This is How we achieve a 33% reduction in cloud cost for an SMB fintech business
Background: The company developing a system for the real estate industry.
The company main services were: EC2, R53, Elastic Kubernetes Service, Elasticache
We started their cost opt. when the daily cost was around $42.
In February the daily cost was reduced to $28, a 33% decrease in the monthly bill which means a higher revenue every month.
These are the main methods we used for this account. Obviously, for each account and application, there are different methods that we apply, depending on the customer's needs.
EC2 Rightsizing - We did downsize to EC2 instances with a low CPU utilization, and a low use of memory (Requires shutdown of the instances).
EC2 Generation Upgrade - We updated the generation type to a newer version with better performance and lower energy consumption (for example- from t2 to t3).
Compute Saving Plan - Since the company is still considering changing the instances type and considering changing the current region, we choose the compute SP which is the most flexible.
ElastiCache - ElastiCache is a fully managed, Redis- and Memcached-compatible service delivering real-time, cost-optimized performance for modern applications. After a thorough check, it turned out that the elasticate was not needed so we deleted it.