Cloud billing and budget management in a pay-as-you-go digital world is a must. You need tools to keep track of cloud usage and to provide granular details of how your cloud infrastructure is being utilized, especially because no one has the exact same environment or budget.
That’s why OnSpend by Onix™ recently underwent a major update. While OnSpend undergoes regular monthly updates to address issues, improvements, and new features, the latest release (v22.214.171.124), takes cloud billing management to a new level.
This release introduces two new features that address some of the most common pain points that users of Google Cloud Platform and Google Maps experience as it pertains to managing costs in their projects and applications.
We’ve updated the OnSpend dashboard with a new clean look and the ability to create custom visualizations of your key performance indicators. We’re also introducing a new way to alert you of unexpected costs with cost anomaly detection.
Let’s take a look at these changes and how they can enhance your budget monitoring and cloud billing management strategy.
Anomaly Detection Alerts Users to Unusual Activity
This latest version of OnSpend gives users even greater alert functionality with the addition of anomaly detection. This feature alerts you to unexpected costs and irregular spending trends by utilizing machine learning with cost trend algorithms.
It’s a new addition to the existing list of notifications that are available, including budget expirations, budget milestones, invoices and other events relating to the billing status of your accounts and projects.
Anomalies in spend data can occur for several different reasons, but no matter what, they can derail even the most carefully crafted budget plan. Using this new feature, OnSpend will notify you when anomalies in spend have occurred, such as unusually high spend on a given day.
The OnSpend anomaly models are also trained to not only detect daily trends but weekly and monthly trends as well. This gives you the chance to identify the reason behind the anomaly and take corrective action if needed to avoid cloud billing surprises.
OnSpend uses machine learning to automatically determine an expected cost range based on historical spend patterns. When a cost exceeds this predicted range, OnSpend can notify you of the anomaly in cost, so you can identify potential runaway spend. It’s continuously learning new trends and insight to become even more effective at detecting anomalies in your usage and spend patterns.
Sometimes, you might expect an increase in spend, but the anomaly alerts are a friendly reminder that OnSpend is monitoring spend around the clock to help prevent overspend. In other cases, the increase is unexpected and could be a sign of an internal issue. In these cases, the anomaly alerts add significant value in bringing these issues to light.
The new anomaly detection feature has already proven its value with a handful of customers that took part in the early testing stages. The anomaly alerts raised awareness of potential budget overages and internal issues that were resolved sooner than they otherwise would have been.