Guide to Cost Optimization Whitepaper: How AWS Experts Save Millions in Cloud Costs
Introduction: Cost Optimization with AWS
Amazon Web Services (AWS) holds vast potential for users when it comes to the deployment and management of fast and dynamic software applications. Cloud computing has transformed how individuals and enterprises are managing their IT infrastructure.
This is where cost optimization can be utilized to eliminate any waste and preserve the capacity of your resources. Cost optimization is simply the process of refining and reducing your overall spending on cloud services over the lifecycle of your system, without compromising performance and service quality.
The objective is finding the right balance between cost and maintaining performance over an extended timeframe. Several factors must be placed under consideration; Resource utilization, application requirements and network performance, as well as the different AWS pricing models are key when it comes to managing your costs on AWS.
Most businesses tend to overspend on some services that end up being unused. Of course, humans also make mistakes, which is why AWS advises its users to use Solutions Integrators to help prevent wasteful spending.
The following techniques are the most effective when it comes to optimizing the cost of resources on AWS.
RIGHT-SIZING OF INSTANCES
Right-Sizing is an iterative process involving the selection of the lowest-cost resources for the implementation of your application without foregoing the requirements and utilization patterns. One of the most common mistakes we notice is the use of the wrong instance type and size for projects.
An ec2 instance is a virtual computing machine on the cloud, with various configurations of CPU, memory, storage, and networking capacity for your instances, known as instance types. The choice of instance type and size must be based on the type of application you want to run as well as the level of utilization needed to run the application successfully. The right type of EC2 instance should be determined by whether your application is memory, CPU, storage, or network intensive.
Making use of the right instance type based on the needs of your application is sure to increase your Return on Investment (ROI). Right-Sizing is an aspect of Cost Optimization and performance that affects everything- from ec2 instances to EMR clusters and storage.
Another factor that needs to be considered is storage. You should only allocate the minimum amount of storage required by your application, and as a precautionary measure, you should avoid running out of disk space by rotating your logs and cleaning up your temporary files.
If you don’t know how much storage your application needs or if the amount of data being stored will gradually increase, you can consider using Elastic File System (EFS). EFS allows you to only pay for the storage that you need...