7 Best Cloud Cost Management Tools To Try In 2024

With the rising popularity of cloud technology, businesses need ways to keep their spending in check. Cloud cost management tools help them keep an eye on their spending on cloud computing and make the most of it.

In this blog post, we'll explore seven of the best cloud cost management software tools available in 2024. We'll also discuss cloud cost management and why you need to use cloud cost management tools. Lastly, we'll go over some helpful advice to assist you with purchasing the most suitable cloud cost management software for your company.

Cloud cost management: why do you need it?

Cloud cost management is the term used to describe efforts to control spending on cloud computing resources. It typically includes tasks such as:

• Provisioning
• Allocating
• Configuring
• Monitoring
• Billing through cloud computing tools

Additionally, cloud cost management focuses on understanding cloud computing costs, including:

• Software licenses
• Web services
• Compute and storage costs
• Network costs
• Virtualized infrastructure
• Virtual machine instances
• Training staff

When small businesses begin to expand, they run the risk of accumulating uncontrollable cloud computing costs. Therefore, businesses will want to use cloud cost management tools to keep tabs on spending, assess productivity and performance levels, set efficiency benchmarks, and optimize their technology infrastructure.

Why should you use cloud cost management software?

Cloud cost management software is a cloud-based tool that helps businesses manage and control their cloud computing expenditure. This software monitors current cloud expenses and allows you to optimize resources and save money within your company.

Additionally, cloud cost management software allows you to track the money you might waste on cloud services. This way, you can avoid spending too much money on these services.

Moreover, the data from cloud cost management software can help you get better deals with cloud providers. For example, looking at how much money you have spent on the cloud in the past will allow you to decide which cloud cost management software to buy.

There are many benefits of using cloud cost management tools in your company. By utilizing these tools, you can:

• Predict how much money you will spend on cloud services.
• See how much it costs to have a cloud engineer. This will help you see how they impact the company's performance.
• Discover solutions to rearchitect your IT infrastructure in order to increase profitability.
• Figure out which cloud resources will work best for your business.
• Make decisions about your cloud computing budget structure based on the latest information.

The 7 best cloud cost management tools you should use in 2024

1. Zluri

SaaS management platforms, like the one provided by Zluri, help users secure and optimize cloud applications. With Zluri, SaaS businesses and startups can save time and money while increasing productivity. If you want to read more about such platforms and other cloud cost management solutions, check Zluri's blog.

2. Amazon CloudWatch

Amazon CloudWatch is one of the cloud cost management tools available to Amazon Web Services (AWS) customers. It provides a real-time view of AWS resource utilization and performance, helping you optimize costs and improve efficiencies.

With CloudWatch, you can set alarms to trigger when specific threshold values are met. For example, you can set the alarm to notify you if your AWS bill exceeds a certain amount for the month. You can also use CloudWatch to track key performance indicators (KPIs) for your business, such as web traffic or application response times.

3. Densify

Densify offers business productivity solutions for companies using multiple platforms, such as AWS and Azure. With machine-learning technology, it optimizes resource consumption and waste removal. Densify is the solution for companies wanting to keep their performance steady after removing superfluous resources.

4. ParkMyCloud

ParkMyCloud is software that helps you eliminate excess spending on AWS, GCP, and Azure. You can use it to track your costs by resizing and scheduling when your resources should start or stop running. ParkMyCloud also makes it easy for you to manage and save money on public clouds.

5. Nutanix Cloud Manager

With Nutanix Cloud Manager, you can take control of your cloud environment. Nutanix also provides features like intelligent operations, orchestration, and security compliance to improve your business. By using this software, you'll be able to save money on your cloud costs.

If you're a small business owner needing to optimize your infrastructure, or an IaaS corporation developing app automation, Nutanix Cloud Manager is the perfect software for you. Its monitoring, low code automation, and other features can easily adapt to fit your needs.

With Nutanix Cloud Manager, you can report and identify resource inefficiency detection. Likewise, you can access cost metering and control budgeting and chargeback.

6. Microsoft Azure

Azure helps you save money on your cloud computing costs by offering a pay-as-you-go model that can help reduce your overall spending. In addition, it provides tools to help optimize your cloud usages, such as auto-scaling and resource scheduling. You can also utilize features like cloud resource groups and administration to manage these resources more effectively.

7. IBM Storage Insights

IBM Storage Insights is the cloud cost management tool you didn't know you needed. This tool provides unrivaled visibility into your storage environment, so you can easily manage complex storage infrastructures and make informed decisions about where to cut costs.

This cloud cost management solution will help you save time on storage administration while optimizing your storage. It also helps automate aspects of the support process for faster resolution of issues.

How to use the best cloud cost management tools

The cloud is a great way to save money on IT costs. But unless you're careful, it can also be a great way to waste money. That's why using the right cloud cost management tools for your needs is important.

Here are five tips to help you get started:

Know your cloud costs

The first step in managing your cloud costs is understanding what they are. There are various cloud cost management tools available, so take some time to research your options and find the best fit for your needs.

Track your costs

Once you know your cloud costs, it's important to track them regularly. This will help you identify areas where you're spending too much or where you can save money. Cloud cost management tools can help you automate this process and make it easier to track your costs over time.

Identify opportunities for cost savings

You'll likely identify areas where you can save money as you track your cloud costs. For example, you may be paying for resources you don't need or finding cost-effective options. Cloud cost management tools can help you identify these opportunities and adjust your cloud infrastructure accordingly.

Implement cost-saving changes

Once you've identified cost-saving opportunities, it's time to implement them. This may involve changing your cloud infrastructure or how you use cloud resources. Cloud cost management tools can help you automate this process and make it easier to implement changes without disrupting your business operations.

Monitor your results

Monitoring the results over time is important once you've made changes to save money on cloud costs. This will help you ensure changes have the desired effect and that your business can still operate effectively in the cloud. Cloud cost management tools can help you with this by providing reports and analytics on your cloud usage and costs over time.

Why will cloud cost management tools be so important for business in 2024?

As cloud computing becomes increasingly popular, businesses face new challenges when managing costs. Cloud cost management tools can monitor costs associated with software licenses, web services, storage, networks, infrastructure, and training in 2024.

In addition, cloud cost management tools will help businesses keep track of their spending on cloud services. They also allow engineers, IT specialists, and business owners to identify how to save money and optimize their cloud usage to get the most value in the coming year.

What makes cloud cost management tools so important is the fact that cloud computing costs can quickly spiral out of control if they're not managed effectively. With the help of these tools, companies can avoid overspending on cloud services and ensure their cloud usage is as efficient as possible.

Looking ahead to 2024, it's clear that cloud cost management tools will play a vital role in helping businesses to stay afloat in an increasingly competitive market. With the right tools, businesses can cut costs and stay ahead of the curve.