Key Points:
• Microsoft Cost Management introduces new features to help organizations better understand and manage their cloud costs, including cost allocation, Copilot nudges, and an open data billing format.
• The new features aim to help organizations identify and prevent bad spending patterns, optimize costs, and empower them to do more with less.
• Microsoft Cost Management is designed to be a valuable tool for new students, startups, and large enterprises, helping them to achieve their goals and stay financially stable.
As we continue to navigate the ever-changing landscape of cloud computing, it’s essential to understand and manage our costs effectively. Microsoft Cost Management is a vital tool for organizations to do just that. In this article, we’ll explore the latest updates and improvements to the platform, designed to help you and your team better understand where you’re accruing costs in the cloud, identify and prevent bad spending patterns, and optimize costs to empower you to do more with less.
One of the new features is the addition of new fields for cost allocation, specifically designed for Enterprise Agreement (EA) customers. This allows for more precise cost allocation and tracking, enabling teams to plan and optimize their costs more effectively. The application of ID numbers, such asAccountId and InvoiceSectionID, provides a more detailed breakdown of costs, making it easier to allocate costs according to departments and accounts.
Another exciting development is the Copilot nudges feature, which uses natural language to answer cost queries. With ‘View in Cost Analysis’, users can now navigate to a custom view based on their prompt, making it easier to get the information they need. Additionally, Copilot has introduced sample prompts to guide users through essential functionalities such as breaking down current costs, comparing costs across different periods, and forecasting.
The FinOps Open Cost and Usage Specification (FOCUS) is another significant advancement. This open data billing format enables organizations to better understand cost and usage patterns and optimize spending and performance across the cloud, SaaS, and on-premises services. As part of this initiative, Microsoft has launched a new Learning FOCUS blog series, which will cover essential topics such as FOCUS datasets, columns, and tools.
These are just a few of the latest updates from Microsoft Cost Management. The platform also includes new ways to save money in the Microsoft Cloud, such as changes to instance size flexibility ratios for Azure Reserved Virtual Machine Instances and Azure NetApp Files now supporting minimum volume sizes of 50 GiB.
Finally, the Cost Management documentation has been updated with new information, including transition guidelines from Consumption APIs to Cost Management APIs and programmatically creating MCA subscriptions across associated Microsoft Entra tenants.
As we move forward, Microsoft Cost Management will continue to evolve and improve based on your feedback. Stay tuned for more updates and share your thoughts and suggestions on the Cost Management feedback forum or join the research panel to help shape the future of Microsoft Cost Management. Follow @MSCostMgmt on Twitter and subscribe to the Microsoft Azure blog for updates and tips on managing your cloud costs effectively.
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You might also like: Why Choose Azure Managed Applications for Your Business & How to download Azure Data Studio.
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