---
sourceDocument: Yokohama IT Asset Management
sourceDocumentLink: https://www.servicenow.com/docs/r/yokohama/it-asset-management

 Release :

    - yokohama

ft:locale :

    - en-US

ft:publication_title :

    - Yokohama IT Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Exploring Cloud Cost Management

# Exploring Cloud Cost Management {#ariaid-title1}

* Release version: Yokohama
* 
* Updated January 30, 2025
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read

Summarize  
![AI sparkle icon](https://servicenow.com/docs/portal-asset/ai-sparkle-icon) Summarized using AI  
This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.  

## Summary of Exploring Cloud Cost Management

Cloud Cost Management enables ServiceNow customers to analyze and manage the full spectrum of costs associated with their cloud assets.
This capability helps organizations identify opportunities to reduce expenses and optimize cloud operations through continuous monitoring and cost analysis of cloud infrastructure.
Show full answer Show less  

## Cloud Cost Management Workflow

The workflow involves ongoing monitoring of cloud infrastructure to track costs and usage. This continuous analysis empowers users to make informed decisions about resource allocation, cost savings, and operational efficiency improvements.

## Key Features and Benefits

* **Cloud Cost Management Workspace:** Provides an intuitive interface offering complete visibility into cloud spending and usage, benefiting executives, FinOps teams, cloud managers, and administrators.
* **Rightsizing Resources:** Automatically recommends adjustments to cloud resource sizes to better align with actual usage, helping cloud administrators and application owners reduce costs.
* **Reservation or Saving Plans:** Supports cost reduction by converting on-demand payment plans to reservation or savings plans, managed by cloud administrators and application owners.
* **Unused Resources Identification:** Detects high spend areas and stranded assets, enabling cost optimization by cloud administrators and application owners.
* **Business Hours Automation:** Identifies and automatically powers off cloud resources outside of normal working hours, further reducing costs for administrators and application owners.
* **Cloud Budgets:** Allows allocation and tracking of cloud budgets, assisting FinOps practitioners and cloud administrators in financial governance.
* **Change Management Integration:** Automates approval workflows by integrating cloud optimization actions into existing change management processes, streamlining operations for FinOps teams and cloud administrators.  
Learn more about Cloud Cost Management with a sample workflow and reviewing the benefits that it can provide for different users in your organization.

## Cloud Cost Management overview {#exploring-cloud-insights__section_ehh_scf_vwb}

<br />

Cloud Cost Management helps you analyze the full range of costs related with cloud assets so you can identify and act on chances to save money and optimize operations.

## Cloud Cost Management workflow {#exploring-cloud-insights__section_fhh_scf_vwb}

Cloud Cost Management continuously monitors your cloud infrastructure to analyze costs so you can identify and act on resources to save money and optimize operations.
Figure 1. Monitor your cloud infrastructure  
<br />

## Cloud Cost Management benefits {#exploring-cloud-insights__section_ihh_scf_vwb}

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| Benefit | Feature | Users |
|-|-|-|
| Optimize cloud costs and usage by gaining complete visibility of your cloud spend and usage through an intuitive and streamlined user interface. | [Cloud Cost Management Workspace](https://www.servicenow.com/docs/6SysiY7We5Spuj4Rh8_Rew "Use the Cloud Cost Management Workspace, the intuitive and streamlined user interface of the Cloud Cost Management application, to analyze the full range of costs that are associated with cloud resources. You can identify and act on opportunities to save money and optimize operations.") | Executives/FinOps Practitioners/Cloud Managers/Cloud Administrators |
| Rightsize cloud resources by getting automated recommendations on how to reduce cloud costs by correctly dimensioning cloud resources to match usage. | [Rightsizing resources](https://www.servicenow.com/docs/KpmWctQ0u9eHhYw_9QD~ng "The Rightsizing feature analyzes resource usage to recommend better sizes for resources that are wasting money by being over-provisioned or underused. A confidence rating and predicted savings support each recommendation. Schedule Rightsizing jobs to resize the resources you specify.") | Cloud Administrators/Application owners |
| Decrease costs by the conversion of on-demand payment plans to reservation plans for your cloud resources. | [Reservation or Saving plans](https://www.servicenow.com/docs/jCgPr6bQAsgZbVznBraJZg "The Reservation or Saving plans feature recommends resources that could decrease costs by the conversion of on-demand payment plans to reservation plans. These plans are also called committed-use discounts, committed-use savings plans, or reserved instance plans.") | Cloud Administrators/Application owners |
| Identify cost optimizations targets by analyzing areas of high spend and stranded cloud assets. | [Unused resources](https://www.servicenow.com/docs/kSWjLavdZqHY3ApblY~8Yw#ur-cloudin "Unassigned resources policies help you to identify the resources that aren’t associated with a change group and to assign them appropriately. When a resource is assigned to the correct group, the resource can be appropriately governed even as it goes through stages such as patching, upgrading, and reconfiguring.") | Cloud Administrators/Application owners |
| Turn off resources when not in use by identifying cloud resources that aren't used outside normal working hours and automatically turn them off and on. | [Business hours](https://www.servicenow.com/docs/gjS275TJSlDltrrrE4qdrA "A Business hours job applies policies to identify resources that are running when they should be powered off, reports them, and can start and stop them on a schedule that you specify. Running only during specified business hours can significantly reduce your cloud spend.") | Cloud Administrators/Application owners |
| Allocate budgets | [Cloud budgets](https://www.servicenow.com/docs/DzXzQogkp~574DbZBnEDow#bf-cloudin "To manage your cloud spend, you can define and monitor custom budget plans. The system compares the plans with billing data to calculate and report on how well budgets are being met. Understanding budget compliance by groups and service accounts can significantly improve oversight and reduce cloud spend.") | FinOps Practitioners/Cloud Administrators |
| Automate optimization approvals by integrating cloud optimization tasks into your existing change management processes. | [Change Management](https://www.servicenow.com/docs/access?context=c_ITILChangeManagement&version=yokohama&pubname=yokohama-it-service-management&ft:locale=en-US) | FinOps Practitioners/Cloud Administrators |
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{#exploring-cloud-insights__table_jhh_scf_vwb}