Financial operations software startup Finout Ltd. today announced the availability of a new tool to help companies understand and optimize their cloud computing costs.

The artificial intelligence-powered Finout Cost Optimizer is designed to help companies reduce their Amazon Web Services bills, and the company claims it can do so by as much as 60% in some cases.

Finout explained that its cost optimizer tool is able to do this by constantly evaluating the changes in the company’s cloud usage pattern, enabling it to make intelligent decisions on the fly that take advantage of AWS Reserved Instance capability wherever possible. If a customer’s usage drops, Finout will sell the customer’s reserved capacity on the AWS marketplace.

On the other hand, if a company increases its use of cloud resources, it will then buy the additional capacity required from the same marketplace. The company says the automated, continuous optimization of buying and selling reserved capacity to match changing demand helps reduce their AWS spending by up to 60%.

Finout’s Cost Optimizer is the latest addition to the company’s portfolio of FinOps tools, which are designed to help companies monitor, manage and ultimately reduce their cloud computing expenditure. Its flagship offering is a product called MegaBill, which consolidates a company’s entire cloud spend, including infrastructure services, data warehouses and content delivery networks, plus middleware from firms such as Twilio Inc. and Auth0 Inc., into a single bill.

Armed with their MegaBill, customers can then use Finout’s cost governance and cost allocation tools to automatically detect and eliminate cloud waste, cut out the services that aren’t necessary, or perhaps increase their use of other services to drive greater profit.

The company said its Cost Optimizer is likely to be well-received, because the poor state of the economy means that every enterprise is looking for ways to reduce costs. That’s all the more so because Finout doesn’t charge any fees on the customer savings it generates, unlike many other cloud cost optimization tools, which typically levy a fee of between 5% and 20% on their savings. Rather, customers can use the tool for free as part of their regular subscription to Finout’s broader platform.

Co-founder and Chief Executive Roi Rav-Hon said cost optimization is the missing piece of the puzzle that enables his company to cover all of its customer’s FinOps needs. “Similar to how Datadog has become a single source of truth for observing and understanding the health of cloud systems, Finout has now become the only solution a company needs to fully understand, manage, and optimize their cloud bill,” he said.

Image: Finout