How to Forecast Financial Catastrophe with AWS Cloud Cost Management

AWS cloud cost management, the science behind tracking and controlling cloud spends, is like tight surfing through the many tides of AWS cloud. If you know how to balance and glide through the waves while also foresee the rising financial storm, then nothing like it.

Of course, there is forecasting capability in AWS’ Cost Explorer module that allows you to view forecasted costs together with historical costs. However, will this module alone suffice to manage and control costs? Will it avoid ‘cloud sprawl phenomenon’the risk of paying for unused instances? No. You need much more than that.

Know your AWS cloud capacity needs

Knowing your cloud capacity requirements, even before it is bought, is very crucial. Yes! However, if you are one of those CIOs who has already bought ‘n’ number of AWS instances for your business, then don’t worry.

The first step towards optimal AWS cloud cost management and optimization is preparing a  capacity plan. This plan should take into account of several features of your service, such as service-level agreement, usage patterns, storage size, and environment configurations. Additionally, the plan should be based on business performance, including the projected user-base growth and new services that are going to be released.

With a pertinent capacity plan in place, instances can be provisioned or shut down as and when the need arises. Eventually, this strategy leads to cost optimization and will  help you control the surge in cloud spend. This just doesn’t end here. There’s more.    

Evaluate the peak time

To gain maximum throughput and to better forecast financial storm, you need to evaluate the peak time of the application. With an apt evaluation report in hand, you will be able to foresee the amount of instances required for a particular time. Thus, making way for a successfull forecast.

In the AWS console, there are two useful widgets, namely Budgets and Forecasts. These widgets will help with AWS cloud cost prediction and AWS cloud cost management.

The AWS Budgets provides usage trends and determines the sudden spikes in the cost and sends alerts. Whereas the Forecasts widget on AWS Cost Explorer provides cost predictions based on resource allocation, location, and API operation. In addition, Forecasts allows users to forecast costs three months ahead.

However, these facets of AWS alone are not enough to forecast financial catastrophe. Orchestrating various dynamics of AWS at the right time, and placing the right things in the right place, should be your call of the hour to avoid a catch 22 situation!  

Fine track current use and analyze past trends to predict future bills with Botmetric

The Botmetric cloud management suite provides cost analytics, reports, and visual graphs to help regulate AWS expenditures. The reports not only include detailed cloud spend information but also includes comprehensive monthly spend reports and actionable summary reports.  

Together, these feature help you fine tune AWS cost tracking, forecasting, and save costs intelligently.  

Without even touching the AWS Cost Explorer’s Forecasts widget in the AWS console, you can track, visualize, forecast, and optimize your cloud costs from  Botmetric’s Cost Analytics dashboard. This dashboard helps you to keep your spend in control by acting upon smart, predictive recommendations based on more than 80 AWS best practices.

With Botmetric Cost Analytics dashboard, you can identify potential savings and optimize cost. You can also get regular updates on latest trends, which can help you plan your monthly/annual budget. It allows you to get break up of cost per account/cost center for better spend management without even looking into Advanced Cost Explorer in AWS console.