AWS FinOps with Botmetric: Data-driven cost optimization process for cost savings
Optimizing cloud costs with AWS FinOps has been in trend among the cloud practitioners, past few years. Organizations of all sizes are relying on the unbeatable compute capacity of AWS (EC2).
Enterprises prefer to harness the potentials of AWS EC2 instances and take their services to get highly accessible, safe, and yielding functional applications.
No doubt AWS has highly efficient solutions for enterprises. But it requires exceptional set of skills to give most favourable solutions to traditional on-premises or hosting services. Organizations have keenly embraced DevOps and infrastructure as code methodologies, but more users are trying hard to develop new cloud explicit skills. One such successful attempt is AWS FinOps. It is a design which offers management of cloud domains to carry out highest likely hit for your cash. And EC2 is the main focus for AWS FinOps.
What is AWS FinOps?
FinOps on AWS Cloud is a cost optimization service that helps businesses manage their costs effectively. With SaaS products like Botmetric, that provide FinOps and proactive cloud cost management solutions, businesses can easily track, monitor, forecast and optimize their cloud costs.
As per the AWS FinOps cost optimization service, Botmetric delivers the following cost saving options.
Advanced Cost Explorer
With Botmetric Advanced Cost Explorer, businesses get a detailed view of the total spend across their AWS accounts. User can view the resource usage in detail, and eliminate the wasteful spendings. Botmetric gives granular insights into the overall resource usage. Users can extract reports for all the insights and keep a track of their spend on cloud.
Cost Optimizer
Botmetric Cost Optimizer helps user get a detailed view of the total spending according to AWS services used. It recommends smart cost optimization opportunities by providing a detailed view of the resources used/unused so far, along with potential saving recommendations.
Cost Projection
AWS FinOps aims at helping users leverage the cloud for more profit. Botmetric aims to help customers get the most of their cloud with more savings on the way! To further help customers optimize their cloud costs, Botmetric Cost Projection option predicts and estimates AWS Costs on monthly/yearly basis based upon the current/past spend. Customers can see on-demand cost projections of last 9 month and can compare the spend with current month’s spend. This is helping customers plan their cloud budget stratagem, productively.
Cost Allocation
It helps users to track and categorize the cloud costs aggregated by tags used. By following tagging best practices, users can keep their cloud bill under control and avoid sudden cost spikes at the time of AWS Billing.
Apart from these, Botmetric RI Planner for EC2 / RDS, and RI Planner for Unused Resources helps customers easily plan their reserved instances intelligently and eliminate wastes.
Simply by modifying the unused resources, businesses can further save by more than 33%.
As an AWS FinOps best practice, customers should automate the start/stop of EC2 instances for weekends/Sundays or any of the non-operational days, which will help them reduce their cloud bill considerably. Also, by using AWS plugged services like Lambda, DynamoDB, SQS, etc., users get to pay-only for-what-they-use.
To further save, designing for serverless architecture will help in effective cost optimization in the long run.Businesses should also keep a track of any change in their cloud infrastructure. Changes like launching any new resource, modifying/terminating any underused/unused resource, sudden cost spikes, security checklists, governance policies should be in-line.
Should enterprises rely of FinOps?
As per guidelines given in Rule 1022 and various FINRA notices, FinOp is accountable for:
The accuracy and sanction of financial reports submitted to any suitably recognized securities industry regulatory body.
Absolute preparation of financial reports.
Management of those who lend a hand in the preparation of financial reports.
Management of persons involved in the definite preservation of the enterprise’s data and records, from which financial reports are made.
Management and/or performance of the broker-dealer everyday jobs under all financial responsibility rules propagated pursuant to the provisions of the Securities Exchange Act of 1934 (Exchange Act).
By and large administration of those who are involved in the supervision and maintenance of the back office functions, and
Any other issue involving the enterprise’s economic and operational control.
This clarifies that a FinOps is much more than just managing and maintaining the finances of an enterprise. Therefore, it is necessary for every organization using cloud to understand FinOps. Using AWS FinOps, any business can manage their data and records and get to know where their data and records are kept and by whom.
Thus, FinOps is a tedious yet essential cost saving exercise. Botmetric can help. Take up a 14-day trial to learn how Botmetric can help in saving costs on cloud, intelligently.
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