2023 Cloud Cost Management Platforms: A FinOps Tools Competitive Analysis

Managing cloud costs has become a must for FinOps-focused businesses. Gotta keep a close eye on those expenses! So, what is the best way to do it? Find a platform that can help you get cost visibility and catch any cloud costs anomalies before they turn into a money waste! With tons of FinOps tools, how do you figure out which one suits your needs? And what exactly should you be looking at?

We get it! There’s much to consider when picking the best platform to get those cloud cost insights. Alright, let’s dive into what makes Anodot stand out and check out the pros and cons of other FinOps tools.

What makes Anodot the best FinOps tool? 

First off, we’re a leading company specializing in real-time analytics and automated anomaly detection. Our AI platform detects and resolves issues preemptively, empowering businesses to optimize performance and make data-driven decisions.

What makes us unique? 

Focus: We’ve got you covered with support for AWS, Azure, and GCP. One tool to handle all your FinOps needs.

Data: Data gets updated once the billing invoice is refreshed, and we keep at least 12 months of historical data stored.

K8s: Visualize costs at different levels: namespace, cluster, node, pod stack, and by object labels.

What makes our features similar to our competitors better?

Visibility: Top-notch (according to up-to-date info), with multi-cloud capabilities and shared costs.

Recommendations: Over 40 types of cost-reducing recommendations (over 60 types for AWS!) with remediation instructions through CLI and AWS Console. 

API: Easy to use and operationalize (many customers consume our data through API).

MSP Compatibility: Our MSP-ready solution has multitenancy, customer invoicing, and discount management rules. 

That’s what sets us apart! But hey, who else is out there in this space? Let’s find out!

FinOps Tool Alternatives

CloudZero: 

• Background: A cloud platform offering solutions like cloud cost monitoring, optimization, and insight reporting for businesses.
• Headquarters: Boston, Massachusetts 
• Est. Employees: 100-250
• Funding: $45M

Data by Owler

NetApp Spot CloudCheckr CMx: 

• Background: CloudCheckr is a cloud management platform offering cost optimization, activity monitoring, and compliance solutions for businesses.
• Headquarters: Rochester, New York
• Est. Employees: 100-250
• Funding: $67.4M

Data by Owler

VMware CloudHealth: 

• Background: A cloud platform that offers solutions such as financial management and compliance for businesses.
• Headquarters: Boston, Massachusetts
• Est. Employees: 250-500
• Funding: $85.8M

Data by Owler

What are the pros and cons of these FinOps tools? 

CloudZero

Pros

• Automation: CloudZero automates cost tracking across AWS, Azure, and Google Cloud.
• Cross-account support: Can analyze costs for individual accounts or across all accounts in one view

Cons

• Limited feature set: CloudZero doesn’t offer as many features as the other services, such as forecasting and budgeting capabilities.
• Area of specialization: Exclusively AWS, K8s, and Snowflake

Looking for a tool that also specializes in MSP support?

NetApp Spot CloudCheckr CMx

Pros

• Spot, a highly regarded and unique solution, is becoming increasingly integrated. 
• Can control cloud costs in tandem with usage and performance.

Cons

• Customers may be frustrated with the pre-NetApp version of the solution
• Limited scope: It is focused mainly on cost optimization rather than broader cloud management activities.

VMware CloudHealth

Pros

• Best offering for VMware-based public clouds and organizations transitioning to cloud from on-prem VMware.
• Provides a comprehensive view of the “cloud economic model” that allows users to understand their cloud resources and optimize costs.

Cons

• The API presents multiple, fragmented, and restricted aspects.
• Customer success and services often come with additional, undisclosed costs.

Final Thoughts on Our FinOps Tools Competitive Analysis

So, what did we learn? The cloud costs management platform battlefield has some serious competition going on! These six platforms help their customers get some visibility and understand their cloud costs in a way that wouldn’t be possible without them.

BUT 

Anodot cost-effectively does all of this, with user-friendly APIs and support on multiple cloud computing platforms. We’re the game-changer that elevates your cloud cost monitoring to a new level. So even though the battlefield is fierce, there’s only one victor, and that’s us!

Learn more.