Optimizing Cloud Strategies: A Cloudonomics Perspective on Cost, Value, and Efficiency
Purpose: Cloud computing is a fundamental part of the IT industry, providing scalability, adaptability, and cost-efficiency. However, managing cloud expenses remains a significant challenge for organizations. This paper explores strategies for reducing costs, focusing on the balance between expenditure, value, and performance from a cloudonomics standpoint. Design/Methodology/Approach: We examine key optimization methods, including pricing structures, resource distribution strategies, and graph-based techniques, supported by real-world examples from industry leaders such as Amazon Prime Video, Pinterest, and financial institutions. Additionally, we discuss the role of emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) in boosting cloud efficiency. Findings: The paper concludes by identifying future research opportunities, emphasizing the potential of automated monitoring, advanced resource management, and eco-friendly cloud computing practices. Practical Implications: This analysis establishes the foundation for the organizations that want to manage cloud costs efficiently and maximize the return of investments. In order to maintain these ideal cost-performance ratios as cloud services continue to advance, enterprises will also need to create flexible strategies that can react to shifting market conditions. Originality value: Directly or indirectly, AI and its technologies could become game-changers for cloud efficiency, cost savings, and performance.