Google Cloud Cost Optimization

• Discover the cloud infrastructure that fits your organization as the cloud resources and services can be provisioned in just a few clicks or API (Application Programming Interfaces) calls, it is easy to quickly lose track of what is deployed. GCP cost optimization brings cost-effective solutions to  keep up the ongoing business operations without exceeding the maximum amount. 
• Accessing and prioritizing the saving opportunities by mapping your cloud infrastructure footprint can leave you with an overwhelming amount of information. In order to identify the best places to decrease costs, it is vital to balance the potential savings with GCP cost optimization services against the complexity and resources required to realize those savings.  
• Take certain steps to reduce costs in the future with one-time cost reductions that save money by ensuring that cloud infrastructure costs are kept under control in the future as well. 

2: Strategies for optimizing storage usage and reducing costs 

• Limit the members who can access the stored data. Some shrinkage cannot be stopped, and it is necessary to keep it to a minimum.  
• Standard storage, Nearline Storage, Cold line Storage, and Archive Storage are the four storage classes offered by Google Cloud Storage, with progressively reduced storage fees but greater retrieval costs. 
• The price of storage you pay in a given period is determined by the storage class assigned to your bucket at the time. Using lifecycle policies, you may designate certain items or buckets and set an automatic rule to remove or change storage classes, lowering your data’s continuing storage costs. 
• Optimize storage tiers for long-term storage that’s less expensive in terms of continuing storage charges. You can also find minimal data storage durations, so you may not be able to erase data if it is no longer needed. 

3: Methods for minimizing network egress charges

• Design for flexibility with GCP cost optimization services to maintain cloud-attached storage with with low-latency and high-throughput connections allows your teams to utilize advanced data analytics, AI, and deep learning from multiple clouds at the same time without having to move your data around. 
• Include both the cost of storage and potential egress fees in your calculations. Data egress fees can vary considerably depending on the type of cloud you choose. Utilize GCP cost optimization model from Google cloud managed services for the best comparable solutions with less expensive options. 
• Always sync your data while using both on-premises and cloud providers is key to timely insights.  It is also important to be careful with the replication. 

4: Techniques for managing and optimizing GCP databases 

• Use memory store to support your caching database layer as memory store completely compatible with open source caching databases without making application-level changes in your code. 
• Modernize your database with a planned database strategy in the system design process, whether you’re designing a new application in the cloud or you’re migrating an existing database to the cloud.   
• GCP cloud cost optimization services provide managed database options for open source databases such as Cloud SQL for MySQL and Cloud SQL for PostgreSQL.   
• Verify your team’s database migration skill set by choosing GCP cloud database-migration approach based on your team’s database migration capabilities and skill sets. Use Google Cloud managed service provider to find a partner to support you throughout your migration journey. 

5: Ways to use automation to reduce cloud costs 

• Implement DevOps automation to enhance speed by delivering minimally viable solutions.  
• Respond faster to priority changes using automation for the cloud operations with GCP cost optimization model in Google cloud services. 
• Speed up and improve decision-making 
• Establish test-driven development and continuous testing 
• Automate test data management and service virtualization 
• Analyze and optimize cloud consumption costs by optimizing cost with google cloud storage 

Explanation of GCP’s budgeting and forecasting tools: Planning, budgeting, and forecasting tools of GCP are typically used for determining and mapping out the business’s financial goals. 

Planning tool of GCP cost optimization service provides a framework for a business’ financial objectives

Budgeting tool explains in detail how the plan will be carried out every month and uncovers items such as revenue, expenses, potential cash flow, and debt reduction.  

Forecasting tool of GCP cloud cost optimization takes historical data and current market conditions and predicts the revenue of an organization that can expect to bring in over the next few months or years.