Cloud computing has become a prevalent form of running businesses. However, many organizations are still unaware of the potential risks and hidden costs associated with cloud management. By managing your cloud expenses with hyperautomation you can keep the cost of cloud computing under control and save money in the process.
A recent survey found that the average cost of cloud computing in 2018 was $30,000 per year. This is a substantial sum when you consider how much money could be saved in cloud expenses using hyperautomation. However, there are still many organizations using manual processes for their accounting which leads to late payment fees and ultimately higher costs due to lack of visibility.
Cloud expense management is a process of managing and controlling cloud computing costs. The goal of the solution is to optimize billing processes, increase visibility into assets deployed across multiple public clouds, gain greater control over spending limits, reduce manual work involved in invoice processing, and many more. To understand what it is, we also need to understand why it is so important for businesses nowadays.
Why is cloud expense management important?
The cost of public clouds has gone down in recent years, but still remains a challenge for businesses. This is because the pricing model doesn’t include all costs and can be unpredictable when it comes to calculating expenses accurately.
In addition, you have to consider that data centers are a type of capital expenditure rather than operational expenditure. This means that you have to pay for the infrastructure before using it. And in some cases, there are costs when scaling up your resources.
How to keep the cost of cloud computing under control?
When talking about cloud expense management, businesses need to make sure to choose the right cloud computing provider and ensure they can give your business all of their support in order to get started.
To ensure visibility and reduce costs, you can use hyperautomation. This enables businesses to scale resources up or down as needed, so you only pay for what is necessary when using the cloud. It also provides real-time reports that are easy to understand with data presented visually in a dashboard or via email alerts.
Lastly, it calculates usage costs accurately according to your business needs through bots that can ask questions about your cloud usage to give you more insight into what you are being charged.
Having a clear plan beforehand is paramount, so you can accurately estimate costs and do not have any surprises down the road. If necessary, create an action plan by adding more detailed information regarding the processes involved as well as potential pitfalls that might be encountered.
Also, investing in a comprehensive Cloud Expense Management tool, such as hyperautomation, allows you to determine all of your cloud computing costs and effectively manage them over time.
Hyperautomation can reduce business expenditure through improved knowledge management over billing data collected by leveraging machine learning algorithms. Using machine learning for cloud expense management enables businesses to have full visibility of assets in the cloud including hardware, software, people, and even services that are used across multiple accounts with different providers.
This gives you a complete insight into all your costs so that you can make decisions based on facts instead of gut feeling alone when it comes to managing expenses related to various projects or departments within an organization.
What are the benefits of using hyperautomation for cloud computing?
- Cost savings related to business needs.
- Projecting cloud spend accurately in real-time, helping to avoid over or under-provisioning costs that can be very expensive depending on how much you use public clouds per month/year.
- Ability to track usage trends of your different accounts with analysis reports on a monthly or yearly basis for all services used through the public clouds.
Better visibility into costs by region as well as resources so you can make informed decisions about what action should be taken when it comes to managing cloud expenses.
- Automated invoicing services through integration with popular accounting systems making life easier not only for accountants but managers too.
- Enables full control over cloud assets through automation and allows you to track the latest status of your account. This ensures that no asset is left unaccounted for which ultimately leads to cost savings.
Cloud computing is a great way to run businesses but without proper knowledge about current expenditures along with enhanced security & compliance controls, it’s easy to make mistakes that could lead to increased costs for companies that nobody wants or needs at this stage of digital transformation when budgets are tight.
The cloud provides a great service at a lower cost than what it would be if you were paying for your own servers. However, without proper knowledge about current expenditures along with enhanced security & compliance controls, mistakes can happen which could lead to increased costs that nobody wants or needs.
To ensure visibility and reduce the risk of overspending in the cloud, using a Cloud Expense Management tool is essential. This will help you to track your utilization trends along with understanding how much money goes where so that accurate decisions can be made about what actions should be taken when it comes to managing cloud expenses.
Having complete visibility into all costs related to different projects or departments within an organization will give you the ability to make informed decisions about how cloud computing resources are managed and utilized over time.
Asignet is the technology and automation leader of Telecom & IT Lifecycle Expenses Management utilizing its patented RPA Robot process automation platform. The Asignet platform builds and monitors telecom, SaaS, Cloud, IT billing, inventory, and usage, helping global enterprises to optimize, secure, and manage all IT assets and its expenses.
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