The Essential Guide to AWS Cloud Cost Optimization

Moving your on-premise architecture to the Cloud is undoubtedly an excellent choice. It not only facilitates remote access to data and enterprise applications but also eliminates the restrictions posed by traditional architecture. This is where the concept of AWS seems relevant. As one of the leading cloud solutions, AWS helps to easily migrate enterprise applications to the Cloud.

The public Cloud has many benefits over the traditional IT model, including fast provisioning, affordable infrastructure, and access to cutting-edge cloud-based technology. But only if you adjust to the new on-demand pay-as-you-go cloud model and discover effective resource management techniques.

Cost optimization increases productivity, higher business resilience, and improves security for businesses that migrate to the cloud. But do you know many organizations struggle to manage cloud cost post migration?

Without an effective cost-optimization plan, you risk wasting money on underutilized and unused cloud resources. You risk passing up chances to get your monthly cloud expenses significantly discounted. Additionally, you might not choose the application's most affordable choice.

What Is AWS Cost Optimization?

Cloud cost optimization is a strategy or combination of methods you adopt to reduce your Cloud spending and to achieve cost-efficiency when consuming cloud resources. Optimizing AWS costs involves monitoring and analyzing your usage, identifying opportunities to reduce costs, and implementing recommended actions.

Why reducing cloud costs has become a priority

Cloud is undoubtedly a game-changer for enterprises worldwide. It improves performance and boosts flexibility and company agility. With growth comes challenges. As more enterprises move workloads to the Cloud, one of the significant issues is the cost of spending.

With cloud costs spiraling in businesses, AWS cost optimization is among the top priorities for cloud teams.

Common Cost Optimization Techniques for AWS

Use only what you need Pay less for what you use

Stop paying for under-utilised Amazon EC2 and Amazon RDS instances Enable Amazon S3 Intelligent-Tiering

Stop Paying for underutilized network and storage resources Enable Amazon EC2 Spot Instances

Finetune your Amazon Redshift clusters Modernize your resources: Amazon EC2, Amazon RDS, and Amazon EBS

Finetune your server less resources: AWS Lambda and Amazon DynamoDB

Use Compute Saving Plans Use Reserved Instances

5 Simple ways to Reduce your AWS Spend

Delete Zombie Assets: Resources or instances not being used are known as zombie assets. Locating these assets might be very challenging at times. We must delete the idle instances.

Right-size resources: We must select the proper storage and computing environment for our workload.

Monitor Service Usage: Keep an eye out for opportunities to upgrade, downgrade, or switch to a different storage class to reduce costs.

Storage Optimization: Data that is excessively redundant drives up the cost of storage. You must minimize everything in your system storage to limit and optimize them and reduce costs.

Prioritize Reserve and Spot Instances: Investing in instances for a longer time is a viable strategy to lower the cost of cloud migration. For instances that are reserved for a longer period of time, AWS offers substantial discounts.

Top AWS Cloud Cost Optimization Tools

AWS Cost Explorer

AWS Budgets

Amazon Trusted Advisor

AWS Compute Optimizer

AWS Cost Anomaly Detection

AWS CloudCost by KnackForge

Cloud Experts to Manage your Cloud Cost

Applying AWS cost optimization best practices is a continuous process. Your AWS Cloud needs to be monitored constantly to identify when assets are under-utilized (or not utilized) and when opportunities exist to reduce costs by deleting/terminating/releasing zombie assets. It's also essential to stay on top of Reserved Instances to ensure they're being fully utilized.

To operate on a cloud platform, you need to hire cloud experts who can plan and develop cloud computing cost strategies as per business requirements. KnackForge is a one-stop AWS solution partner, and we'll make the transition simple for you. Contact our Cloud Architects today for a free consultation.