In a multi-cloud environment, businesses can choose where to store their data and which cloud providers to use for different workloads. This allows them to comply with regulations by ensuring that data is stored in appropriate locations. In addition, a multi-cloud strategy can help businesses optimize their cloud spending by choosing the most cost-effective cloud services for each workload.
A recent Oracle cloud report highlights data sovereignty (53%) and cost optimization (37%) are major factors driving enterprises toward multi-cloud environments.
Other drivers of multi-cloud strategies include business agility and innovation (32%), Vendor influence (28%), and Best of breed cloud services and applications (27%).
98% of enterprises surveyed in India are using or planning to use a minimum of two cloud infrastructure providers, and 33% use four or more.
The multi-cloud strategy allows businesses to choose the best services for each workload. For example, some workloads may benefit from the scalability and cost-effectiveness of a public cloud service, while others may require the security and control of a private cloud.
96% of Indian enterprises said they are using or plan to use a minimum of two cloud application providers (Software-as-a-Service), with 51% using cloud applications from five or more providers.
To ensure compliance with data regulations, businesses need to be aware of the location of their data and have processes in place to manage it.
Multi-cloud cost optimization
Reducing the cost of using cloud services across multiple vendors requires careful planning, monitoring, and management. By choosing cloud service providers carefully, monitoring and managing usage effectively, implementing cost optimization strategies, and using third-party tools and services, businesses can optimize their multi-cloud costs and achieve the best possible return on their cloud investments.
Here are five ways businesses can optimize costs in a multi-cloud environment.
- Choose cloud service providers carefully: When selecting cloud service providers, businesses should consider the pricing models of each provider and choose those that offer the best value for their specific workload requirements.
- Monitor cloud usage: To optimize costs, businesses need visibility into their cloud usage across different cloud service providers. This can be achieved by implementing tools and technologies that monitor cloud usage in real time and by regularly reviewing cloud usage reports and cost analysis to identify areas where costs can be reduced.
- Leverage cost optimization features: Many cloud service providers offer cost optimization features, such as reserved instances and spot instances, which can help businesses save money on their cloud usage. By leveraging these features, companies can ensure that they are only paying for the resources they need, when they need them.
- Optimize workload placement: Workload placement is important when using multiple cloud service providers. Businesses can optimize their costs and reduce overall cloud spending by carefully analyzing workload requirements and choosing the most cost-effective cloud service provider for each workload.
- Implement cost governance policies: To prevent excessive spending, businesses should implement cost governance policies that establish guidelines for cloud usage and spending. This can include setting usage quotas, implementing automated scaling based on workload demand, and using budget alerts to notify users when they are approaching budget limits.
Also Read: Axis Bank doubles down on cloud based digital banking solutions
