In 2022, a SaaS company’s AWS bill escalated to 120K$/ month. Upon investigation, a suspicious Chrome extension was found to be the culprit, installed by a mysterious developer who disappeared once his contract was over. The extension created fake Google accounts to create trial GCP accounts, upload the model, execute it, and shut down after executing the task.
This snoopy trick worked for a while and dropped AWS costs by 90%. However, it wasn’t until later that the damage of the company’s negligence became clear. The company had to learn from its mistake, which was ultimately detrimental to its operations. But you don’t have to follow the same route.
To save you from the hassle, we have jotted down 3 legitimate and verified cloud cost-cutting tips that experts have tried and tested to reduce cloud costs for companies of all sizes. Let’s hop in!
How To Cut & Optimize Your Cloud Costs?
Cloud cost management is a primary challenge for about 40% of the companies involved in cloud computing and cloud optimization with public clouds. As such, 61% of such organizations strive for cloud optimization to save cloud costs.
Following are the three tips for cloud cost optimization that are tried and tested by many and verified by experts:
Recognizing idle resources is crucial to cutting down your cloud costs.
Regularly monitoring your resources to identify and terminate any underutilized resources helps save money on unnecessary resources.
You can use cost management tools by your cloud service provider to track the usage of resources that are not being used and get the optimum cloud cost-savings statistics.
Reserved instances allow cloud computing companies to dedicate a specific instance type and size for a specified period — usually 1 to 3 years, in exchange for a discounted hourly rate.
Employing this practice can ensure your cloud bills stay within budget and save you money in the long run, especially if you have a consistent workload.
Data transfer costs can add up quickly, especially if you move large amounts of data between different regions.
To reduce your cloud prices, you can use cloud cost optimization services to cache data closer to the user. You can even use data compression techniques to reduce the data transfer size.
Reducing and optimizing cloud costs is integral for any business reliant on cloud services. Use the tips from this article to leverage your cloud’s pure power at less cost.
With AiNET, you can rest easy knowing that your cloud costs are under control and that you are getting the best possible value for your money.