As businesses move more computing resources to the cloud, Cloud Cost Optimization has become critical to successful IT operations. Industry experts say that properly managing cloud spend can reduce expenses on cloud providers like Amazon Web services (AWS), Microsoft Azure and Google Cloud Platform expenses by about 30%.
According to the 2018 Right Scale State of the cloud report, an estimated 30-35% of cloud spend is wasted from an annual spend of $30bn. The main cause of cloud cost wastage is over configuration, non-usage or idle status and accumulation of outdated data like snapshots, report and log files. So, saving money on their cloud bills is now a top priority and cloud users are focussing now cloud cost optimization.
The Challenges of Cloud Cost Optimization
Everything is metered when businesses are running on cloud
Assessing cloud spend
Keeping track of cost wastage due to over-configuration, non-usage or idle asset
Accumulation of outdated data like reports and log files
Cloud Adoption and Risk Report 2019
14 misconfigured instances on an average at any given time resulting in 2,269 misconfiguration incidents in a month.
Study by Security Firm: Threat Stack
Three-quarters of all organizations on AWS are suffering some form cloud misconfiguration that impacts security.
McAfee Study
More than 5% of all AWS S3 Buckets in use today are misconfigured to be publicly readable.
The Solution
The key for cloud cost optimization is balancing the many variables of running the cloud environments – from choosing between different reserved instances type to deciding which time commitment is right for your business. Managing the cost variables like Reserved Instances (RIs), upfront payment, storage types, instances and resources are critical for successful IT, DevOps, Security, and Finance teams.
Switching off resources used for non-production workloads
Continuous Visibility and tracking of unused assets and occurrences of overspending
Optimization of costs through automation
Total control over invoicing and billing
Highlights
Unused Assets
With CloudOptics it is easier than ever to find out assets which are unused and can be removed to save cost.
Overconfigured Assets
Over-configured assets can be downgraded to match usage profile and save cost.
Idle Assets
CloudOptics helps find out idle assets in your account. Assets which are running but are not being utilized
