Cloud computing has revolutionized the IT industry, offering unmatched scalability, flexibility, and cost-effectiveness. So why is cloud cost optimization still important these days? The reason is that cloud services are usually more affordable than on-premises solutions. Sometimes it leads to less attention being paid to accounting, which causes the bills to quickly spiral out of control if not monitored and managed effectively. That’s where AWS cost optimization tool comes in. These tools help cloud users keep their expenses in check by providing real-time visibility into their cloud usage, identifying potential cost savings opportunities, and optimizing spending. In this article, we’ll explore the must-have functionalities of any cloud cost tool and red flags to watch out for when selecting one.

It is obvious that comprehensive and effective software should be equipped with plenty of features to meet each specific use case a cloud user can have. Useful functionalities to look for in a cloud cost tool include:

• Cost and usage analytics: comprehensive, easy-to-understand reports that show current and historical usage and costs across all cloud services and accounts.
• Cost optimization recommendations: the tool should analyze usage patterns and suggest ways to optimize resource allocation and reduce costs.
• Budgeting and forecasting: the tool should allow users to set budgets and alerts for cost overruns and forecast future expenses based on historical data and trends.
• Customizable dashboards: the tool should provide customizable dashboards that allow users to view the most relevant cost and usage data at a glance.

AWS cost optimization tool checklist

There are few things you should pay attention to when choosing one of the available offerings on the market. Consider the following, when selecting a cloud cost tool:

• Cloud providers support: pay attention if the tool supports cloud provider you have & consider multi cloud tool if you have more than one included in your environment
• Cost: ensure the tool’s cost is within your budget and that there are no hidden fees or additional costs.
• Ease of use: look for a tool that is easy to set up and use, and has a user-friendly interface.
• Integration: ensure that the tool integrates with your existing cloud management and monitoring tools.
• Support: ensure the tool provider offers excellent customer support, including troubleshooting, training, and ongoing assistance.
• Data security: ensure the tool provider has robust security and compliance measures in place to protect your sensitive cost and usage data.

Cloud cost tools are essential for cloud users to control their spending, optimize resource usage, and forecast future expenses accurately. When selecting a tool, ensure it offers crucial functionalities such as cost and usage analytics, cost optimization recommendations, budgeting and forecasting, customizable dashboards, and support for your cloud provider/s. Pay attention to factors such as cost, ease of use, integration, support, and data security. By doing so, you’ll be able to select the right cloud cost tool that meets your unique needs and helps you achieve your cost optimization goals.