take to improve their cloud cost management. One is to conduct a thorough analysis of their cloud usage and identify areas where costs can be reduced. This may involve optimizing resource utilization, right-sizing instances, or identifying and eliminating unused resources. It may also involve implementing cost allocation and reporting tools to get a better understanding of where and how resources are being used.

In addition, companies should consider adopting a cloud management platform, which can provide a single view of all cloud resources and help to optimize usage and costs. These platforms often include features such as cost optimization recommendations, automatic resource scaling, and real-time monitoring of resource usage and costs. By taking the time to understand their usage patterns and implementing the right tools and processes, companies can better control their cloud costs and achieve the maximum benefit from their investment in the cloud.

This is where nOps comes in. As an AWS and Azure Cloud management platform, nOps automates and utilizes data-driven techniques to reduce waste in the cloud, run workloads on spot instances, manage reservations, and optimize containers.

Optimize and Track Cloud Costs

High cloud spending is not uncommon in companies. However, it is possible to get this spending under control by identifying mismanaged resources, eliminating waste, reserving capacity for discounts, and sizing computing services to scale appropriately. This will help to ensure that the right size infrastructure is being used at the right price. 

Many companies move to the cloud to optimize costs and take advantage of elastic pricing, but it is noteworthy that the same strategies used for physical infrastructure may not be effective in the cloud. nOps can assist with saving on costs by centralizing cloud accounts into a consolidated billing model, providing instant and continuous visibility into changes and their impact on costs, and offering root cause analysis capabilities. This enables better oversight and control of cloud spending. 

Moreover, nOps allows for flexible cost tracking across AWS and Azure accounts, projects, cloud services, resources, regions, employees, costs, and custom tags. It also provides summary reports and enables users to view and track infrastructure costs by project, account, cloud service, resource, and employee. Budget planning can be supported with month-to-month infrastructure cost comparisons, and costs for new and still active resources can be viewed to see the actual impact on spending.

Conclusion

Investing in cutting-edge technologies to scale and manage company cloud is key to optimizing cloud spend. With their data-driven and automated platform, nOps leads this game-changing cost-optimizing movement, helping companies only pay for what they save.

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