Cloud Cost Management and Billing in 2022

Cloud Cost Management and Billing is a tool that helps you analyze, organize, and optimize the costs of your cloud resources. This tool helps ensure that your organization is reaping the benefits of the usefulness provided by the cloud when it comes to managing and performing its routine business operations. A cloud cost management platform serves a business in multiple operations, like conducting billing and administrative tasks, data analysis of costs, setting spending thresholds, opportunities for optimization, and more.

Businesses are involved in diverse business units and thus deploy clouds throughout the multiple departments. A multi-cloud management platform gives a cutting edge to the business with its powerful features like multiple cloud billing, performance and data insights, billing management, and more. 

About Azure Cost Management

Azure Cost Management is a SaaS solution by Microsoft that enables businesses to monitor, administer, and optimize the cost spent on a multi-cloud environment. It is available to all its Azure customers and partners. It is an important tool for anyone managing workloads in Azure.

 

 Azure offers end-to-end cost management and optimization to a business' customers, partners, and business units in managing and optimizing its cloud spending across multiple cloud resources like Azure, AWS, and Google Cloud Platform. AWS cost management provides information about the ongoing usage and cost of your Azure services. It can also monitor and deliver insights into AWS usage and costs in a multi-cloud resource setup.

Cost management is an organizational necessity and should be a continuing practice. The ultimate power of Azure lies in its ability to manage multi-cloud management platforms. 

Role of Azure Cost Management for Businesses

· Reports & Insights - Azure cost management helps in giving regular insights for cloud performance and spending across multiple cloud resources.

· Cost Monitoring & Optimization - The costs spent on different cloud resources are monitored consistently and ways to reduce workload and optimize costs are ascertained in the AWS cost management platform.

· Automated Billing - Multiple administrative tasks are easily managed using a cloud governance platform. Multi-cloud cost management platform helps in automatic billing of cloud resources in multiple business units and partners. 

· Increase in cost savings - With well-optimized costing, azure cost management helps in reducing wastage and increasing savings in cloud spending. 

5 Ways to Optimize Azure Costs

· Identifying and shutting down idle resources - One of the best ways to optimize Azure costs is to identify the unused resources and shut them. Azure cost management recommends which resource to shut down and your spending threshold. 

· Right-Sizing unused resources - Azure advisor helps in finding underutilized resources. This technique helps in analyzing how much is spent on each cloud resource.

· Setting up budgets and costs across multi-cloud resources - Creating and managing services for the Azure resources and managing their costs helps in optimizing the overall Azure costs. 

· Auto-scaling - One of the best techniques is allocating and de-allocating cloud resources to match your performance needs and spending.

· Switch workloads to containers - Containers are a much more lightweight way of storing your workloads, compared to Virtual Machines. Businesses that can repackage their applications as containers will reduce the need for Virtual Machines, and the Azure cost optimization efforts will be more effective.