Cloud Cost optimization is a crucial aspect of managing workloads on Oracle Cloud Infrastructure (OCI). The goal of Oracle Cloud cost optimization is to reduce the cost of running applications and services on the cloud while still meeting performance and availability requirements. In this blog post, we will cover five technical steps for effective OCI cost management.
Resource Sizing
One of the key cost optimization strategies is to properly size compute, storage, and network resources to match the requirements of your workloads. When resources are overprovisioned, it leads to unused or underutilized resources, which result in wasted spend. On the other hand, if resources are undersized, performance and availability may be impacted. Therefore, it is important to properly size resources to ensure they meet the demands of your workloads.
Cost-Effective Purchasing Options
OCI offers several purchasing options that allow you to reduce costs. For example, the Reserved Instance (RI) model allows you to reserve compute resources for a one- or three-year term, resulting in significant cost savings compared to On-Demand instances. Another cost-effective option is the Bring Your Own License (BYOL) model, which allows you to use existing software licenses in the cloud, reducing the cost of running software on OCI.
Automated OCI Cost Management
OCI provides a Cost Management and Billing service that automates cost management tasks, allowing you to better control and monitor costs. With this service, you can set up alerts for when spending exceeds a specified threshold, receive cost reports, and analyze cost and usage trends to help identify opportunities for Oracle cloud cost optimization.
Utilize Free Services
OCI offers several services that are free, such as the Object Storage service and the Load Balancer service. By taking advantage of these free services, you can reduce costs and improve the overall efficiency of your infrastructure. The Object Storage service, for example, provides low-cost, scalable, and durable object storage that can be used for a variety of use cases, such as storing backups, data archives, and media files.
Right-Sizing and Scheduling
Right-sizing compute instances based on utilization patterns is another key aspect of Oracle cloud cost optimization.
Concluding – Cloud Cost Optimization
Cloud cost optimization is a critical aspect of managing workloads on OCI. By following the five technical steps outlined in this blog post, you can effectively manage costs and reduce spending, while still meeting performance and availability requirements. Whether you are just starting out on OCI or are already running applications and services in the cloud, implementing cloud cost optimization is crucial.