SITE24×7, the cloud-based performance monitoring solution for DevOps and IT operations from oho Corporation, today announced the launch of Site24x7 CloudSpend, its cost analytics solution for public cloud platforms. The new solution is aimed at bridging the gap between capacity planning and cost optimisation for resources running in Ama on Web Services (AWS) environment. CloudSpend’s business intelligence (BI) insights enable businesses to visualise runaway expenditures and implement effective budget controls while reducing operational expenditure (OpEx) across multiple accounts.
Public cloud adoption has witnessed exponential growth in recent years, and according to IDC, spending on public cloud services and infrastructure is forecast to reach $210-billion in 2019, an increase of 23.8% over 2018. The market is forecast to achieve a five-year compound annual growth rate (CAGR) of 22.5% with public cloud services spending reaching $370-billion in 2022. With public cloud being cost-effective and easy to set up, businesses tend to leverage them to digitise their services and achieve their business goals faster. This often leads to complexities that arise due to unmonitored, underutilised or idle cloud resources on various platforms across multiple accounts, resulting in overspend and inefficient operations. To eliminate these undesired expenses and inefficiencies, organisations need a solution that can help monitor and optimise their cloud costs without impacting their services.
Site24x7’s CloudSpend enables businesses to visuali e runaway expenditures and addresses cost optimi ation issues with a holistic view of cloud expenditures across multiple accounts from a single console. CloudSpend also provides IT teams (IT financial planners & cloud service providers) BI insights for addressing cloud cost adjustments that achieve priority-based resource allocation and thus helps in reducing overall OpEx.
“With pay-as-you-go pricing models, public cloud platforms are strategic drivers for digital transformation. Since the digital transformation is largely a process and not the end goal, businesses not only want to embark on their digital transformation journey but also wants to optimise it to reap greater results,” said Srinivasa Raghavan, product manager, Site24x7. “CloudSpend’s addition to our AI-driven monitoring capabilities not only streamline and enhance the performance of their applications on AWS but maintain equilibrium when it comes to cloud spending, thus creating a win-win situation for DevOps, and IT teams.”