As cloud costs rise, optimizing spend is critical. The following is Key strategies to help your organization reduce cloud expensesincrease efficiency and maximize savings in 2024:
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Get a deeper understanding of cloud costs
Use cost management tools to track expenses and identify optimization opportunities.
Ensure engineering, IT, business and finance teams have access to detailed cost data to make better decisions. -
Tag and assign costs
Assign tags to resources to better track and allocate costs.
Use tools like AWS Cost Allocation Tags to align cloud expenses with business goals. -
Monitor budget and set alerts
Create budgets and instant alerts to track spending and prevent overspending.
Tools such as AWS Budgets and GCP Notifications can notify you of budget violations. -
Audit and identify mismanaged resources
Conduct regular audits to detect underutilized or misallocated resources.
Turn off unused services to avoid unexpected charges. -
Using Reserved Instances (RI)
Purchase RI to achieve consistent workloads for significant cost savings.
Align resources with actual usage patterns to improve efficiency. -
Eliminate idle resources
Identify and terminate idle resources (such as unused EC2 instances) to reduce waste.
Every dollar saved on idle resources translates directly into cost efficiency. -
Develop a multi-cloud strategy
Leverage multiple cloud providers to optimize costs and efficiency.
Use a multi-cloud observability platform for unified tracking and management. -
Use real-time monitoring and third-party platforms
Implement a platform like Cloudgov to learn more about cloud spend and governance.
Cloudgov provides actionable insights for cost management at macro and micro levels.