This year, the cloud market is expected to grow with a value of 495 billion U.S. dollars. As more technologies become available, companies will continue increasing cloud usage.
But for many businesses, the cloud represents a great opportunity and a greater challenge. Managing a company’s cloud spend requires the right tools and processes.
What is cloud spend management? This is the process of identifying cloud-based services and managing them over time. Keep reading to learn more about this process, why it’s important, and how to manage it effectively.
Understanding Cloud Spend Management
A cloud spend management solution provides comprehensive visibility into an organization’s public cloud spend. It delivers actionable intelligence to help optimize cloud usage and spending. It also provides recommendations on how to optimize an organization’s cloud footprint.
A cloud spending management solution replaces the need for multiple tools. It provides a single pane of glass view into all public cloud activity. This gives visibility into which resources are being used and how they are utilized.
Some Cloud Systems that Require Cloud Spend Management
There are many types of cloud systems that require cloud spend management. Each of these types of clouds has different cost structures and price models. It is important to understand how each one works to make informed decisions on tools that are very cost-effective when used correctly.
IaaS Cloud Systems
IaaS is a cloud system where users pay for access to the underlying infrastructure, such as servers, storage, and networking. This type of system is often used for hosting websites or applications.
PaaS Cloud Systems
PaaS is a cloud system where users pay for access to a platform, such as a set of tools or an application development environment. This type of system is often used for developing and testing software.
SaaS Cloud Systems
SaaS is a type of cloud system where users pay for access to software, such as an email or accounting program. This type of system is often used for business applications.
What Benefits Can Cloud Spend Management Offer?
When it comes to managing company finances, every little bit counts. That’s where cloud spending management comes into play. This type of management can help a company keep track of where its money is going and reduce waste.
Keep Track of Spending
One of the biggest is that it can help a company save money. By keeping track of spending, a company can identify areas where they are overspending and make changes to reduce costs.
Improve Financial Forecasting
Another benefit of cloud spend management is that it can help a company improve its financial forecasting. By understanding where money is spent, a company can make better predictions about future needs and budget accordingly.
Reduce Exposure to Risk
Cloud spend management can also help a company reduce risk exposure. By understanding where money is being spent, a company can identify areas where they may be at risk of overspending or where they could benefit from spending more.
Leverage Cloud Spend Management Today
A cloud spending management solution enables an organization to track spending across all public cloud providers. If your business isn’t utilizing a cloud spend management solution, you’re likely overspending on your cloud infrastructure. Implementing a cloud spend management solution is an important first step in ensuring that your business is getting the most bang for its buck when it comes to cloud spending.
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