What is AWS Cost Explorer?
AWS Cost Explorer is a powerful and user-friendly tool provided by Amazon Web Services (AWS) that enables users to visualize, analyze, and understand their AWS spending patterns. It offers a detailed view of your historical and forecasted costs, helping you make informed decisions to optimize your cloud expenses.
In this post we will have a look at three major points:
- Key Features and capabilities
- How to use the AWS Cost Explorer
- Benefits of the AWS Cost Explorer
1. Key Features and Capabilities
Here is the list of all the important features and capabilities:
Cost Visualization
AWS Cost Explorer provides intuitive graphical representations of your AWS costs. Users can view cost data across various dimensions, such as services, linked accounts, regions, and usage types. The tool presents a clear breakdown, making it easy to identify areas of high expenditure.
Time-Based Analysis
Users can analyze costs over specific time periods, ranging from the last hour to the last 13 months. This time-based analysis allows for trend identification, cost fluctuations, and the ability to correlate spending with specific events or activities.
Forecasting
AWS Cost Explorer includes forecasting capabilities that project your future costs based on historical data. This feature aids in budget planning and helps prevent cost overruns by providing insights into potential future expenses.
Custom Reports
The tool allows users to create custom reports tailored to their specific needs. By selecting specific dimensions, filters, and grouping options, users can generate detailed reports that align with their unique requirements.
Cost Anomaly Detection
AWS Cost Explorer employs machine learning to identify and highlight cost anomalies. This feature alerts users to unexpected spikes or drops in spending, facilitating rapid response to potential issues or opportunities for optimization.
Cost Allocation Tags
Users can leverage cost allocation tags to allocate costs across different business units, projects, or departments. This facilitates a more granular understanding of where resources are being utilized and helps with chargeback mechanisms.
Saved Queries
AWS Cost Explorer allows users to save frequently used queries and reports. This streamlines the analysis process, making it easier to revisit and share specific views of cost data.
2. How to Use AWS Cost Explorer
Accessing AWS Cost Explorer
Navigate to the AWS Management Console, select the “Billing” or “Cost Management” section, and click on “Cost Explorer.”
Selecting Time Periods
Choose the desired time range for analysis, such as a specific month, quarter, or custom date range.
Filtering Data
Apply filters to focus on specific criteria, including AWS regions, services, usage types, and more. This allows for a tailored view of costs based on specific parameters.
Generating Reports
Customize and generate reports by selecting the preferred dimensions, grouping options, and sorting criteria. Explore visualizations such as line charts, bar charts, and tables to better understand cost distribution.
Forecasting
Use the forecasting feature to estimate future costs based on historical trends. This aids in budgeting and proactive cost management.
Cost Anomaly Detection
Regularly check for cost anomalies to identify unexpected changes in spending and take appropriate actions to address them.
Exporting and Sharing
Export generated reports in various formats (CSV, Excel) for further analysis or sharing with stakeholders. Saved queries can also be shared for collaborative decision-making.
3. Benefits of AWS Cost Explorer
Cost Transparency
Gain a clear and transparent view of your AWS spending across different dimensions.
Data-Driven Decision-Making
Make informed decisions by analyzing historical and forecasted cost data.
Optimization Opportunities
Identify areas for cost optimization and implement strategies to improve efficiency.
Budget Planning
Plan budgets effectively with insights into future cost projections.
Customization and Flexibility
Tailor reports to specific business needs and preferences.
AWS Cost Explorer is an indispensable tool for organizations seeking to effectively manage and optimize their AWS costs. By providing detailed insights and analysis capabilities, it empowers users to make data-driven decisions that align with their business goals and budgetary constraints.
