What is cloud cost optimization?
Cloud cost optimization is a systematic strategy IT teams use to reduce cloud computing costs while maintaining peak performance, scalability, and reliability. This structured methodology comprises examining cloud utilization trends and implementing recommended best practices. It involves locating and identifying underutilized resources, rightsizing computing instances, leveraging discounted instance options, and eliminating inactive services.
Cloud cost optimization strategies are critical to cutting waste and ensuring budget compliance while supporting scalable, agile operations. It plays a key role in mitigating the risk of budget overruns and limiting idle resources while aligning engineering and financial goals. Also, it enables sustainable growth, especially for enterprises with complex cloud workloads.
According to Gartner, spending globally on the public cloud is
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