No matter which industry you work in, cloud infrastructure has become an essential component of the daily operations of a company. However, at the same time, cloud costs of companies can often become a huge part of their regular operational budget. It underscores the importance of cloud cost optimization at all levels of the firm.
There are various ways that you can reduce overall cloud costs. However, while reducing cloud costs, you probably do not want to compromise your operational efficiency or output. Given these conditions, here are some ways that you can optimize the cost of your cloud resources.
Rightsizing
The first method that many companies opt for when looking to reduce their cloud resource costs is rightsizing. Rightsizing is primarily about using precisely the right amount of resources for your needs. Several cloud services allow you to customize your cloud resource volume according to your needs. However, a disadvantage of rightsizing is that cloud requirements can change by the day, even by the hour. Adding new projects to your arsenal is bound to bring radical changes to your cloud resource needs. Hence, rightsizing is a process that needs to be repeated continuously.
Type of Plan
If you are looking to reduce your cloud costs drastically, you can change the type of plan you are subscribed to. Many companies choose to pay as they go, meaning they pay for precisely the volume of cloud services they use. However, this can cause issues when you are looking to plan your future costs but do not know the costs to assign to cloud resources. Hence, you can also choose a volume-based plan in which you subscribe to a specific cloud resource volume for a particular period. Since cloud costs keep changing, this can help hedge against undue price increases.
Release Unused Memory
There can be times when you terminate an instance, but the memory attached to it doesn’t get released. You can analyze your cloud memory to determine what volume of resources are unused or unattached and remove them for usage.
Cloud cost optimization is not just a long process but also a periodic one. The above steps need to be repeated after every few months so that your costs stay low.
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