Newvem has launched a new tool as part of its KnowYourCloud Analytics web application. Newvem’s new Reserved Instances Decision Tool helps Amazon Web Services (AWS) customers make the right decision on exactly which On-Demand Instances should be moved to Reserved Instances. With KnowYourCloud Analytics, AWS users have insight into their cloud usage patterns and can now easily determine – based on flexibility, availability and cost considerations – whether a long-term commitment to Reserved Instances is the right decision for their business.
To keep ahead of competitors and give customers more value, Amazon is promoting Reserved Instances, which, compared to On-Demand Instances – the popular pay-as-you-go model that AWS is known for, offer even more cost savings and assured capacity availability. Reserved Instances require long-term commitments to Amazon with contracts ranging from one to three years. The problem is that moving to Reserved Instances is an extremely complex decision for IT and finance managers, who must weigh the tradeoffs between costs and utilization over time and between flexibility and a long-term commitment.
“Newvem’s KnowYourCloud Analytics is like Google Analytics for cloud computing,” said Zev Laderman, Newvem’s co-founder and CEO. “It scans AWS usage patterns and lets AWS users know if they can benefit from Reserved Instances, indicates which parts of their cloud would benefit the most, and offers recommendations on how to execute the move.”