ServiceNow Cloud Cost Management on the Now Platform Xanadu release
ServiceNow® Cloud Cost Management, previously known as Cloud Insights, is a leading enterprise-grade solution for FinOps teams to manage cloud usage and expenses. It offers a comprehensive approach, integrating cloud resource data with automated remediation workflows on the Now Platform and other technology assets. This enables the classification of expenses based on cost centers and facilitates transparent chargeback and showback reporting. Furthermore, the solution extends to provide budgeting recommendations and automate cost optimization tasks, thereby enhancing the efficiency of FinOps processes throughout the organization.
For the Xanadu release, the key feature is spend management for AI services.
Spend management for AI services
With the quick rise of AI services, organizations are quick to invest without taking a step back to evaluate the return on investment and what service is best suited for their business needs. AI services like ChatGPT also continue to release updated versions, and customers purchase the newer, more expensive versions without considering if they would utilize the additional features enough to justify the higher cost. Spend management for AI services empower customers to choose the service best suited for their business through detailed analytics about their AI spend and comparative analysis of AI services. Customers can leverage budgets and alerts to assess AI spend and align it with business innovation and operational needs.
Spend management for AI services is a much-needed tool for FinOps managers to have deeper visibility into AI services usage and spend, preventing wastage and optimizing investment in innovation. As the use of AI only continues to expand, FinOps managers must quickly act to track and budget AI spending alongside other cloud spend analytics.
To learn more about additional features and enhancements for Cloud Cost Management in this release, check out the Xanadu release notes.
