Organizations are increasingly adopting a multicloud strategy and utilize multiple cloud computing platforms from different vendors. This approach allows them to diversify their IT infrastructure and enables them to strategically distribute workloads across platforms based on factors like cost, performance and specific service offerings.

In fact, the projected surge in public cloud adoption is estimated to reach $679 billion in 2024, according to Gartner. This only further shows the growing importance of multi-cloud environments.

But effectively managing costs across multiple platforms presents a challenge. Organizations will need to implement efficient cloud cost management tools that provide visibility into spending and identify optimization opportunities. This ensures they can maximize the financial benefits of their multi-cloud strategy.

ManageEngine, a division of Zoho (News - Alert) Corp. and provider of enterprise IT management solutions, offers CloudSpend, which is a cloud cost management tool that helps optimize cloud costs through adopting best practices like implementing chargebacks, reserving capacity and right-sizing resources.

Recently, ManageEngine (News - Alert) announced that CloudSpend extended its support to Google Cloud Platform, or GCP. By expanding its cost optimization services to GCP, following AWS and Microsoft (News - Alert) Azure, CloudSpend now covers the three largest public cloud computing platforms worldwide by market share. This is huge because it allows enterprises with a multi-cloud setup to streamline their operational expenses.

Furthermore, CloudSpend was enhanced with a cost anomaly detection capability, which helps monitor and manage cost blind spots across multiple cloud service providers. Here’s how it works. Cost anomaly detection acts upon any cost-related anomalies at the organizational level. It identifies unexpected cost increases or resource usage that deviates significantly from the norm. It also provides insights on opaque pricing, where costs may be hidden and potentially higher than expected.

“We believe that CloudSpend will help businesses rise above such challenges and advance in their cloud maturity journey by offering the visibility to stay on top of their investments,” said Srinivasa Raghavan, director of product management at ManageEngine. “This multi-cloud cost intelligence platform follows FinOps best practices and is boosted with smart forecasting features that help reduce operational expenditure. It also bridges the gap between capacity planning and cost optimization for resources running in multi-cloud setups.”

Other key features of ManageEngine CloudSpend include business units and chargebacks for greater accountability across departments, budgeting and forecasting and resource explorer to drill down costs at the resource level for in-depth cost visibility with smart tagging and get insights about spinned-off resources.

The pricing model for CloudSpend caters to businesses of all sizes and offers free tracking of costs up to $3,000 per month of spending on GCP, AWS and Azure cloud. The paid version starts at 1% of monthly spend above $3,000 and is available to download on iOS and Android (News - Alert).