Let’s Catch You Up on the Latest from Octo💡
We’re thrilled to unveil the latest version of the unit cost feature, which is sure to be a game changer for your cloud cost management! Building on the successes of the previous version, this update introduces enhanced granularity in resource tracking and a deeper understanding of unit economics, enabling more precise cost management and strategic insights. Plus, with the addition of non-usage costs from AWS, you’ll have a complete and transparent view of your cloud expenses.
Get ready to discover what Octo has in store this first week of November, and buckle up—because we’re taking your cloud cost management to new heights!🚀
🆕Unit Cost (Version 3)
Sample Image
Sample Image
Having showcased unit cost versions 1 and 2 in the cloud environment, it’s now time to present the improvements introduced in unit cost version 3.
In this version, we focused on enhancing the feature’s comprehension. To provide users with a deeper understanding of unit economics and how this can benefit their organizations, particularly in managing costs based on resources.
The key highlight of these improvements is the enhanced granularity of resource assignment, allowing users to achieve a higher level of specificity in tracking resource usage of individual units.
These enhancements allow more accurate cost management and better insights into factors that impact user profitability.
But first, perform the following steps to reach the creation of the unit cost builder.
Go to the Cost Group section and proceed to Cost Group Management.
Then switch to New UI (Alpha).
Select Unit economics and fill in the details for cost group name and description, then click ‘NEXT’.
Let’s take a look at the enhancements in this version:
Creating new unit: a banner has been added to redirect users to our documentation, where they can find an explanation of what a unit is and how to name them. This helps users understand the complex concept of unit economics, reducing confusion. It also allows them to better appreciate the benefits of this feature and why it has been added to Octo.
Creating a unit item: Now included an upfront explaining what a unit item is and how users can segment their units into specific items.
Dedicated resource distribution: It includes a card explaining the purpose of dedicated resources. Users can close this card if they wish, but make sure to fill in the item name, as it is a required field.
Added Logic Builder: This feature provides granularity for dedicated items. It functions similarly to the cost group creation builder, where you can use general filters and tag filters for cloud service providers. Note that this is an optional step, and you can proceed to the next step as long as the item name is filled in.
PREVIEW RULE and REGEX EXAMPLES: We added this to help users understand the combinations they have created for their dedicated items.
Shared resources distribution: We added a note indicating that users can skip this step if the unit does not have any shared resources. Once all resources are distributed equally, click 'CREATE UNIT'. As with previous versions, you can still edit or delete item details.
🆕Included Non-Usage Costs on Cost Group Visualization
Achieving comprehensive cost visibility is one of our team's primary goals to ensure the data Octo provides is both accurate and reliable. We consistently strive to present a complete picture of your total cloud expenditure through Octo, enabling more effective financial planning and budgeting. That's why we've enhanced it to offer precise data displays, making the information presented transparent, detailed, and trustworthy.
First things first, it’s important to note that the data previously displayed in our cost group visualization was derived solely from the Usage line item. This led to a discrepancy between the Octo cost group visualization and the Cost Explorer display. To bridge this gap, we have implemented a solution: include non-usage costs. Currently, this feature supports AWS, with plans to include other vendors in the future.
Sample Image
Sample Image
By navigating to the Cost Group, you can now access the new Octo visualization, which includes non-usage costs such as discounts, credits, refunds, fees, taxes, and more. This enhancement ensures that all costs are transparently displayed, providing you with a comprehensive view of your total expenses.
Note: For more information, refer to AWS User Guide:lineItem/LineItemType and learn more.
🛠️Minor Bug Fixes and Improvements
We have also made some minor bug fixes and improvements to other existing features.
We will continue to improve features based on user feedback.