As organizations are moving more toward cloud technology it is important that they understand their costs, budget and billing as much as possible.
It can be tricky navigating cloud cost optimization; that's where we would like to help.
There are not only different AWS cost savings that AWS highlights in its native tools, but also lots of AWS cost management best practices that can ensure your budget and AWS billing are right on track.
What is Cost Optimization in AWS?
Cost optimization is one of the pillars of AWS’ Well-Architected framework.
This pillar focuses on an AWS cost analysis that finds the lowest cost for your needs. Making sure you are keeping in mind resources, performance and scaling when avoiding unnecessary costs.
Why is AWS Cost Analysis So Important?
AWS can get hugely expensive when managed poorly.
There are a couple of particularly common scenarios that almost always result in wasteful spending:
- Over Provisioned or Under-Utilized Resources: The tendency to buy more cloud resources than necessary (sometimes far more). While there may be very good reasons for over-provisioning (to meet a stringent SLA, to have resources in place for periodic, or seasonal surges in demand), more common is the practice of simply buying more than necessary. Also, the public cloud hyperscalers are constantly coming out with more performant and cheaper resources. Hyperglance will spot the new resources and can make recommendations based on the needs (and type) of the particular workload to be served.
- Abandoned Resources: when an organization stands up resources in a public cloud, those resources run until they are shut off. Sometimes, these resources are forgotten, though still being charged for and still connected to the internet. Not only does this risk of overspending, but it creates the potential for a security/compliance breach.
AWS Cost Reduction Strategies from AWS
- AWS Cost Explorer
- AWS Budgets
- AWS Pricing Calculator
2. Pricing Models
- Savings plans
- Reserved instances
- Spot instances
Cost Optimization Best Practices
This is where we want to help you.
Join us on May 23, 2023 for our webinar titled, 3 Ways to Cut Your AWS Bill by 20%+.
David Shepard, Hyperglance’s Cloud Specialist, will be discussing best practices tools and strategies to help you cut your AWS costs.
Sign up, for free today!
Remember when implementing these AWS cost reduction strategies that they are all dependent on your goals, resources and technology.
There are even more ways to reduce AWS costs but this list should get you started. For more nuggets, check out our Cloud Cost Optimization Best Practices, which goes into more detail on 5 of our favorite cloud cost optimization tips.