Building Accurate Cloud Budgets with AWS Cloud Financial Management
Budget overruns rank among the top cloud challenges cited by finance leaders. Building accurate budgets for dynamic cloud environments proves incredibly difficult. Demand fluctuations, new product launches, resource waste, and unexpected traffic spikes routinely exceed budget guardrails.
By providing granular insight into historical cloud spending paired with easy budget configuration, AWS Cloud Financial Management finally offers the tools necessary to build truly realistic budgets aligned to usage. Let’s explore key capabilities:
In order to budget effectively, actual costs must tie directly to the resources that incure expenses. Cloud Financial Management breaks down spend by service, resource type, tags, accounts and other AWS data points for precise tracking. Budgets easily align to match this cost structure.
Custom Budget Creation
Set custom budget thresholds for overall AWS monthly/quarterly budgets or finely-tune guardrails based on cost categories like EC2, S3, RDS to control service expenses individually. Establish subset budgets for departments, apps, or product lines using tags. Cover all perspectives.
Budget Tracking Over Time
Ongoing tracking against defined budgets provides clear visibility when overages occur. Visual indicators on dashboards flag thresholds exceeded so account owners can quickly adjust. This oversight ensures adherence.
Accurate Forecasting
Cloud Financial Management forecasts future spend based on historical trends using machine learning algorithms. This prediction helps guide realistic budget target setting rather than hoping for best case scenarios. Tie budgets closely to system-generated forecasts.
Proactive Budget Alerts
When an expense or usage metric exceeds its budget threshold, alerts trigger automatically to inform the responsible party. React in the moment before the overage grows. Common use cases include monthly projected bill alerts or daily bandwidth overage warnings.
Budget Aligned to Usage
By leveraging very granular historical spend data, forecasts, and alerts paired with flexible budget configuration options, Cloud Financial Management facilitates building truly aligned budgets tied directly to cloud resource utilization activity and growth trends. Budget overruns driven simply by inaccurate projections are elimated through better data insights.
While establishing guardrails around spending is a key use case, Cloud Financial Management offers many additional capabilties like cost allocations, custom reporting, utilization recommendations and more to complement budget oversight with continuous cost optimization.
Learn more about employing Cloud Financial Management to take control of cloud budgets. Sign up for a free preview today!