Top 7 best practices for Cloud Cost Optimization

The cloud is an entire ecosystem of connected servers & other infrastructure located remotely. It is used to store & manage data and deliver information or services. Software-as-a-service (SaaS), Platform-as-a-service (PaaS), and Infrastructure-as-a-service (IaaS) are all types of cloud computing. In reality, cloud computing is a far more expansive system than one may think although cloud service users get very high scalability & lower IT costs. In this article, you will read the top 7 best practices for cloud cost optimization.

1. Monitor Cloud Uses  

Cloud monitoring gives you insights into the health & performance of your resources. For better results, you should monitor every component of the cloud. You must monitor servers, databases, software applications, websites, code repositories, etc. Several tools can be used for cloud monitoring and they help in performance monitoring, security monitoring, and administration monitoring.  

2. Right-sizing the Resources  

Unwanted & unused resources bring inefficiency to the process. A very effective way of cloud cost optimization is removing such unwanted resources. This brings clarity to the table & also leads to streamlining of the workload. By right-sizing, you can reduce the existing workforce and cut costs by promoting better visibility. With lean teams, integral functioning becomes more efficient and organizations manage to reduce the cost envelope. 

3. Emphasize Cost throughout the Development lifecycle  

Don’t make cost a concern only in the end. Cost optimization should be on top of your priority list all along the development lifecycle. Cost data & budget should be used to create your roadmap. This will allow your team to adjust costs as & when necessary throughout the development lifecycle. To make better & cost-effective decisions, your team should have data readily available, and they should be better prepared to plan their spending.  

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4. Choose the right Storage type  

If cost-cutting & gaining business efficiency is on the top of your mind, you should try to optimize the cost associated with storage services. To pre-determine the storage spends, you should be able to choose the right storage type. Analyze all the options available, and see which option best suits your requirements – that will help in overall cloud cost optimization. 

5. Real-time Reporting   

Real-time analytics is pivotal for any cost optimization initiative. People at the helm making cost-sensitive decisions should be able to see the right data. By doing so they will be able to discover cost optimization opportunities at the right time. Real-time analytics gives them immediate access to underlying trends based on which they can make cost-effective decisions. Hence, real-time reporting is very important in cloud cost optimization initiatives. 

6. Make use of Reserved Instances  

Reserved instances is a discount billing concept in cloud computing. If you know you have a long-term commitment to the cloud, it will be wise to invest in reserved instances. This way you will get significant savings in upfront payments and further discounts. This is a very popular technique in cloud cost optimization initiatives.

7. Automation  

Automation is a building block of cloud computing. With the help of automation, various activities related to cloud computing can be made fast, efficient, and hands-off. This is done by using various software automation tools which are controlled through an intuitive interface. The tools help administrators to ensure that system is performing well & all the requests regarding deployment are fulfilled efficiently.   

Strategizing cloud uses, creating cost-aware culture, and continuously improvising your cloud cost management is a big initiative. But you don’t need to do it on your own. If you try to do so, will it make sense, given that is not your core competency? ISmile Technology’s end-to-end cloud enablement solution can do all the technical work of configuring & managing your cloud infrastructure. Contact for a free assessment today.

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