GITNUX MARKETDATA REPORT 2023
Must-Know Cloud Cost Optimization Metrics
Highlights: The Most Important Cloud Cost Optimization Metrics
- 1. CPU Utilization
- 2. Memory Utilization
- 3. Storage Utilization
- 4. Network Utilization
- 5. Cost per Operation
- 6. Instance Uptime
- 7. Reserved Instance (RI) Coverage
- 8. Cost by Service
- 9. Cost by Resource Tag
- 10. Budget Compliance
- 11. Cost per User
- 12. Waste Metrics
Table of Contents
Cloud Cost Optimization Metrics: Our Guide
In an era of digital transformation, understanding Cloud Cost Optimization Metrics is an absolute necessity for any business. Our updated report delves into crucial metrics that help you monitor, control, and optimize your cloud expenses effectively. Stay tuned as we unravel the key data points and game-changing strategies to maximize your cloud investment, fulfilling your company’s growing needs while keeping costs in check.
Measures the percentage of an instance’s CPU usage. By monitoring this metric, you can identify underutilized resources, adjust resource allocation, and improve infrastructure efficiency.
Monitors the percentage of an instance’s memory usage. This metric helps identify potential bottlenecks and inefficient resource allocation.
Analyses the percentage of storage space used on a cloud storage service. Identifying underutilized storage can help reduce costs by downsizing storage volumes or services.
Measures the amount of data transferred over a network interface. By analyzing this metric, you can optimize network resources and avoid unnecessary data transfer charges.
Cost Per Operation
Calculates the cost of individual operations (e.g., read/write requests or API calls) in the cloud, aiding in the identification and optimization of high-cost operations.
Tracks the total runtime of an instance or service, aiding in identifying underutilized resources for cost reduction.
Reserved Instance (RI) Coverage
Compares reserved instances to total instances in use, optimizing cost efficiency by balancing reserved and on- demand instances.
Cost By Service
Analyzes the cost of each cloud service being used. Monitoring this metric allows you to pinpoint the high-cost services and optimize their usage.
Cost By Resource Tag
Breaks down costs by resource tags, improving cost allocation and monitoring across an organization based on project, team, or cost center.
Compares actual cloud costs with budgeted amounts to ensure budget compliance, promoting cost performance and transparency.
Cost Per User
Calculates the average cost per user of a cloud service. This metric helps in understanding the efficiency of a service and can be used to drive cost optimization efforts.
Quantifies idle or unused resources, such as unattached volumes, unused Elastic IPs, or oversized instances. Identifying and eliminating waste can result in significant cost savings.
Frequently Asked Questions
What are the key components of cloud cost optimization metrics?
How does right-sizing instances contribute to cloud cost optimization?
What role do discounts and reservations play in cloud cost optimization?
How can cost allocation tags help with cloud cost optimization?
How does monitoring and reporting contribute to cloud cost optimization?
How we write these articles
We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly. See our Editorial Guidelines.