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Keep up-to-date with new service releases

Staying informed about new AWS service releases helps organizations leverage cost-efficient solutions that can optimize usage and drive savings. Regularly consulting with experts ensures that you are taking advantage of the latest offerings in cloud technology.

Best Practices

  • Engage with AWS Partners: Collaborate with AWS Partners who specialize in financial management. They can provide insights into using newer, lower-cost services and features effectively, helping your organization lower expenses and increase budget flexibility.
  • Subscribe to AWS Newsletters: Subscribe to AWS newsletters and blogs to receive timely information about service updates, feature releases, and cost-saving opportunities that can help maintain financial oversight.

Supporting Questions

  • Are we regularly reviewing new services to identify cost-saving opportunities?

Roles and Responsibilities

  • Cloud Financial Manager: Responsible for analyzing cloud expenditures and aligning financial goals with cloud strategies, ensuring compliance with best practices in financial management.
  • Solutions Architect: Works on integrating new services and features into existing infrastructure, focusing on optimizing performance while lowering costs.

Artifacts

  • AWS Pricing Calculator: A tool that helps estimate the cost of AWS services to aid in financial planning and budgeting by simulating the potential cost associated with different AWS resources.
  • AWS Well-Architected Tool: This tool provides guidance and best practices for optimizing workloads, including cost optimization strategies based on the AWS Well-Architected Framework.

Cloud Services

AWS

  • AWS Budgets: AWS Budgets enables you to set custom cost and usage budgets that alert you when you exceed your thresholds, facilitating proactive financial management.
  • Amazon Cost Explorer: This service allows you to visualize, understand, and manage your AWS costs and usage over time, helping to identify cost-saving opportunities.

Question: How do you implement cloud financial management?
Pillar: Cost Optimization (Code: COST)

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