AWS Cloud Cost Management: How AWS Supports Cost-Effective Operations

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No doubt about it, Amazon Web Services (AWS) has taken a leading role in helping companies manage their cloud costs.

For one, there’s the obvious savings companies achieve by moving to the AWS cloud. No more servers on-premises, no more space needed for those services.

But there’s another element involved in cloud cost management—achieving cost-effective operations once you’re in the cloud.

4 Ways AWS Helps Companies Manage Cloud Costs

Once your company moves operations to the cloud, you need a new way to track, manage, and optimize costs. To make informed decisions, you need complete, near real-time visibility of cost and usage information. Here are four ways AWS can help.

1. Near Real-Time Visibility

AWS provides you with tools to organize your resources based on your needs. You can visualize and analyze cost and usage data in a single pane, and accurately charge back to the appropriate entities (e.g., department, project, product). Real-time data allows your engineering, application, and business teams to have the information they need to be accountable for their own spending.

2. Improved Forecasting and Budgeting

Tracking costs as they happen is one thing. Forecasting what those costs might be in the future is another. AWS provides forecasts based on your cost and usage history and allows you to set budget thresholds and alerts. So, you can stay informed whenever cost and usage approach or exceed your budgeted limit. 

3. Management of Billing and Costs

With AWS, you’re able to easily access billing information, including a spend summary, and breakdown of all service costs by accounts across the organization. You also can receive a record of all discounts and credits. 

You can choose to consolidate your bills and gain higher volume discounts based on aggregated usage across bills. In addition, AWS helps organizations manage and control costs by enabling the governance of user permissions. 

4. Resource and pricing recommendations

AWS provides several ways for you to take control of your cloud costs and continuously optimize your spending. Choose pricing models and resources that fit your performance and cost-efficiency needs. 

To meet your architectural and business requirements, you can choose from a variety of elements, such as operating systems, instance types, availability zones, and purchase options. They also offer recommendations to simplify your evaluation process so you can efficiently select cost-optimized resources.

Challenges in Reducing AWS Costs and 3 Ways Stratusphere™ Can Help

For all the wonderful features that AWS provides to help companies manage their cloud costs, there are some that are not available in the native AWS tooling. 

Fortunately, you can complement AWS cloud cost management with Stratusphere™ FinOps—a cloud-cost optimization tool created by StratusGrid specifically for AWS usage. Here are three examples:

1. Consolidated information for both single and multi-organizations

Most of the native AWS tooling is localized to a single account boundary (though some are able to show across an entire organization at the payer account level). Stratusphere™ consolidates all that information and helps you analyze and optimize costs across many accounts in many distinct organizations with separate payers.

This is especially valuable in organizations with separate operating companies where costs and permissions need to remain separate. In this instance, companies could achieve better cost optimization if they utilize the data across all companies to better negotiate pricing, inform strategy, etc. 

2. Level of Effort enrichment pinpoints achievable savings

Level of Effort (LoE) enrichment helps inform what is achievable in savings versus potential savings that would require deeper analysis or re-architecture. Stratusphere™ categorizes and prioritizes findings out of the box. 

Our dashboard ranks these insights so you can work on high-value projects and get rapid ROI. This helps technical and non-technical team members understand the potential for savings and where to focus. 

Stratusphere™ brings all this data into one tool and helps you understand not only current costs and optimization potential, but also relative performance between accounts or organizations, and performance over time for an organization.

3. Better understanding for FinOps teams

AWS Cost Explorer lets you dig into granular costs for charges linked to a single-payer account or organization. Stratusphere™, on the other hand, is focused on informing FinOps programs inside of an organization to help understand, plan for, and optimize costs. 

Our goal is to remove as much of the low-level analysis, reporting, and optimization work as possible so that engineers can focus on the high-value work that requires unique context for the organization and technical capabilities.

See How Stratusphere™ Can Help You Optimize Your Cloud Cost Spending 

Get a free 30-day trial. Onboard Stratusphere™ with no strings attached. Access unlimited functionality with advanced features. You can cancel at any time (though chances are you won’t want to). And there’s no credit card required. You have nothing to lose and cloud cost optimization to gain.

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