Best practices and new tools for cost reporting and estimation (COP218)

Here is a detailed summary of the video transcription in markdown format with sections and single-level bullet points:

Key Takeaways

  • Your Cloud bill is a function of how many engineers your company has hired, not just what you use
  • Effective cloud financial management can help you achieve cost efficiency, improve profitability, and reduce business risk

Understanding Your Cloud Costs

Normalizing Cost Data Across Providers

  • Use the finops open cost and usage specification (FOCUS) to standardize your cost and usage data
  • FOCUS 1.0 with AWS columns provides a consistent data format for analysis

Maintaining a Holistic Overview

  • Use the AWS Billing & Cost Management console to access key metrics and alerts
  • Leverage AWS Cost Anomaly Detection to identify and analyze anomalous spending

Empowering Users with Cost Visibility

  • Utilize IAM permissions to provide users with the right level of cost visibility and access
  • Use Cost Explorer to analyze costs at a granular level and identify optimization opportunities

Identifying Idle Resources

  • AWS Cost Optimization Hub provides idle resource detection and cleanup recommendations

Building Effective Cost Reporting

Enabling Custom Dashboards

  • Use the one-click deployment for the Cost and Usage dashboard in Data Exports
  • Leverage the Cloud Intelligence Dashboard framework for advanced insights and recommendations

Aggregating Costs Across Organizations

  • Use Data Exports to automate the creation of cost and usage reports in a centralized account

Implementing Showback and Chargeback

  • Use AWS Billing Conductor to group accounts, configure pricing rules, and delegate cost management
  • Leverage AWS Invoice Configuration to receive separate invoices for business entities

Optimizing Cost Allocation

  • Use Cost Categories to group and aggregate costs based on rules, rather than just tags
  • Leverage Split Cost Allocation Data (SCAD) for container services like ECS and EKS

Improving Cost Estimation and Planning

Engaging Early in the Design Process

  • Incorporate cost considerations throughout the software design and business planning cycles

Leveraging the Enhanced AWS Pricing Calculator

  • Import existing usage data and model potential changes to workloads and purchase options
  • Analyze the cost impact of modifications and new commitments

Optimizing Savings Plans Purchases

  • Use the Savings Plans Purchase Analyzer to model different hourly commitment amounts and their impact
  • Leverage the 7-day return policy to adjust Savings Plans purchases as needed

Resources

  • AWS Cloud Financial Management digital training courses
  • Engage with AWS CFM experts at the AWS Village Expo

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