The savviest cloud users in today’s complex AWS ecosystem know that they can save money by running workloads on Reserved Instances or RIs. This is a purchasing model that gives you a discounted hourly rate and reserved capacity, in exchange for you committing to a certain amount of compute usage upfront. RIs are a great model for increasing flexibility and saving money, but must be managed so you can ensure utilization and eliminate waste.
CloudCheckr provides a complete solution for managing and optimizing RIs. It not only tells you what you have by tracking Reserved Instance inventory and cost savings, but also empowers you to take action by highlighting savings opportunities with actionable recommendations while also providing automated RI modifications and rebalancing.
Here is a closer look at 5 Reserved Instance capabilities in the CloudCheckr platform:
1. Track inventory and purchases of RIs
CloudCheckr keeps track of your RI inventory across the entire lifecycle of your reserved instances. CloudCheckr provides complete visibility of your AWS EC2, RDS, ElastiCache, Redshift and DynamoDB RIs purchased and keeps tabs on all active and unused instances across your AWS environment. With CloudCheckr, you can predict monthly hours, reoccurring costs and months to break even so you can reallocate your RIs as desired. CloudCheckr also alerts you to impending expiries to ensure that you are not caught running on-demand by accident.
2. Track cost savings of RIs
CloudCheckr proactively provides a cost comparison across your RI purchases to provide actionable intelligence around your reserved instance costs. It automatically tracks total savings over a 1-year and 3-year timeframe while managing your current month’s savings. In addition, CloudCheckr keeps a historical record of your RI savings with a comprehensive set of details including the month of purchase, sizing, type, tenancy, region and hours used to help demonstrate total savings (and justify future purchases) to all stakeholders.
3. Recommend reserved instance purchases
Based on utilization and cost insights, CloudCheckr makes purchasing recommendations to help optimize your RI spend and save money by using only what you need. CloudCheckr makes it simple & easy to confidently make purchases based on the right pricing model, the right size, at the right time. The CloudCheckr reporting provides predicted ROI, breakeven, total term costs, and more to simplify your RI purchasing decisions.
4. Automatic rebalancing of reserved instances
CloudCheckr can reallocate your reserved instances by resizing them and/or modifying them programmatically using the AWS API. When CloudCheckr determines that an RI should be resized or modified, it proactively will make that recommendation via email. You can then review the recommendation and then click “Fix” for CloudCheckr to make the adjustment. If you’d rather, you can enable CloudCheckr to automatically make the adjustment and notify you after completion.
5. Ensure pricing benefits of RIs for specific projects or owners
AWS automatically distributes RIs across all eligible instances in a consolidated account. Although this generates the greatest savings, it also makes it difficult for users to accurately track RI usage across individual project owners. It also distorts the costs associated with applications and projects as they may purchase an RI and then have a neighboring business unit receive the pricing advantage. CloudCheckr solves this problem with the ability to assign and tag RIs and then automatically re-rate the AWS invoice to accurately reflect the assignment. This ensures that, in a consolidated account, the user who purchased the RI receives the pricing benefit associated with the RI.