Real-time cloud cost monitoring.

What is real-time cloud cost monitoring?

Cloud cost monitoring is the process of overseeing and optimizing cloud resources in real-time, implementing procedures to determine the best resource utilization. This process extends to the number of services and systems used, regions displayed, and the number of instance types collected. There is an optimum level of each, which can be determined in real-time and with far greater efficiency as part of a digital process rather than a manual sorting system.

Why would you want real-time cloud cost monitoring?

Implementing real-time cloud cost monitoring can help organizations better understand their cloud costs and usage, identify areas where costs can be reduced, improve overall cost management, and reduce wasted space in their systems.

How does real-time cloud cost monitoring work?

A real-time cloud cost monitoring process will help:

  • Determine the cost-tracking requirements for an organization, including which cloud services and resources need to be monitored.
  • Configure cost tracking tools, such as AWS Cost Explorer or Azure Cost Management, to collect real-time cost and usage data.
  • Create alerts and notifications to notify stakeholders when costs exceed predefined thresholds, helping to ensure that costs are kept under control.
  • Implement consistent cost allocation tags across an organization.
  • Analyze cost data to identify trends and areas where costs can be reduced by identifying underutilized resources or wasteful spending.
  • Optimize cloud usage based on cost data and usage patterns, adjusting resource allocation to reduce costs while meeting business requirements.
  • Implement forecasting by analyzing usage data to identify trends and patterns and examining business needs and objectives to determine future growth and resource requirements.
  • Adopt a FinOps lifecycle (Inform, Optimize, and Operate). 

The value of real-time cloud cost monitoring

Implementing real-time cloud cost monitoring provides several benefits, including an improved organizational cost management, better resource allocation, and the elimination of unnecessary waste.

Main advantages of real-Time cloud cost monitoring

  • Provides real-time visibility into cloud costs
  • Enables proactive cost management and optimization
  • Facilitates rapid detection and resolution of cost anomalies or errors
  • Helps prevent cost overruns and budget surprises
  • Enables cost accountability and cost optimization at the project, team, and resource levels
  • Improves cost predictability and cost efficiency.

Common technologies

  • AWS Cost Explorer
  • Azure Cost Manager
  • Google Billing

A common user story

“Implement real-time cloud cost monitoring. By identifying cost-tracking requirements, configuring cost-tracking tools, creating alerts and notifications, analyzing cost data, and optimizing cloud usage, we can help our organization improve cost management, save money, and allocate cloud resources more effectively and efficiently. This will enable us to invest in higher-priority projects and achieve our business objectives while maintaining our competitive edge in the market.”

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