ServiceNow’s Vancouver Release Enhances Cloud Efficiency with Cloud Cost Management
ServiceNow Cloud Cost Management, previously known as ServiceNow Cloud Insights, is your application for analyzing cloud resource costs. It helps you identify opportunities to save money and streamline your organization’s operations.
Did you know that out of the nearly $600 billion spent worldwide on cloud services, about 30%, which is roughly $180 billion, is deemed avoidable or unnecessary? (Source)
Launched as part of the Vancouver ServiceNow Platform release during the Q3 Store release on August 3, 2023, this offering represents a game-changing approach to overseeing cloud usage and expenses across the enterprise.
What does ServiceNow Cloud Cost Management do?
The ServiceNow Cloud Cost Management application (formerly Cloud Insights) offers you the ability to track and manage your cloud expenses. It allows you to uncover all your cloud resources, categorize spending by cost center and business service, offers cost-saving recommendations, and automates repetitive cost optimization tasks.
Key Challenges Addressed
- Data Complexity and Normalization
Unlike other FinOps solutions, the challenge of normalizing tags across various service providers is significantly alleviated with ServiceNow Cloud Cost Management. - Integration of Actions and Remediation Workflows
This solution goes beyond mere recommendations by seamlessly integrating actions and remediation workflows. - Integration with Various Departments
While many FinOps practices fall short in integrating with Procurement, Security Operations, Risk, and ITSM, this solution excels in bridging these gaps. - Enterprise-level Visibility
A comprehensive asset management executive dashboard consolidates asset information spanning cloud, software, and hardware, providing both you and your executives with unparalleled visibility.
Three Notable Capabilities of Cloud Cost Management
- Cloud Cost Management Workspace
Improve your user experience with the new user-friendly Cloud Cost Management Workspace. It tackles the challenge of limited visibility into specific cloud spending, especially for storage and databases. This workspace helps optimize key cloud spending areas by providing practical FinOps recommendations, emphasizing top cloud costs like computing, storage, and databases. - Cloud Storage and Database Optimization
Lack of visibility, automation, and optimization for storage and databases often hampers FinOps processes. This capability covers all three top cloud infrastructure costs: cloud compute, storage, and databases. - Guided Experience
It can be challenging to navigate complex configurations and integrations. To meet this challenge, an admin center’s guided experience within the Cloud Cost Management workspace expedites setup and optimization. It offers step-by-step processes for plugin activation, integration configuration, and preference settings, along with learning resources to empower teams in effective cloud spend management.
A New Licensing Approach for Cloud Cost Management
In terms of licensing, previously Cloud Insights was available through the Software Asset Management (SAM) Enterprise edition. However, ServiceNow Cloud Cost Management is now available as a standalone SKU, named Cloud Cost Management Professional, offering flexibility for organizations with significant cloud presence. However, for those seeking both products, licensing Cloud Cost Management as part of the SAM Enterprise edition is recommended, providing additional enhanced functionality.
Hence, ServiceNow Cloud Cost Management represents a significant leap forward in cloud financial management. It addresses critical challenges, empowers FinOps teams, and enhances enterprise-level visibility.
Advance Solutions (ADVANCE), a leading ServiceNow Elite Partner, invites you to explore this groundbreaking solution and discover how it can reshape your approach to cloud cost management in the age of digital transformation.
