Over time technology has revolutionized introducing new ways of running a business. A modern-day technique is known as cloud computing which enables organizations to store data online instead of keeping it safe on servers. However, availing of cloud service will ask you to pay some amount in return. Being a businessperson, your intent is to save costs and increase profit.
We know how important cost cutting is for any organization. Therefore, we have brought up some useful ways to cut your cloud spending by leveraging AI. You might wonder what is AI and its connection with the cloud. Do not worry, as we are here to explain things to you
What is AI?
AI is the short form of artificial intelligence, which refers to a simulation of human intelligence through machines and computer systems. In other words, AI is the capability of machines to function like a human, which includes creativity, planning, etc. The technology assists machines to accomplish desired goals by solving problems in the way. Below we will see how the invention of AI has transformed the business world
Before moving on to further let’s take a look at the cloud inefficiencies
What are cloud inefficiencies
Cloud efficiency refers to making optimal use of the cloud environment by spending the lowest possible cost. However, it is not easy as it looks and companies have to pay huge amounts of money because of cloud inefficiencies.
When you initiate your business using the cloud, your first project looks very easy and you can control it through cloud services. However, when it starts to show benefits and your company starts expanding cloud inefficiencies crop up all over the place.
These problems become visible in terms of capacity management, saving plans, visibility monitoring, and consumption of the cloud. Besides, there is also no clarity regarding your business needs. As a result, the company’s costs start increasing because of mistakes in the process and there is no one to check from where these problems are arising.
That is where artificial intelligence comes into play by helping you to identify mistakes and cut unnecessary costs.
Here is how you can use AI to reduce Cloud Costs
With the passing of time, companies learned how to benefit from artificial intelligence or AI tools. Organizations can perform their daily tasks with efficiency to boost productivity and gain a clear understanding of consumer behavior to offer them seamless services.
Additionally, few experts know that use of AI can help in reducing operational costs which you have to pay because of cloud inefficiencies. A lesser-known fact by the companies especially when they are looking to improve their operations by cutting costs. Companies can reduce their cloud spending through AI in a number of ways
Artificial intelligence for Cloud Users
If you create a dedicated department to keep a check on cloud inefficiencies, that would not be a great use of your time and money. Here AI can do the job much more quickly and accurately without requiring extra costs.
The modern day’s Artificial intelligent solution works seamlessly to find out the problem and accurate cloud usage.
Discovering the bugs and cost spikes
As the business grows it requires an increased storage facility to save the information. According to the sources, there has been an increase in data storage trends by the companies. Which led businesses to spend a huge amount for the purpose. Moreover, the companies claimed there is not enough labor force to detect the exact data storage requirement. As a result, the cost of storing data also increases leading to lower profit and efficiencies.
These issues forced the companies towards availing of cloud services where they can save data online and reduce extra expenses. However, when your business grows the cloud service requirement increases which can result in glitches and cost spikes as well for the companies.
If an employee in the organization makes a mistake or uses the cloud at a high rate it results in a cost spike. It is just as you come back from a long-way home just to check whether the ceiling fan is off or not. Such activities can lead to an increase in operational costs.
Cloud service is a utility for firms and these days IT companies are expanding their cloud resources. Especially in COVID-19, organizations rely heavily on the cloud for their daily operations which results in increased chances of mistakes/glitches.
In addition to that, after the coronavirus, there was an increasing trend of work-from-home models. Because of this businesses had no other options other than relying on cloud computing services. However, cloud use also brought several problems and glitches for the companies
Below is an example of a glitch to make things easy for you
For instance, company A requires spinning up a few machines but accidentally spun more than 100 machines the mistake led to a huge cost of $15000. Such kinds of problems happen in companies no matter how many people are there to look after.
For Instance, you are conducting non-required queries on the cloud regularly. You might be busy in other operations without even noticing this problem. AI algorithms are designed to work without any supervision. They can easily find out such discrepancies within hours instead of weeks helping you to solve the problems immediately.
Such performance of AI also helps in saving hours of work and extra costs. However, there are many organizations using the labor force to analyze the process and detect errors. Which results in nothing but a waste of time and human resources. In addition, the outcomes of all the efforts still lack accuracy.
AI-based solutions require less time and deliver flawless results by understanding the behavioral patterns to differentiate between allowed normal usage for the day and weeks.
You May Also Like to Read: What is Hybrid Cloud Hosting? Advantages & Disadvantages
Forecasting the upcoming expenses
Although organizations feel proud to adopt cloud computing services. However, it brought new challenges for them. In the case of using the public cloud, the firms are hit by huge bills for which they don’t have an explanation and put all their efforts to find out the reason for such spending. This leads to poor financial management resulting in the inefficiency of the company.
Let’s say the firm has hired financial personnel to take care of cloud storage spending costs. Still, these individuals lack the expertise required to make a decision associated with technical configurations.
Another issue that increases the expenses of organizations is the complex pricing models of cloud services. As they charge amounts on the basis of pricing structures and thousands of combinations making it harder for the firm to decide which package they should opt for. You can leverage artificial intelligence to estimate the future costs of cloud services your company is using currently. Al-based solutions and forecasting assist the company to maximize cloud usage by its service types.
In addition to that, companies can also make advance reservations for their desired applications and storage facilities by using artificial intelligence. This helps them towards increased optimization by reducing extra costs. AI indicates the expected spending on cloud services. They also help provide a cost breakdown to show the anticipated expense of each service required in the coming months. Companies use AI to factor in the past usage data and changing trends in the current usage to analyze the cloud expenses in the future.
Furthermore, AI also helps find out mistakes in usage monitoring quickly. It also enables you to decide when to use compressed files and uncompressed ones. As a result, firms can save on huge costs of storage.
24/7 Monitoring
Of course, you have hired expert engineers for performing multiple tasks. This means they are not dedicated to monitoring the cloud infrastructure. Even if you assign them responsibility there is a limit to how many points they can analyze accurately. Artificial intelligence has the solution to your problem. It helps in monitoring the cloud without losing accuracy.
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