The My Commitments feature in Finout provides you with an in-depth view of your cloud commitments.
Note: As of now, this feature supports AWS Reserved Instance commitment types, but eventually it will include all major cloud vendors' commitments. For a deeper dive into these commitments, refer to the main documentation here.
Why Use My Commitments?
As cloud services continue to grow and diversify, users are frequently navigating numerous commitments, each having its distinct terms. Given this increasing complexity, there's a significant demand for a straightforward, efficient tool that allows users to manage these commitments while optimizing costs and usage.
Key Features:
Monitor all the plans you've opted for from your cloud provider in one place. Currently, Finout supports AWS, but GCP will be coming soon.
Gain a high-level view of your coverage % and your utilization % of all your plans by type or any filter in the MegaBill.
Ability to dig deeper and examine coverage and utilization for each specific plan, refining your cloud management strategy.
This feature is split into three main sections:
Executive Summary
The Executive summary provides a concise overview of your AWS commitments, equipping you with key metrics to optimally manage your cloud commitments expenditure.
Filters and time frame settings: Filter the executive summary using specific AWS cost data or Virtual Tags. Additionally, select a relevant timeframe for the overview.
Coverage: Represents the percentage of costs saved by not paying on-demand pricing.
Utilization: Indicates how much of your commitments you are using. For example, if the utilization is 80%, it means that you are not using 20% of your commitments for the given period.
Savings: The total amount you've saved during the chosen period by using your commitments.
Waste: Represents the cost of unused commitments during the set period and filter. To reduce this wastage, you can use Finout’s automated commitment management (learn more about CostGuard and CostOptimizer).
Executive summary graphs
Coverage: Your daily coverage status is based on the selected filters and timeframe. Use the Group By feature to further break down the coverage status according to specific groups by values.
Reserved instance utilization: Showcases the utilization rate of reserved instances, helping identify underutilized commitments.
Hourly usage by purchase options: Your hourly commitment usage versus the on-demand usage, illustrates the frequency at which your commitments are utilized.
On-demand cost by family type: The on-demand costs break down based on the instance family, helping identify potential areas for improved coverage and savings.
Filtering the executive summary
To filter by specific cost data, customize your view by selecting specific AWS cost metrics of interest.
To filter by timeframe, select the duration for the data representation.
To group by, and organize data using various aspects of the Finout MegaBill for a targeted review, such as Virtual Tags, cost centers, services, and more (read the full documentation on Finout’s MegaBill here).
Reserved Instances Commitments
The Reserved Instances Commitments feature includes a detailed view of your Reserved Instances commitments, highlighting active RI purchases and their performance metrics.
Reserved Instances performance metrics
Plan ID: A unique identifier for each Reserved Instance.
Instance type: The specific type of Reserved Instance (e.g., m5.large, t3.nano).
Expiration: Date when the Reserved Instance term ends.
Utilization: A visual and percentage representation of how much of the reserved capacity usage.
Net savings: The savings gained by choosing a Reserved Instance over on-demand pricing.
Underutilized waste: Costs for any unused reserved capacity.
Region: The AWS region of the Reserved Instance.
Operating system: The operating system associated with the Reserved Instance.
Reservation term: The duration of the reservation, typically one or three years.
Offering class: Type of Reserved Instance purchased, such as 'Standard' or 'Convertible'.
Payment option: The chosen payment method, such as 'no upfront', 'partial upfront', or 'all upfront'.
Units: Number of Reserved Instances in the commitment.
Main insights from the Reserved Instances Commitments feature
Increase utilization: Identify Reserved Instances with low usage and implement strategies to increase their utilization.
Renewal: Review expiring Reserved Instances and consider renewal options based on current and projected usage.
Reallocation: Strategically adjust workloads to better align with the specifications of your Reserved Instances to maximize their value and benefits.
Saving Plans Commitments
The savings plan commitments view is designed to provide users with detailed insights into their active savings plans, helping you monitor and manage them effectively.
In this view, you can filter the savings plans by type, Instance family type, term (1, 3 years), and purchase option (partial upfront, all upfront).
Savings plan commitments view details
Plan ID: A unique identifier for the savings plan.
Savings plan type: Displays the type of savings plan (e.g., Compute).
Instance type family: Shows the category of instances or services covered in the savings plan (if applicable).
Expiration: Indicates when the savings plan will end.
Utilization: Represents the percentage of the committed usage that has been consumed.
Net savings: Reflects the total cost savings achieved through the plan.
Underutilized waste: The amount of financial waste due to underutilization of the committed plan.
Region: The geographical region where the savings plan is applicable.
Term: The duration for which the savings plan is active, typically noted in years or months.
Payment option: The payment method chosen for the savings plan, such as 'no upfront', 'partial upfront', or 'all upfront'.
Hourly commitment: The committed hourly cost as per the savings plan.
Total commitment: The total cost commitment over the term of the savings plan.
Permissions Issues
Should you encounter the screen detailed below:
Here's how to proceed:
For those who utilized CloudFormation during the onboarding process, run the update function.
For manual onboarding, modify the JSON based on the onboarding process.
Still need help? Please feel free to reach out to our team at [email protected].