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5 Key Components of AWS Cost Management Every Organization Must Know

5 Key Components of AWS Cost Management Every Organization Must Know

Being an owner of a profit driven organization, what is your intent to adopt a new technology?

Maybe you are looking for improved productivity, enhanced agility, business process automation, reduced human intervention, or it can be anything. But at the end of the day money matters.

Am I right or am I right?

Cloud is one of those technologies that monetizes your business if you are smart enough to utilize its revolutionary capabilities. When it comes to Cloud, AWS is always a prime choice. What do you say? It promises highly secure and seamless deployment or migration of your traditional applications by enabling you with cutting-edge cost management.

Well, it’s not as easy as said!

Of course, AWS delivers unbelievable cost management options but to reap those benefits you need to strategize your efforts with advanced planning and preparation. That is something you cannot achieve single-handedly. Collaborate with an AWS Consulting Partner company like Intuz to boost business responsiveness at minimal funding.

But as we cleared before, it’s a responsibility of both the parties to put their hard efforts and make the alliance successful. Obviously, as you are investing the hard earned money, you are more concerned about the future of your project. Moreover, cloud is bit technical, so you might feel moments of fear while making a decision of moving to cloud.

Rather than getting anxious, share your queries with your cloud technology partner. Discuss your concerns with your cloud service provider. On the basis of our real-time experiences, here we have listed out 5 essential components that every organization, which is interested in effective cloud cost management, have to consider.

1. Discuss Critical Subjects

Get clarity on different matters such as resource management, utilization, and spending. Ask them about production applications, development environment, and ongoing projects. Know about the effect of AWS resources on your overall monthly billing. Ask about how do application upgrades or architectural changes affect your monthly usage. Take details of what is the running cost of your high availability features such as pilot light, geo-redundancy, and warm standby.

2. Strategizing AWS Tagging

Cloud architects will understand this and guide you what exactly it is and how it works. They define a custom tagging strategy as per your specific needs. Later on, the strategy will be integrated into design and implemented in during project development. Don’t miss to consider enforcement standards across the organization during this time. Configuration drift occurs when cloud service provider doesn’t follow standardized AWS Resources Tags. At the time of reporting, this raises issues for finance and accounting departments.

3. Identify Scopes for AWS Resources

Amass feedback from application owners and your internal accounting department. List out AWS applications and resources that are needed to be accounted for. AWS updates tagging resource types frequently, so refer online documentation of the company on a regular basis.

4. Use of Showbacks and Chargebacks

Assign the responsibility to collect usage based reports for environment, location and application. Few organizations prefer to adopt Showbacks in which cost and usage of data are used for forecasting, event correlation, and planning. Rest of them choose to go for Chargeback model where the accounting team bills the company’s internal groups who have participated to the monthly AWS cloud usage. Intuz facilitates the organizations with an endurance reporting engine to create, schedule and send reports to stockholders.

5. Consider Regular Adjustment for Optimization

Ask for automation to eliminate configuration drift. Cloud architect incorporates AWS tagging standards into cloud development templates. Check out keys and values on a regular basis to identify non-standard use cases. Collect feedback from your accounting team to ensure the reports are accurate and useful.

Intuz AWS Certified Professionals have proven experience and expertise in the proper implementation of AWS Resources Tags. We are determined to give you satisfactory answers and resolutions for all your concerns related to AWS cost management service. Our AWS cloud experts have great cost management strategies for your applications hosted on the cloud, by delivering reliable cost reports. Ready to seize the advantages of AWS cost management? Let’s work together!