Cloud Cost Optimization: Tips to Help You Save Money

Studies indicate cost savings as the primary motivation for moving to the cloud for nearly 40% of IT leaders. However, over 53% of organizations that moved to the cloud indicated cost as a significant pain point. A Gartner study revealed that 80% of companies overshot their cloud infrastructure as a service (IaaS) budgets due to a lack of cost optimization approaches. These instances emphasize the importance of cloud cost optimization strategies. In this article at TechTarget, Sarah Neenan and Stephen J. Bigelow explain some valuable strategies organizations must implement to avoid cloud cost pitfalls.

Cloud Cost Optimization Best Practices

Creating a Plan as a Cloud Cost Optimization Strategy

One of the critical advantages of cloud computing is the ability to scale up or down as business dictates. This helps you reduce overspending on unnecessary resources. “Autoscaling also helps organizations ensure they do not pay for unused cloud capacity. These features automatically monitor and adjust applications scale to meet demands and can be used to prioritize cost, availability, or performance,” say the authors.

Releasing Unnecessary Storage Capacity

Storage management and monitoring utilities from cloud platform vendors and third-party providers will allow you to quickly identify orphaned data volumes. It can include old snapshots, unassigned IP addresses, and unused storage volumes. Before discarding unused resources, mark them and notify owners to take action against them.

Utilizing Discounts

If your workload is relatively stable and utilization is predictable, you might be able to get cloud storage services at discounted rates. Contact your sales representative to negotiate a deal by committing to a minimum spend.

Restricting Cloud Access

To reduce cloud costs, formulate policies to restrict access through specific IP addresses, browsers, devices, and during specified timeframes. The IT staff responsible for cloud usage must determine the most appropriate cost control tactics. Additionally, the team must design a cloud infrastructure that provides solid performance while limiting spending.

When it comes to cloud costs and planning, ensure your cloud cost optimization strategies include regular monitoring, automating, scheduling, and re-sizing. Optimizing your systems can undoubtedly save your money and increase your efficiency. To read the original article, click on https://www.techtarget.com/searchcloudcomputing/feature/5-ways-to-reduce-cloud-costs.

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