We are excited to share that Anodot’s Cloud Cost Management solution has been named a Challenger and Fast Mover in the 2022 GigaOm Radar for Evaluating Financial Operations (FinOps) Tools report.

About the report

The report from industry research firm GigaOm outlines issues, trends, and purchase considerations for organizations seeking solutions to help them reign in unanticipated and unplanned cloud costs. 

Controlling cloud spend is especially important in today’s challenging economic climate. After a period of hyper growth and business expansion that aligned closely with the rise of the cloud, businesses are looking to cut costs within their large line items. 

At the same time, it’s becoming more challenging to monitor and control cloud spend. Gaining granular visibility into complex, multicloud environments is difficult. Additionally, most companies are billed by cloud provides each month without clear reasons as to why there are cost fluctuations or how to accurately forecast future spend. 

The GigaOm report aims to alleviate some of these challenges by presenting findings from the firm’s analysis of the relative value, progression, strategy, and execution of various product vendors, recognizing those who excel in their offerings. It’s a forward looking assessment that plots the current and projected position of each vendor. 

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The categories & criteria

Among the vendor categories evaluated are small-to-medium businesses (SMBs), large enterprises, multinationals, and managed service providers (MSPs). 

In terms of deployment models, software as a service (SaaS), hybrid, and self-managed solutions were all evaluated.

The key criteria for recognition include:

  • Normalized billing across multiple cloud vendors
  • Cloud vendor cost comparisons
  • Cloud rate optimization
  • IT finance integration and chargeback
  • Identification of cost optimization opportunities
  • Real-time decision making
FinOps radar report

 

According to GigaOm, those set closer to the center are judged to be of higher overall value. And we are proud to be placed among those who bring the most value to organizations aiming at heightened efficacy in monitoring and controlling cloud costs.

Proud to exceed in the market

Anodot was recognized for exceeding the market on several key criteria among 13 other vendors. 

These include normalizing billing across providers, where the analyst firm highlighted the solution’s:

  • Delivery of granularity 
  • Speed-to-awareness of cloud spend
  • Ability to correlate spending by application across cloud vendors

Forecasting accuracy was also noted as one of our solution’s strengths, further to its ability generate a one-year forecast with 95% accuracy, as based on only two months of historical data.

Moreover, the solution’s ability to identify cost optimization opportunities was recognized for exceeding the market. Namely, other offerings extend only a trendline, but Anodot for Cloud Costs is AI-powered and can predict future costs, powering robust negotiation of long-term discounts with cloud providers.

Another capability that sets Anodot apart in the report, is that we offer the unique ability to work with serverless and container spend, delivering the same level of forecasting accuracy for these kinds of workloads.

According to GiagOm, this is an emerging area in FinOps that few vendors have yet to address.

The GigaOm report also gives Anodot a high score for its flexibility in dealing with new types of workloads and IT projects, as well as for its scalability in meeting global enterprise needs.

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Providing next generation capabilities 

The analyst’s perspective in the report includes a prediction that in the coming years, the focus of FinOps tools will be on enforcing compliance with or exposing deviations to spend that has been approved.

It is then stated that the best tools will be those that provide intelligent forecasting and optimization recommendations for future spend.

This is what Anodot Cloud Cost is doing today, providing hyper-accurate forecasting of cloud costs with easy-to-implement recommendations that enable companies to cut unnecessary cloud costs and eliminate waste at savings of up to 40% on annual cloud spend.

The need has never been greater

With cloud costs being one of the most expensive resources for data driven businesses today and an average of 30% of those costs often going to waste, the need for continuous monitoring, deep visibility, and automatic alerts to usage anomalies, has never been more compelling.

This is what Anodot for Cloud Costs delivers, enabling organizations to: 

  • Improve cloud cost visibility at a granular level
  • Reduce cloud waste and optimize cloud spend
  • Allocate and control the multi-cloud budget 
  • Accurately forecast cloud spend and usage 
  • Track Kubernetes spending and usage across clusters 

Easily track your spending and usage across your clusters with detailed reports and dashboards. Anodot for Cloud Costs’ powerful algorithms and multi-dimensional filters enable you to deep dive into your performance and identify under-utilization at the node level.

 

Written by Anodot

Anodot is the leader in Autonomous Business Monitoring. Data-driven companies use Anodot's machine learning platform to detect business incidents in real time, helping slash time to detection by as much as 80 percent and reduce alert noise by as much as 95 percent. Thus far, Anodot has helped customers reclaim millions in time and revenue.

Start optimizing your cloud costs today!

Connect with one of our cloud cost management specialists to learn how Anodot can help your organization control costs, optimize resources and reduce cloud waste.