With brands swiftly inclining toward modern cloud solutions, the need to optimize the cost of cloud adoption is increasingly becoming a global concern.
Cloud cost optimization can be defined as minimizing overall cloud spending by carefully assessing and identifying mismanaged resources and then planning resource spending accordingly.
Although cloud computing has offered endless opportunities to businesses embarking on a digital transformation journey, the cost associated with the number of unused resources could be a worrying aspect.
Many businesses leveraging the cloud aren’t aware of the fact that around 30% of the total cloud spent is wasted worldwide. And the numbers are rising exponentially.
Hence, businesses must identify and analyze their exact requirements and then opt for the right cloud vendor to ensure they aren’t squandering their finances.
Let’s uncover the aspects of cloud cost optimization and learn how you can reduce your cloud bills.
One of the easiest ways to begin your cloud cost optimization journey is to analyze unused resources on your cloud. Sometimes a temporary deployment over a server could be the reason for your unexpected cloud expenses.
The IT administrators may deploy some temporary server and forget to turn it off. Also, in many instances, the administrator may forget to detach any additional storage used to run a specific test program. Analyzing and optimizing these areas could help reduce cloud storage costs to a great extent.
Nothing could be as helpful as heat maps in reducing cloud storage costs. Heat maps are virtual tools that portray valleys and peaks whenever there’s a computing demand.
Based on the data from heat maps, businesses can quickly analyze idle programs or storage and establish starting and stopping points to minimize overall costs.
Several cloud monitoring and optimization tools can help schedule instances for starting and stopping programs/applications for cost optimization.
When choosing a reliable cloud architecture, most businesses aren’t sure whether they need a single-tenant cloud solution or a multi-tenant cloud.
For startups and budding entrepreneurs, multi-tenant cloud deployment is the best as they need not spend heaps of money on the services they don’t require. Instead, they just need to pay for the resources they need on shared cloud space.
On the other hand, businesses with colossal storage or computing requirements must always consider relying on a single-tenant cloud architecture, which can help them leverage the true potential of robust performance, security, and scalability.
Most businesses choose storage that is more excessive than their actual requirements. Hence, they must pay more for the extra storage they aren’t utilizing.
It’s always a good idea to analyze your requirements and choose the cloud storage plan that meets your needs. Otherwise, you can select an auto scalable infrastructure that scales with your needs, and you’re billed accordingly.
The auto scalable infrastructure can deliver peak performance without any hassle and can eventually expand and shrink according to your business needs in real-time without latency.
Lastly, regular auditing of your cloud usage could help shrink your cloud bills. Most organizations increase their cloud spending every year but don’t perform an audit for their cloud usage. This is where they are lagging.
Depending on the demands, you can identify areas where you’re overpaying or underpaying and reduce your needs and spending accordingly.
Moreover, sometimes an organization has multiple cloud deployments performing the same tasks. Auditing and reducing the number of clouds could be the best way for cloud cost optimization.
With the increasing adoption of the cloud worldwide, most organizations are worried about cost optimization since most applications are currently deployed on the cloud.
The above tips could help organizations manage cloud storage and deployments and eventually reduce costs.