Cloud cost management is the strategy and execution of processes to minimize costs and maximize efficiency.

Migrating to the cloud enhances your business’s ability to scale and flex to the demands of your company’s workloads. Historically, computing costs were tied to a quarterly or yearly hardware procurement investment. With cloud technology, you have the flexibility to initialize resources and services at any time since it uses ‘pay only for what you use’ pricing model. This has shifted the way that costs are understood, managed, and optimized.

Cloud Cost management

Often cloud cost management can become complicated because cloud costs are decentralized and shifting which makes visibility difficult. Implementing a cloud cost management strategy can help an organization analyze cloud cost, consumption, comparison, and planning. With a better understanding of costs and usage, a business can more effectively enforce accountability across the company and improve the performance and efficiency of its cloud technology.

How to Implement a Cloud Cost Management Strategy

Gain Visibility

While thinking of a strategy, you must be clear on what you want to achieve – whether you are concerned about the CPU usage, memory, or network etc. Therefore, your first priority must be to gain visibility on the metrics you want to optimize and save costs on. Cloud cost management tools like insisive cloud can help you incorporate best practices for cost visibility. The prebuilt dashboard highlights important aspects of cost which can also enable custom reporting by tagging provisioned resources.

Iinsisive - Visibility Dashboard

You can explore your usage data in chart and tabular formats.

Identify Cost Related Metrics

With Insisive cloud’s usage report, you will be able to identify opportunities to save costs on. For example,

  • % of resource utilization
  • % of instances turned off daily
  • % of tagged instances
  • % of EC2 instances that have undergone right sizing etc.

Set your budget and alerts

You can set your own custom budget along with alerts that fires away when you are approaching to exceed your desired budget. With a budget tracking tool like insisive cloud you can track cost or usage monthly, quarterly, or yearly. 

Now Optimize!

Since 2006, AWS has reduced its costs almost 65 times. When AWS is not saving for you, you will still be able to drive down the costs by leveraging AWS cloud’s elastic nature to fit your provisioned capacity to your workloads.

The 5 pillars of cloud cost optimization are –

  1. Right sizing your resources
  2. Increase elasticity
  3. Use Reserved Instances
  4. Match storage to need
  5. Design for cost
five pillars of Cost optimisation

You must also implement a cost-conscious culture in your organization by ensuring that the right information and controls are granted to the authorized people in your organization.

Getting started with insisive cloud is quick and simple. insisive cloud optimizes cloud infrastructure and saves users up to 60% of Cloud Costs. We will be glad to serve you, just drop an email- or give us a missed call on +91 730 365 6936