Cost management consists of two components: spend optimization and cost allocation. Here are 4 steps that will help you fulfill both responsibilities:
- Perform Inventory and Utilization monitoring: Maintain a comprehensive and continually updated resource and service inventory with granular utilization analysis. This ensures that all resources are properly sized.
- Analyze Purchasing and Pricing: Analyze your inventory over an extended period of time and apply that analysis to purchasing decisions to ensure your best possible ROI.
- Track and Allocate Costs: You must zealously track and allocate costs. USE AWS TAGGING. Cost allocation is an essential element for preventing cost sprawl.
- Create Budget Alerts: Do not wait until the end of the month to view your spend. Set granular budget alerts so that users and managers can track spend, adjust usage, and avoid wasted spend during the month.
The good news: Following these 4 steps will enable to reduce your AWS cost by as much as 40% (see CloudCheckr’s study).
More good news: CloudCheckr, an AWS Advanced Technology Partner, will help you automate all 4 of these steps with granular cost and usage reports, inventory and budget alerts, tagged and untagged resource reports, and, of course idle resource alerts and reserved resource recommendations. Take a 30 day, extended free trial and see how CloudCheckr can help you perfect your cost management!

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