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Cloud Spend Transparency Drives Accountability, Reduces Waste

by   in IT Operations Cloud

Cloud services are at the core of IT operations. To ensure their cost-effective use, comprehensive cloud spend transparency is paramount. But achieving that transparency is possible only through accurate cost allocation and effective visualization of spending data. Our FinOps solution—OpenText Hybrid Cloud Management X (HCMX)—helps you do both.

Personalized views drive financial responsibility

Accurately assigning and displaying cloud spending to individual engineers, teams, and projects promotes financial responsibility. It also simplifies the identification and elimination of cloud-related waste and inefficiencies.

HCMX empowers teams to achieve a better grasp of their cloud expenditures, creating an environment of responsible resource management. With precise cost allocation and showback mechanisms, it gives you the foundational cloud spend transparency you need.

Consumers of cloud resources don’t have to sift through extensive data to find their portion of cloud spend. HCMX offers personalized views that accurately map costs to individuals. Users can easily filter data across various parameters to spot sudden cost spikes or irregularities. With that information, they can make better decisions and uncover opportunities for optimization.

Impress leadership with timely, relevant insights

Besides personalized, user-friendly views, HCMX enables you to effortlessly construct customized dashboards that will dazzle your business leaders. With high-level patterns and trends at their fingertips, they can make data-driven decisions and maintain a well-informed perspective on their organization's cloud spending.

Unify the view across AWS, Azure, and GCP with multicurrency support

With HCMX, organizations can allocate cloud spend across major public cloud providers—including AWS, Azure, and GCP—and monitor spending more effectively. Detailed, easy-to-filter reports support multiple currencies. This support puts cloud expenditures into context and simplifies financial management for organizations operating in diverse geographic locations.

Under the hood: What drives our precise spend allocations?

To build a foundation for cloud spend reporting, two things must be in place: strong cloud account management and efficient tagging hygiene.

Cloud account management

HCMX streamlines cloud financial management by automatically discovering cloud accounts and efficiently organizing the information it gathers. Users can then manage and configure both “account ownership” and “group information”—cornerstone capabilities for accurate spend allocation.

Additionally, HCMX offers support for multiple cloud root accounts (also known as main accounts or master payer accounts) within a single tenant. This differentiating feature is useful for organizations that have several root accounts, each serving a distinct purpose or business unit. It enables them to centralize financial management—simplifying the process of managing multiple accounts within a unified organization-wide FinOps program.

The centralized HCMX dashboard provides a comprehensive overview of accounts spanning AWS, Azure, and GCP. Users can dissect account data by cloud provider, resource type, and various other metrics. The dashboard also tracks account status for both root and member accounts, such as active or suspended. Additionally, accounts can be linked to specific cost centers, facilitating the chargeback process.

Efficient tagging hygiene

Effective tagging is the foundation of any FinOps program. In addition to supporting disciplined tagging, HCMX uses OpenText Universal Discovery to employ automation-assisted tagging across cloud environments when resources aren't tagged manually. This way, our solution automatically populates the necessary tags and .

Furthermore, using OpenText Universal Discovery, HCMX actively discovers instances of tag noncompliance and triggers corrective measures.

Establishing a robust tagging foundation helps to streamline financial operations and improve cost management.

Budget management with spend limits, alerts, and forecasting

Budget management is another fundamental aspect of FinOps that supports cost control, resource allocation, financial accountability, and overall financial health.

HCMX’s budget management capabilities enable companies to maintain discipline, organization, and effective planning. Users can set thresholds and alerts for spend limits. They can also lean on forecasting to make timely adjustments as needed. And set up custom notifications to receive alerts when the expected pace of spending or the threshold amount is exceeded. With all these capabilities, teams can stay on track and within budget.

Next steps

If you found this high-level overview of HCMX's cloud spend reporting capabilities informative, we have more for you. Learn how HCMX FinOps can help you optimize cloud rates, assist with rightsizing, reduce your IT carbon footprint, and more. Explore the links below.

Learn more or try it for free

Experience it for yourself. Try the OpenText FinOps Fast-Track Program—free of charge. Our dedicated team is here to support every step of your FinOps implementation. To apply for the program or to learn more about it, contact us here.

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