The first step in migrating workloads to the cloud is to determine the business value. Businesses that migrate to the cloud are focused on cost optimization, increased productivity, greater business resilience, and better security. Do you know that many organizations struggle with managing cloud costs after a migration? You read that right! According to the Flexera State of the Cloud Report, organizations wasted 30% of their cloud spending in 2020. Cloud teams failed to accurately track how cloud resources were being used by different teams within the organization such as marketing and HR. Organizations around the world were not taking advantage of the savings programs offered by cloud service providers, in addition to the cloud spend that was wasted. According to the State of Cloud Report, only 44% of AWS customers used the AWS Savings Plan for 2021. AWS cost optimization is a top priority for cloud teams, as cloud costs are increasing in organizations.
This article will explain the role of the AWS Solutions Architect in cost optimization. It will also explain how cloud costs can spiral out of control. We will also walk you through the AWS Cost Optimization Pillar. This is one of six pillars in the AWS Well-Architected Framework. AWS Solutions Architects will also be shown how they can receive the training required to improve AWS cost management for businesses.
AWS Solutions Architects are better equipped to work towards AWS Cost Optimization. Learn how to pass the AWS Certified Solutions Architect – Associate exam.
AWS Cost Optimization – Challenges and Opportunities
AWS Cost Optimization is a continuous process of removing unutilized resources, identifying savings opportunities on cloud investment, planning the spending so that the organization receives the best value from cloud resources. To optimize the cost of resources, the cloud team must monitor their performance and price to make sure they are optimized. Organizations can save significant amounts of money on computing power and resources through savings programs. The cloud team can improve the technology’s agility by redirecting resources to areas that are most needed. When choosing the resources to support a workload, organizations can follow best practices as recommended by cloud experts. It is also an important part of cost optimization. This ensures that the organization achieves its goals through cloud computing. However, there are some challenges in implementing procedures and practices. AWS cost optimization challenges include the following:

Low visibility of cloud cost: This is a common problem in large enterprises, where teams don’t fully understand the pricing of the resources that they create. The lack of visibility in cost visibility can be caused by many factors. One reason could be the lack permission to review the billing section. Cloud resources will be more efficient when organizations are encouraged not to worry about cost.
Cloud gives different teams the ability to innovate faster, but they lack accountability. However, this cloud power gives each team the ability to create and use new cloud resources. This makes accountability crucial. The rising cloud costs must be held accountable by organizations. Teams must be able to identify the cost and use various tools and techniques to optimize it. Each team must share responsibility.
Lack of Knowledge of Tools and Best Practices:Architecting the AWS cloud infrastructure to optimize cost can make a big difference. AWS experts have gathered their knowledge in the AWS well-architected tool. The cost optimization pillar is one of the six pillars in the Well-Architected Framework. Solutions Architects need to know how to use the best practices to reduce AWS cloud prices.
It can be difficult to forecast cloud costs. Cloud teams may have difficulty forecasting cloud costs. It can be difficult to predict the cloud resource requirements for complex apps that are running on the cloud. Cloud teams might be surprised at the operating costs of different services when they are used for different applications.

AWS Cost Optimization Best Practices – Use the Well-Architected Framework
The AWS architecture plays an important role in the performance, security and cost of cloud workloads. AWS cloud experts have developed the best practices for architecting cloud infrastructure. They have extensive experience helping global enterprises build it. It is known as the AWS Well-Architected Framework. It is a guide that can be used to help you understand the AWS Well-Architected Framework.