Cloud cost optimization is a process where you can reduce your overall cloud spend by identifying mismanaged resources, eliminating waste, reserving capacity for higher discounts, and right sizing computing resources.
According to a recent report by Hashi Corp-Forrester, 94% of enterprises are overspending in the cloud due to underutilization or lack of visibility.
The cloud offers organizations unlimited scalability and low IT costs by only charging the resources you use. It ensures that you are effectively getting value out of the money you spend.
Benefits of using Cloud Cost Optimization
Gain Visibility – You can locate expenses and profits from each unit of business. This gains visibility around the enterprise and allows better orientation of cloud expenses according to your business needs.
Drives innovation – Cloud optimization allows employees to focus on other aspects of enterprises operations. When your employees have more time to concentrate on other facets of your business, they are more likely to come up with innovative and effective techniques.
Monitor your cloud costs in real time – The best way to reduce costs is to monitor your expenses in real time. Focus on proactive monitoring to ensure that issues are identified and resolved before they have an impact on the systems.
Better Performance Understanding your current running workload or the business requirements for your planned workload will help you make the best decision on how to leverage cloud resources to attain better performance and optimize your costs.