Many modern company owners mistakenly believe that moving their business infrastructure to the cloud is a solution in itself and requires little follow-up effort in terms of optimization and streamlining of the processes. However, not managing one’s resources wisely when using cloud services might backfire on the company, making the whole endeavor much more costly than it has to be. Check out Wheelhouse IT for more.
Why is cloud cost optimization crucial for businesses?
The importance of cloud cost optimization lies in the fact that it allows business owners to maximize the advantages of using the cloud while also minimizing overall cloud spending. In other words, cloud cost optimization means identifying and using the cloud resources with the most added value for the business and abandoning the tools or practices that suck the budgets dry with minimal impact.
The most common reasons for excess cloud spending include overprovisioning, underutilized and wasted resources or instances, a lack of automation, inefficient data storage, and failure to leverage discounts. Companies that want to be more careful with how they spend their cloud budgets can try to assess and identify the problem themselves or hire a professional service such as Dedicatted to do the cloud cost optimization for them.
5 best practices companies use to optimize their cloud costs
Here are the top-5 most helpful cloud cost optimization practices that companies can use to decrease cloud spending, improve performance and visibility, and boost the efficiency of resource management and predictability of cloud expenses:
- Monitoring every component of cloud infrastructure: doing so will let businesses determine unused or unattached resources and remove them.
- Aligning the budget: a critical part of any cloud cost optimization strategy is making sure everyone on the team knows what their objectives and budgets are concerning their projects and everyone who has to be involved in the budget-making discussion is involved in it.
- Using heat maps: heat maps are crucial visual tools aimed at reducing cloud costs. They display high and low points in the demand for computation.
- Rightsizing resources: rightsizing, which is modifying cloud computing resources to fit the unique needs of a particular business, can boost performance in addition to cutting expenses and unused resources.
- Fostering a culture of cost awareness: an effective cloud system relies on making cloud cost optimization a continuous process and educating all concerned about the importance of keeping their cloud spending under control.
