Key features to look for in a cloud cost management tool

Cloud solutions are quickly gaining popularity, especially with the rapid emergence of the digital age whereby many organizations are going the route of digital transformation.

On the other hand, effective management of cloud costs has become an interesting and yet frustrating undertaking for many businesses. Gartner reports that tools for cloud cost management can support, cost visibility, control, and analysis features that are detailed and designed to manage cloud spending for businesses in an effective manner.

Understanding cloud cost management tools

Cloud cost management tools are also referred to as Finops tools, which are a category of software designed and developed to monitor, analyze and control costs in cloud computing. They show you how you are spending on the cloud and help you to get to areas where you will be able to help minimize costs without hurting the quality or performance of a service.

These cloud cost optimization tools are not used for limiting costs, they are used for minimizing expenses. They enable organizations to learn how their budget is used to anticipate the cost in the long run and allocate resources better and further aid in revenue-producing choices concerning how to build up the cloud.

Key features to consider when choosing a cloud cost management tool

When you’re in the market for a cloud cost management tool, there are a few critical features you should consider.

Cost visibility and reporting

The Finops tools need to offer full transparency on your cloud costs in various directions – for example, services, accounts, projects, and regions. It should have advanced reporting functionality to be able to analyze the data from different angles.

Automated cost optimization

The importance of effective cost management cannot be over-emphasized where automation has a key role to play. The tool should automatically identify cost reduction points, for example, unused or misused resources, and be capable of eliminating these points. It should also suggest guidelines for right-sizing your resources and acquisition of reserved instances.

Security and compliance

The fact that financial information is a sensitive type of data should force the designer to create a tool with oriented security measures. It should be compliant with necessary standards and regulations like GDPR and HIPAA. It should also have user activity controls and access management.

Integration abilities

The system should be easy to integrate into your system. It should be a multi-cloud platform and be compatible with enterprise software applications. This guarantees that every data that is required for cost tracking and analysis will be captured.

Scalability

As your organization grows and your cloud usage increases, your cloud cost management tool should be able to scale accordingly. It should be capable of handling large volumes of data and supporting complex cost allocation models.

Other considerations when choosing a cloud cost management tool

Apart from the mentioned aspects, there are other considerations that help to choose the right cloud cost management tool. These measures encompass usability, support, pricing scheme, and vendor creditability.

Finout is one such tool that satisfies all the above conditions. Finout ensures both cost transparency and reporting, automated cost optimization, strong security and relevant compliance, quality integration possibilities, and great scalability.

Choose the right cloud cost optimization tool

Proper selection of cloud cost optimization tools is becoming very important to not only keep control over your cloud expenses but also to ensure your cloud investments deliver their maximum value. Doing so, by taking into account the key features discussed in this article, you will be able to choose a utility that could not only make it possible for your current conditions but also develop together with your commercial growth.

Always keep in mind that cloud cost management should not be a one-off thing – It should be an iterative procedure that you should always monitor, analyze, and optimize. As such, it is paramount to invest in a highly qualified cloud-cost management tool to ensure that long-term cloud-cost optimization can be realized.

As reported by Forbes, optimizing cloud costs can lead to significant savings for businesses. So, make the smart choice and invest in a cloud cost management tool today, and start reaping the benefits of effective cloud cost management.