According to RightScale, about 7% from the gross cloud expenditure is wasted on unused storage volumes and snapshots. AWS has a variety of data storage options that lets the customer switch among different tiers of storage according to their requirements. Understanding your performance profile for individual workloads should be your first step in understanding your data storage needs. This requires you to analyze the input and output operations per second (IOPS) in full details, along with throughput, and other variables.  

The 3 umbrella categories of storage service that AWS provides are object, block, and file storage. Each of these categories has been specially designed to meet the needs of a different storage requirement. This is to give the user more flexibility in solution finding the best fit their business needs.  

Keeping an architecture in the right price range while keeping the functionality intact is a continuous process requiring great diligence. You should try to optimize your storage every month to make the most out of the expenditure. It is essential you monitor your storage closely using AWS cost and reporting tools.   

Choosing the most cost-efficient, appropriate, and evaluating of changes in storage use and needs are vital steps in the process of storage optimization. You can also streamline the workflow by formulating a monthly schedule for the task.