Management of Reserved Instances and Savings Plans on AWS (Part 2)

As a company aiming to optimize cloud computing costs of its customers. Spotinst recognizes the challenges of the Management of Reserved Instances and Savings Plans on AWS.

Spotinst Eco is an autonomous service for the management of reserved instances and Saving Plan. It helps consumers to extract the maximum savings from the various options of reservation of instances. It ensures high coverage for On-Demand workloads with a focus on ensuring availability associated with maximum savings.

Spotinst Eco is fully automated and requires no action from the user’s point of view. But how does that work then?

1/ Analysis Reserved Instances on AWS

Initially, the Spotinst Eco performs a careful analysis of the portfolio of reserved instances present in the user’s AWS account. The only permission required for this preliminary step is the visualization of the usage reports and costs of the reserved instances. Based on these reports the Spotinst Eco presents the user with a Dashboard illustrating the combination of current usage and wasted savings potential. It takes into account the under-utilized instances and with this it is able to make a forecast of the potential savings achievable with the Spotinst ECO.

After the initial analysis, the Spotinst Eco allows/requests the configuration of parameters that guide the composition of the portfolio of reserved instances. By ensuring that the set of reserved instances is well defined from the outset. The Spotinst ECO can guarantee maximum future savings within what has been pre established. This, however, will not prevent Spotinst ECO to maximise the potential of any reserve framework of instances of a portfolio. Below you can see two possibilities of strategies for instances reservations according to the commitment deadlines:

2/ Spotinst Eco Analysis Model

Spotinst Eco will guide consumers with recommendations and cost optimization strategies based on the specific needs of each customer. Taking into account only two decisions. The extent of the commitment and the minimum amount of commitment.

Once these parameters are established, and the strategy is approved by the customer, SpotinstEco will begin the stage of implementing the purchase and sale plan. 

At this point, the ECO will manage autonomously the reserved instances of the consumer. 

By identifying price trends and anomalies. Eco will start selling the surplus instances reserved to eliminate waste and, when buying new RIs, it will look for the best offers available in the marketplace to achieve the maximum savings possible. All this always taking into account the guarantee of availability and what has been pre-determined by the user.  

2/ Dashboard of the Use and Manage Reserved Instances

 When the execution step is enabled, the ECO gives the user the view of the actual economy executed. This dashboard will give visibility to the reserved instances present in the user’s account, as well as the savings and commitment made. 

Spotinst Eco aims to ensure that economies grow over time, while commitment is dramatically reduced. Reducing commitment time means saying that workloads are no longer tied to long-term reserves.  

With a simple setup and continuous management, the SpotinstECO offers the user peace of mind and free time to allocate efforts on other tasks and resources. By autonomously maintaining the management of the reserved instances, ECO frees developers to perform other activities. 

Learn how Autonomous Management Reserved Instances and Savings Plans works. Attend a Spotinst ECO demonstration with our expert! Schedule a time with our technical team.

To read more about the Challenges of RI and Savings Plans, read Part 1 here