Monitoring costs are a key to mitigating risks associated with cloud costs. The challenge with cloud costs is that it is a bit like a credit card where you consume resources and spend money and then get the bill at the end of the month.
You may have many people in teams in the organization who are consuming resources from the cloud and spending money but you don’t always know what has been spent until later.
If someone accidently misconfigured a resource and spend more money that you expected, how long would it take you to notice?
If you get alerts from your monitoring you should also consider how you would like to receive the alerts. Do you just need an email or teams message to let your team know, or do you need something more formal like a help desk ticket in Service Now.