SAN FRANCISCO & PORTLAND, Ore.--(BUSINESS WIRE)--Cloudability, the pioneer and leader of the FinOps market, today announced new platform capabilities that enable IT, finance and business teams to manage the variable spend model of cloud and apply best practices based on the FinOps cloud operating model. The Cloudability platform leverages data science and machine learning, processing more than $9 billion in cloud spending, to provide “penny accurate” visibility that enables enterprises to make intelligent decisions about cloud usage and to continually optimize cloud spending. Cloudability will be demonstrating these new capabilities - Business Mapping, Scorecards, Container Cost Allocation and Cost Sharing - and support for Google Cloud Platform (GCP) Committed Use Discounts (CUDs) at Google Cloud Next in San Francisco, April 9-11 in Booth #S-1921.
“As more enterprises move to cloud, support for multi-cloud financial management and best in class cost optimization are critical to successfully balancing the cost, speed and agility that cloud enables,” said Erik Onnen, CTO of Cloudability. “In addition to extending deeper into AWS and GCP based on direct customer feedback, we’re first to market with a solution that helps customers apply FinOps best practices.”
Managing the rapid shift from data centers to the cloud, coupled with the dollars at stake and innovation gains it enables, requires a dedicated team approach and technology. No longer a checkbox feature, cloud financial management has evolved into a completely new practice area known as FinOps. FinOps is the blueprint for operating in cloud that spans multiple stakeholders, and Cloudability is the platform of choice that brings these best practices to life. Together, FinOps and Cloudability help enterprises master the unit economics of cloud.
The following new Cloudability platform capabilities enable customers to balance the speed, cost and quality of cloud across every phase of the FinOps maturity model: Inform, Optimize and Operate.
GCP: Visibility into CUDs
Less than one year after launching GCP support, Cloudability is adding greater visibility into cloud usage and enabling smarter purchasing decisions with a new option for CUD reservations in the platform’s Reservations Portfolio. This new feature enables enterprises to obtain:
- An up-to-date inventory of all CUDs.
- Insight into the state of commitments, including the allocated vCPU and Memory.
- Visibility for the commitments owned by the organization, which projects in which regions have access to these commitments and the state of these commitments.
- Recommendations to take action on commitments owned by the organization.
To learn more about cost optimization on GCP, download Cloudability’s “Mastering the Fundamentals of GCP Costs” eBook here.
Business Mapping: Mapping Cloud Spending to the Unique Structures of a Business
Using a powerful declarative language, Business Mapping enables organizations to easily map complex business logic and operations into cloud spending and usage data, including:
- Categorize cloud spending to the specific taxonomy of a business using a mapping rules engine.
- Optimize the unit economics of a given application or business unit rather than just reviewing the raw spend of cloud provider services such as Amazon EC2 or S3.
- Produce Business Dimensions - a layer of cost classification that can be referenced in Reports, Dashboards and Views to provide a specific business view of cloud spending and enable teams to make fast, informed decisions.
"Cloudability provides visibility across our entire cloud footprint and allows us to make informed data-driven decisions resulting in significant savings,” said Jason Gorringe, Cloud Services Manager at Australia Post. “Using Business Mapping to match our organizational structure to our cloud spend has enabled us to give more responsibility to delivery teams and greatly streamlines our chargeback processes."
Scorecards: Benchmarking FinOps Performance
With Scorecards, business leaders have unprecedented top-down visibility into the efficiency of each team and the organization as a whole. With this level of visibility, leaders can benchmark their team’s performance against a broad range of their peers based on similar cloud usage profiles or in aggregate using the FinOps Index. Scorecards allows businesses to:
- Measure teams compared to high performers on the FinOps Index, a quantitative benchmark for cloud excellence based on criteria such as purchasing efficiency, provisioning optimization, resource utilization and infrastructure tagging.
- Quickly identify which teams need help and to help focus on specific areas of optimization.
- Track progress against internal goals and peers as changes are implemented.
Container Cost Allocation: Accurate Distribution of Costs
Container Cost Allocation is the only solution that provides full visibility and optimization of Kubernetes containers by collecting accurate utilization data and allocating the right portion of each resource to the appropriate cost centers (business units, teams, apps, and/or services) for chargebacks. Container Cost Allocation provides businesses the ability to:
- Allocate costs based on actual container utilization data, providing the needed level of accuracy unavailable through using resource tags or assigning estimated percentages.
- Accurately allocate costs based on Kubernetes object types such as clusters, namespaces, services and labels. The right portion of each cluster can be allocated to the correct cost center, and organizations can have a single pane of glass for clusters that span multiple accounts and even multiple cloud providers.
- Obtain visibility into how much container resources are idle, helping teams be more efficient by reducing the cost of unused resources and optimizing spend.
Cost Sharing: Operationalize the Full Allocation of Shared Cloud Costs
Cost Sharing helps organizations fully allocate cloud spend by operationalizing the distribution of costs enterprise-wide across groups, eliminating the need to track and manage them in complex error-prone spreadsheets. This improves accuracy and raises awareness of attributed shared costs across business dimensions such as Department, Cost Center or Chargeback Code.
To schedule a demo of the Cloudability Platform contact us at sales@cloudability.com. For more information about FinOps or to join the FinOps Foundation, a non-profit organization focused on codifying and promoting cloud financial management best practices and standards, please visit FinOps.org. And be sure to check out the conference for FinOps, CloudyCon, on September 9-12 in San Francisco, where attendees can participate in technical breakouts and become certified FinOps practitioners.
About Cloudability
Cloudability is the pioneer and leader of the emerging FinOps market, a new practice area that brings financial accountability to the variable spend model of cloud. With more than $9 billion in cloud spend under management, Cloudability’s cloud financial management platform is purpose built to help IT, Finance and business teams make timely decisions about cloud usage and master the unit economics of cloud. Many of the world’s top cloud spenders including Atlassian, BP and Sony rely on the platform to balance the speed, cost and quality of cloud. Venture-backed Cloudability is based in Portland, Oregon and is the Founder and Technical Advisor of the FinOps Foundation. For more information, visit cloudability.com.
