As we move into 2023 with a recession looming, we expect that there will be significant pressure on enterprise organizations to review all cloud programs and lower cloud spending. This will be the year when every cloud dollar will be scrutinized by CFOs as revenues and margins decline.
Enterprise CIOs, CFOs, and business leaders must not panic but rather use this opportunity to embed simple but critical financial management capabilities into their cloud operations.
Mavvrik introduces industry’s first “Hybrid FinOps Plane” that allows financial controllers, billing experts, ITOps, and DevOps teams to interact, in real time, on a cloud account, project or business unit to lower cloud spend.
These teams can, within hours, onboard AWS, Azure and/or Google cloud accounts onto the Mavvrik FinOps plane, discover all cloud services in use, and view powerful dashboards that surface actionable analytics and savings recommendations.
Customers can lower cloud spend by 15-25% without impacting business value or stopping critical business projects.
Here are three ways you can lower cloud spend with Mavvrik:
1. Remove waste
Cloud Spend is growing at 20-30% in most organizations (IDC, 2022). This growth needs to be curtailed as it does not match with expected revenue growth and profit margins target.
Within hours of onboarding, Mavvrik provides enterprises with a comprehensive understanding of their cloud spend across all projects, accounts, infra-environments and applications.
Mavvrik supports single cloud, multi-cloud, hybrid-cloud and on-prem use cases based on consumption priorities of different teams in the enterprise.
Establish financial controls – such as actively tracking and managing budgets for individual projects, business units and/or products – that allow for healthy growth while ensuring that cloud spend is going toward business priorities and critical use cases.
2. Simple fixes can save you 20% or more
There are multiple cost and performance optimization opportunities that customers don’t take action against. These actions have the potential to save 20%+ very quickly.
Mavvrik provides personalized savings recommendations to Finance, IT and project teams. Teams get quick recommendations on the following:
- Unused and idle resources in every cloud account you’re paying for, but not using.
- Rightsize compute and storage resources based on utilization patterns.
- Reserved Instance or Savings Plan purchase, to benefit for up to 72% in savings.
Mavvrik provides an enterprise platform where best practices from one BU or project can be replicated quickly across other BUs or projects.
3. Early Warning System
Cloud Platforms are very large and dynamic systems, while consumption is also dynamic, creating a new level of complexity which is difficult to manage. Reducing cost is especially challenging in this environment. There are not enough talented cloud engineers and operators who can track everything in real-time and avoid cost leakage.
Mavvrik’s real time anomaly detection system continuously scans utilization patterns for all your cloud accounts and sends out immediate alerts if budget, utilization or cost control thresholds are about to be exceeded.
Organizations have adopted cloud thanks to its promise of increased flexibility and performance at a fraction of traditional IT costs. The current challenging economic environment puts this promise to the test.
To weather it successfully, companies can make clear and simple moves to cut costs, build value, and improve productivity. Mavvrik helps achieve these goals quickly, efficiently and effectively.