Multi-Cloud is a strategy where a company uses two or more public cloud services from different cloud service providers (CSPs). Companies don’t have to depend on a single cloud provider and can use various cloud resources from different CSPs. It can be a combination of infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
Cloud services offered by CSPs have different prices depending on the services. Managing your cloud costs on a single cloud provider can be very complicated. Imagine if you are to manage your cloud costs from different cloud providers, each having a separate set of billing tools, it is quite a challenge there. With all the different types of services, pricing options, and accounts your company manages, tracking your multi-cloud costs can be very challenging. This is where multi-cloud cost management comes in.
Multi-Cloud Cost Management means managing your cloud spending from different cloud providers. You can look into your cloud costs from all or even from each of the providers. This will help you track and analyze your cloud spending and maximize your cloud usage without worrying much about the costs.
Increased Financial Predictability. With detailed financial forecasts and insights into where and how your money is spent, you can achieve better budgeting and ensure that your cloud spending aligns with your financial goals.
Cost Savings. Proper management may lead to significant cost reductions. Being able to see your company’s cloud spending across multiple providers means you can eliminate unnecessary costs, optimize your cloud usage, and leverage cost savings opportunities.
Resource Optimization. Helps improve your resource allocation to avoid wastage. You can analyze and adjust your resource allocations to make sure that you are using the most cost-effective options and avoid over-provisioning.
Monitoring and reporting on spending across all cloud providers. This involves tracking and analyzing your expenses across different cloud services to have a better understanding of how and where your money is being spent. It includes:
Identifying and implementing strategies to reduce costs, such as rightsizing resources, leveraging reserved instances, and eliminating unused resources.
To help you control your cloud spending, you can set budgets and predict future costs based on usage patterns and pricing models. You can establish financial limits for different projects or services to prevent overspending. Predict future expenses and adjust your budgets using historical usage data and pricing models.
Most companies utilize cloud services from different providers to leverage the best features from each of them. This multi-cloud strategy offers several benefits but also presents challenges, particularly in managing costs effectively. Choosing the right tool for multi-cloud cost management is essential to effectively monitor and optimize your cloud spending. Multi-cloud cost management is a big challenge, but with Octo, you can view your costs at a granular level and optimize your cloud spending.
