โญ Repository โ ๐ผ AWS Well-Architected โ ๐ผ Cost Optimization
๐ผ Practice Cloud Financial Management
- ID:
/frameworks/aws-well-architected/cost-optimization/practice-cloud-financial-management
Descriptionโ
Managing cloud finance requires evolving your existing finance processes to establish and operate with cost transparency, control, planning, and optimization for your AWS environments.
Applying traditional, static waterfall planning, IT budgeting, and cost assessment models to dynamic cloud usage can create risks, lead to inaccurate planning, and result in less visibility. Ultimately, this results in a lost opportunity to e๏ฌectively optimize and control costs and realize long-term business value. To avoid these pitfalls, actively manage costs throughout the cloud journey, whether you are building applications natively in the cloud, migrating your workloads to the cloud, or expanding your adoption of cloud services.
Cloud Financial Management (CFM) allows finance, product, technology, and business organizations to manage, optimize, and plan costs as they grow their usage and scale on AWS. The primary goal of CFM is to allow customers to achieve their business outcomes in the most cost-efficient manner and accelerate economic and business value creation while finding the right balance between agility and control.
CFM solutions help transform your business through cost transparency, control, forecasting, and optimization. These solutions can also create a cost-conscious culture that drives accountability across all teams and functions. Finance teams can see where costs are coming from, run operations with minimal unexpected expenses, plan for dynamic cloud usage, and save on cloud expenses while teams scale their adoptions in the cloud. Sharing this with engineering teams can provide necessary financial context for their resource selection, use, and optimization.
AWS CFM offers a set of capabilities to manage, optimize, and plan for cloud costs while maintaining business agility. CFM is paramount not only to effectively manage costs, but also to verify that investments are driving expected business outcomes. These are the four pillars of the Cloud Financial Management Framework in the AWS Cloud: see, save, plan, and run. Each of these pillars has a set of activities and capabilities.
Similarโ
Sub Sectionsโ
| Section | Sub Sections | Internal Rules | Policies | Flags | Compliance |
|---|---|---|---|---|---|
| ๐ผ COST01-BP01 Establish ownership of cost optimization | no data | ||||
| ๐ผ COST01-BP02 Establish a partnership between finance and technology | no data | ||||
| ๐ผ COST01-BP03 Establish cloud budgets and forecasts | no data | ||||
| ๐ผ COST01-BP04 Implement cost awareness in your organizational processes | no data | ||||
| ๐ผ COST01-BP05 Report and notify on cost optimization | no data | ||||
| ๐ผ COST01-BP06 Monitor cost proactively | no data | ||||
| ๐ผ COST01-BP07 Keep up-to-date with new service releases | no data | ||||
| ๐ผ COST01-BP08 Create a cost-aware culture | no data | ||||
| ๐ผ COST01-BP08 Create a cost-aware culture | no data |