ServiceNow Vancouver: what's new? (part 3 - Cloud Cost Management)

In the previous blogs, we discussed new functionalities for SAM and HAM. Now, let’s zoom in on ServiceNow Cloud Cost Management (formerly known as ServiceNow Cloud Insights).

This product can be used to manage cloud spend and apply optimizations via workflows. Cloud Cost Management supports Microsoft Azure, Amazon Web Services (AWS) and Google Cloud Platform (GCP).  

The Vancouver release includes a new Cloud Cost Management workspace that provides intuitive views to help you manage your cloud resources, visualize spend and act on optimization recommendations. 

Source: https://docs.servicenow.com/bundle/vancouver-it-asset-management/page/product/cloud-insights/concept/ccm-ws-overview.html 

The Cloud Cost Management workspace provides actionable optimization recommendations to help you reduce the storage spend of your cloud resources, as well as reduce the cost of your cloud database resources. These recommendations can be acted upon through the workspace and the changes taken into effect through automation powered by ServiceNow.

For example, Cloud Cost Management can understand if a virtual server is too large or if a database is unused. It then comes up with rightsizing recommendations and automatically generates a change request to the resource owner for approval. Once the change request is approved, the resource’s database is automatically resized by ServiceNow. ServiceNow also reports on all the changes. These actionable recommendations ensure that you are not just getting insights on reducing your cloud spend, but can also take actions to actually reduce the spend.