How to Forecast Financial Catastrophe with AWS Cloud Cost Management

AWS cloud cost management, the science behind tracking and controlling cloud spends, is like tight surfing through the many tides of AWS Cloud. If you know how to balance and glide through the waves while also foresee the rising financial storm, then nothing like it.

Of course, there is forecasting capability in AWS’ Cost Explorer module that allows you to view forecasted costs together with historical costs. However, will this module alone suffice to manage and control costs? Will it avoid ‘cloud sprawl phenomenon’ — the risk of paying for unused instances? No. You need much more than that.

Know your AWS cloud capacity needs

Knowing your cloud capacity requirements, even before it is bought, is very crucial. Yes! However, if you are one of those CIOs who has already bought ’n’ number of AWS instances for your business, then don’t worry.

The first step towards optimal AWS cloud cost management and optimization is preparing a capacity plan. This plan should take into account of several features of your service, such as service-level agreement, usage patterns, storage size, and environment configurations. Additionally, the plan should be based on business performance, including the projected user-base growth and new services that are going to be released.

With a pertinent capacity plan in place, instances can be provisioned or shut down as and when the need arises. Eventually, this strategy leads to cost optimization and will help you control the surge in cloud spend. This just doesn’t end here. There’s more.

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