📌 Cloud Cost Frameworks Summary
Cloud cost frameworks are structured approaches that help organisations understand, manage, and optimise the expenses related to their use of cloud services. These frameworks provide guidelines and methods for tracking spending, allocating costs to different teams or projects, and identifying areas where savings can be made. By using a cloud cost framework, businesses can make informed decisions about their cloud investments, ensuring they get value for money and avoid unexpected bills.
🙋🏻♂️ Explain Cloud Cost Frameworks Simply
Think of a cloud cost framework like a household budget planner. Just as you track your spending on food, transport, and entertainment, a cloud cost framework helps a company keep track of what it is spending on different cloud services. This means they can spot if something is costing too much and make changes before it becomes a problem.
📅 How Can it be used?
A project team can use a cloud cost framework to monitor and control their cloud spending, ensuring they stay within budget.
🗺️ Real World Examples
A retail company migrates its e-commerce platform to the cloud. By using a cloud cost framework, it tracks which departments use the most cloud resources and adjusts usage to prevent overspending, ensuring each team is accountable for its share of cloud costs.
A software startup adopts a cloud cost framework to allocate costs between development, testing, and production environments. This enables them to identify underused resources and shut down unnecessary virtual machines, reducing monthly cloud bills.
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