Public cloud adoption has witnessed exponential growth in recent years, and according to IDC, spending on public cloud services and infrastructure is forecast to reach $210-billion in 2019, an increase of 23.8% over 2018. The market is forecast to achieve a five-year compound annual growth rate (CAGR) of 22.5% with public cloud services spending reaching $370-billion in 2022. With public cloud being cost-effective and easy to set up, businesses tend to leverage them to digitize their services and achieve their business goals faster. This often leads to complexities that arise due to unmonitored, underutilised or idle cloud resources on various platforms across multiple accounts, resulting in overspend and inefficient operations. To eliminate these undesired expenses and inefficiencies, organizations need a solution that can help monitor and optimize their cloud costs without impacting their services.
Site24x7's CloudSpend enables businesses to visualize runaway expenditures and addresses cost optimization issues with a holistic view of cloud expenditures across multiple accounts from a single console. CloudSpend also provides IT teams (IT financial planners & cloud service providers) BI insights for addressing cloud cost adjustments that achieve priority-based resource allocation, and thus helps in reducing overall OpEx.
"With pay-as-you-go pricing models, public cloud platforms are strategic drivers for digital transformation. Since digital transformation is largely a process and not the end goal, businesses not only want to embark on their digital transformation journey but also wants to optimise it to reap greater results," said Srinivasa Raghavan, Product Manager, Site24x7. "CloudSpend's addition to our AI-driven monitoring capabilities not only streamline and enhance performance of their applications on AWS but maintain an equilibrium when it comes to cloud spending, thus creating a win-win situation for DevOps, and IT teams."
Highlights of Site24x7 CloudSpend
Business Units: With business units, organizations can attribute spending to one or more entities based on tags and understand costs by different projects, departments, teams or cloud customers.
Budgets: Set budget limits for AWS accounts, business units or tagged resources and receive notifications when spending exceeds the budget .
Out-of-the-box views: Gain a quick snapshot of an organization's AWS expenditure broken down by various dimensions, including linked accounts, service type, region and user-defined tags with options to schedule them as reports.
Security: Fortified with self-hosted data centers, redundant grid architecture, encryption in transit, ISO/IEC 27001 certification, GDPR compliance, and SOC 2 certification, plus strict policies and processes, Site24x7 CloudSpend provides top-of-the-line security.
The new addition along with the existing full stack monitoring insights reiterate the company's commitment to help customers run more efficiently in the cloud. The company also plans to extend the Site24x7 CloudSpend capabilities to other cloud platforms like Microsoft Azure and Google Cloud Platform, in the near future.
For all customers and managed service partners looking to optimize their AWS costs, Site24x7 CloudSpend is available at https://www.site24x7.com/cloudspend/, free of cost for AWS bills less than $3,000 per month. Site24x7 CloudSpend is planned to be priced at 0.5% of AWS bill amounts greater than $100,000, and 0.8% of AWS bill amounts between $3,000-$100,000.