In the past few years, Cloud computing has gained significant popularity. Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. The term is generally used to describe data centers available to many users over the Internet.

Cloud technology and Cloud platforms enable applications and web services to run seamlessly on many platforms and have maintained an upward trajectory in recent years.

Cloud computing has changed the entire web and app development and deploying process, and more business is moving its workload on this.

However, the constant development of cloud computing has made it crucial for technical leaders to determine the best cloud platforms, services, and result-oriented modules. Most cloud service providers come with the promise to provide less of its costs with a maximum storage capacity. However, the loophole has started becoming more apparent as the system matured. The promise that business would only be charged for the resources they will use has started falling apart, as customers are being charged for the resources they order on the Amazon Web Services (AWS) pricing and Microsoft Azure pricing, whether they are using them or not.

The concept of cloud cost optimization seems like a possibility to free up more working capital.

So, what exactly is cloud cost optimization and how it works?

Cloud cost optimization is an entire process of reducing an overall cloud cost by eliminating waste, identifying mismanaged resources, computing right-sizing services to scale.

Fortunately, there are a few actionable practices for cloud cost optimization –

 

Common challenges need to be addressed while doing cloud cost optimization –

 

Cloud cost optimization is achievable for all companies in their cloud journey. Adopting cloud cost optimization with agility, right planning, and proper cloud resource utilization helps businesses to get maximum return on investment (ROI).