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Implement and enforce a tagging strategy. When resources are commissioned, tag them appropriately and connect them to a specific program or business unit. This will provide a basic accounting of resource utilization by business unit, application and individuals using those services. It also establishes a foundation for implementing a charge-back program, which is critical to long-term ROI.
Set up thresholds and alerts. Working with the business, set up thresholds for use of a particular app or cloud resource — for example, expected usage at $10,000 a month. If a department goes over budget, it triggers an alert that can be investigated to determine whether the extra cost is legitimate —to accommodate increased sales transactions, for example — or tied to a miscue with decommissioning.
Appoint an optimization team. Create a small team (think center of excellence) focused on cloud cost optimization. Its role is to look for opportunities to optimize architecture across the entire business, to determine when and where assets run, and to decide if prepaying for assets or investing in auto-scaling is the most cost-effective strategy.