AWS just introduced its Savings Plans (SPs), a new instrument for customers to save up to 72% on their cloud spend by committing to a level of spending over an extended period.
Historically, this role has been filled by Reserved Instances (RIs), which have saved companies massive amounts off their cloud bills for years. Existing inventories of RIs still have significant value and we don’t expect RI management to disappear anytime soon. That being said there are some crucial advantages SPs bring to the table that lead us to suspect they’ll quickly overtake RIs in significance.
As organizations begin shifting towards Savings Plans, it’s important they understand exactly how they work and how financial governance needs to be adjusted to accommodate them.
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