According to a recent analysis by Canalys, the cost of cloud infrastructure services worldwide climbed by 34% to $55.9 billion in the first quarter of 2022.
Amazon Web Services (AWS) has a 33% market share in the global marketplace.
Amazon Web Services provides a wide range of mobile cloud infrastructure. You only pay for what you use with AWS, and you can scale up and down rapidly in reaction to changes in your business.
However, businesses frequently encounter challenges while attempting a digital transformation.
At Exabytes – we have a practice which helps us to save customer’s time, cost and provide expert skills to work through AWS cloud.
As organizations rely more on AWS cloud storage and computation, AWS cost optimization tactics have become a top priority for most business plans.
To save money on AWS Cloud, only use the resources and services that are essential. It would be helpful if you also have proper workload settings.
You may hire someone with AWS certification who will manage all these things for you, but first, let us get to know what AWS cost optimization is.
What is AWS Cost Optimization?
More apps and services are migrating to the Infrastructure as a Service, Platform as a Service, and Software as a Service model.
A significant portion of IT expenditures is being redirected to cloud providers.
Knowing your cloud bill and budget on cloud providers such as Amazon Web Services is becoming a top priority.
AWS cost optimization has evolved into its field, along with specialized tools, economic models, and best practices for cost reduction.
Let us get to know 11 AWS Cost saving Tips and Tools that will help you reduce your bills.
AWS Cost Optimization Tips and Tricks
1. Implement cloud financial management
Cost optimization, also known as cloud financial management, will assist you in accelerating the realization of the company value and achieving financial success in the AWS cloud.
2. Utilize the appropriate price model
AWS provides a variety of pricing models, including on-demand pricing, Spot Instances, and Reserved Instances.
The price model you select should allow you to optimize expenses based on the requirements of your workload.
3. Measure total efficiency
This idea suggests measuring the business outcome of a particular workload as well as the expenses associated with delivering it.
This data can assist you in identifying the benefits of boosting output while decreasing AWS pricing.
4. Spend no money on undifferentiated heavy lifting
AWS handles data center operations including racking, powering servers, and stacking.
AWS also provides managed services to alleviate the operational strain of managing applications and operating systems.
These services relieve you of IT infrastructure chores, allowing you to concentrate on customers and business projects.
5. Analyze and attribute spending
Cloud computing can assist you in correctly identifying the cost and utilization of systems, allowing for the transparent attribution of IT expenditures to specific workload owners.
It allows you to calculate return on investment (ROI) and assists task owners in optimizing resources and lowering expenses of the AWS cloud.
6. Remove Dead Assets
In layman’s terms, “dead assets” are old or underused assets in your infrastructure that contribute to needlessly high AWS expenses.
In AWS and cost optimization, dead assets are defined as failing components of RDS and EC2 instances as well as underused Elastic Load Balancers.
Load balancers are often employed to disperse system traffic, however, they frequently cause AWS cost spikes when they are idle.
Consult with Exabytes immediately to eliminate dead assets in your infrastructure and save AWS expenses.
AWS Cost Optimization Tools
1. Billing and Cost Management Console
The Amazon Console’s billing area allows you to monitor what services you are utilizing on AWS and optimize their structure.
Use tagging to arrange services by project or department, and combine AWS accounts to establish a single billing entity for each project with its budget inside your business.
2. AWS Pricing Calculator
The Cost Explorer interface allows you to examine Amazon service consumption, expenses, and return on investment.
It displays statistics for the last 13 months and assists you in forecasting future spending.
Create customized views to assist you with cost analysis and identify areas for improvement.
Cost Explorer also offers an API that allows you to access the data using your analytics tools.
3. AWS Budgets
AWS Budgets allows you to create and enforce budgets for certain Amazon services, as well as receive emails or messages via the Simple Notification Service (SNS) when budgets are met or exceeded.
You may set an overall cost budget or link it to particular data points like the number of instances or data use.
4. AWS Trusted Advisor
AWS Trusted Advisor is a self-service tool that advises you on best practices for your Amazon services.
Cost optimization is one of the five topics examined by Trusted Advisor. It generates automatic optimization recommendations for:
- EC2 reserved instance optimization and lease expiration
- Low utilization of EC2 instances
- Idle load balancers
- Underutilized EBS volumes
- Unassociated elastic IP addresses
- Idle DB instances on Amazon RDS
- Redundant Route 53 latency resource record sets
- Underutilized Amazon Redshift clusters
5. Amazon CloudWatch
Amazon CloudWatch allows you to create alarms based on a wide range of data collected from your Amazon Web Services.
CloudWatch is frequently used for cost reduction.
AWS’s variety of services and pricing choices allow you to successfully control your expenses while maintaining the performance and capacity required by your organization. Although the core cost-cutting approach on AWS stays the same.
If you are a larger enterprise or SME, you will not need to build your servers and spend time and money on them.
Instead, you can get Amazon Web Services and focus on your business.
Exabytes provides the best AWS services in Malaysia. Our Amazon Web Services solution is a one stop shop – we architect, build, deploy, manage, optimize and monitor the entire setup for customers.
If it is AWS Malaysia, then it has to be Exabytes AWS cloud.
Click here for AWS Cloud Billing with Exabytes
Related article: How to overcome the challenges of overlooked AWS Costs