By using multiple cloud providers, companies can reduce their dependency on any one platform in the event of loss of service while simultaneously taking advantage of each provider’s performance strengths. However, with the advantages of using multiple cloud providers comes an increased complexity in monitoring costs. Spending on public cloud services is forecasted to grow 18.4% in 2021, totaling $304.9 billion.
One challenge many companies struggle with is overspending on underutilized resources – inactive instances or computes that have yet to be rightsized. As your cloud ecosystem grows, your investment in resources to understand your cost and usage reports will grow as well.