Cloud cost management involves understanding and managing the costs and needs associated with cloud technology. In particular, this means finding cost-effective ways to maximize cloud usage and efficiency. Cloud costs include virtual machine instances, memory, storage, network traffic, support and software licenses.
Cloud cost management can be complicated because cloud costs are often decentralized and shifting, making visibility difficult. Implementing a cloud cost management strategy can help an organization analyze cloud cost, consumption, comparison, and planning. With a better understanding of costs and usage, a business can more effectively enforce accountability across the company and improve the performance and efficiency of its cloud technology.