What is Cloud Cost Optimization?

Cloud cost optimization is a collection of strategies involving right-sizing resources, computing scale, and data transfer costs that help reduce your cloud spend. These strategies include rightsizing resources, utilizing the right instances, and tracking costs across all resources. Having a cloud cost optimization strategy will help you reduce your cloud bills significantly. Depending on the cloud optimization strategy, you can reduce spending by up to 50%.

You need to know that cloud cost optimization is more than just reducing expenses. It is a comprehensive strategy that allows you to run cloud services in a way that delivers maximum value while keeping costs at the lowest point. It involves maximizing efficiency and minimizing usage waste.

nOps provides a wide range of cloud cost optimization capabilities to help you reduce your cloud spend. These include recommendations for opportunities to right-size computing services, reserving capacity for higher discounts, identifying mismanaged resources, and more. With nOps, you can utilize your infrastructure for the right costs.

What are the Best Cloud Cost Optimization Practices?

There are various strategies that you can leverage to optimize your cloud spend. These include:

Finding Unused or Unattached Resources

Unattached or unused cloud resources can result in the soaring of your cloud costs. It’s best to identify and remove any unattached or unused EBS (Elastic Block Store) volumes to minimize your cloud spending.  Unattached resources result from deleted or terminated instances. After terminating the instances, you should permanently remove the attached EBS volumes to prevent them from accruing charges.

Right-Sizing Computing Services

AWS (Amazon Web Services) offers numerous types of instances suitable for different workloads. With the wide range of options, choosing the right instances tends to be overwhelming.

Right-sizing involves analyzing and modifying computing services to the most efficient size. These services include storage capacity, throughput, database, servers, and more. With proper right-sizing, you can achieve peak performance without cost escalation.

nOps provides the right-sizing recommendations for EC2 (Elastic Compute Cloud) Instances, S3 (Simple Storage Service) storage classes, RDS instances, EBS volumes, and more.

Take Advantage of Spot Instances

One of the most straightforward cloud cost optimization strategies is utilizing Spot Instances. You can use Spot Instances to help reduce your cloud spending. Spot Instances are ideal if you are working on computing tasks that you can terminate quickly because they aren’t permanent. Spot Instances use spare EC2 capacity that’s cheaper than On-Demand Price. With Spot Instances, you can reduce the amount spend on On-Demand Instances by up to 90%.

Utilize Savings Plans and Reserved Instances

Savings Plans and Reserved Instances pricing models are ideal if you are running steady workloads for the long run. With Savings Plans and Reserved instances, you can save up to 70% over On-Demand pricing.

nOps gives you total visibility into the state of your workloads and recommends the ultimate pricing model to choose.

Achieve Cost Optimization Today With nOps

Cloud costs optimization gives you the right balance between performance and spending. With the above cost optimization strategies, you can efficiently minimize costs and achieve optimal efficiency and performance.

nOps gives you control of your cloud spend more effortlessly. With the nOps cost optimization capabilities, you can easily right-size Instances, cost allocation tags, and more.

Start your nOps free trial today, or schedule a demo to get started!

 

Related Topics:

AWS and Azure Resource and Cost Optimization

Three Reasons Cloud Cost Optimization Shouldn’t Just Be Finance’s Responsibility

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