Cloud Cost Management – Save your money for a rainy day

When we think of cloud computing, we imagine modernisation, advancement, the 21st century and… a large sum of money!

However, what if I told you that being on the cloud doesn’t mean you need to break the bank!

Reports show that cloud users are wasting an estimated 35-40% of their cloud spend. (Source)

With cloud technology only becoming more advanced and more popular, we- as cloud users- need to find a way to keep up with cutting-edge technology but also keep money in our pockets!

What if I said that you might be wasting up-to 35-40% of your cloud spend. Money which could be reinvested elsewhere in your business! It’s time for you to start laying the groundwork for a fruitful cloud platform that accelerates your business, instead of hindering it. Let me now provide you with the solution to this problem- a problem you may not have realised you had until now.

A few beginning tips on how to save your business money…

Cloud cost management doesn’t have to be as difficult as it may seem when coupled with a partner who does this for you! Technology can be a confusing world, and you may feel like you’re in the dark if you are less tech-minded (like me). So, hopefully, these few tips will be simple, easy to follow and easy to implement.

  1. Bear in mind that several factors drive the Total Cost of Ownership (TCO) of your cloud. Therefore, to make savings you must optimise each element: migration, usage, allocated/unused resources, management and support.
  2. Figure out which departments, teams or owners are pushing cloud spend. Manage this through usage and cost reporting. Break down cloud costs, assign them to different groups and figure out your monthly cloud spend- this structure enables you to keep an eye on where money is wasted.
  3. To reduce cloud cost, you must first consider hidden resource costs and areas where costs are rapidly increasing. Then, implement best practices and put rules in place to improve cost management.

Now that we have provided you with a few life-saving tips, to begin with, on cloud cost management, go and save your business! Or ask us to do it for you: give the team at Lanmark a call on 0207 123 4910

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