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LSCOST02-BP01 Implement a strategic approach to AWS credit program utilization - Life Sciences Lens
Implementation guidance

LSCOST02-BP01 Implement a strategic approach to AWS credit program utilization

Maximize financial benefits by systematically tracking, allocating, and using available AWS credits. Credits assist to support innovation, migration, and strategic technology initiatives. This practice fosters cross-organizational visibility and efficient resource utilization.

Desired outcome: A comprehensive AWS credit optimization program that maximizes financial value through strategic credit allocation, proactive governance, and cross-organizational visibility. This results in accelerated innovation initiatives, reduced overall cloud costs, and enhanced return on AWS investments while blocking credit expiration and waste.

Level of risk exposed if this best practice is not established: Low

Implementation guidance

Develop a comprehensive strategy for AWS credit utilization that encompasses identification, management, and optimization of the available credit programs. This involves establishing centralized governance with clear accountability, creating transparent processes for credit allocation and sharing across teams, and maintaining proactive engagement with AWS to maximize program benefits.

Success requires balancing strategic priorities with tactical performance. Verify that credits support both immediate cost optimization needs and long-term innovation goals while maintaining visibility through effective tracking and reporting mechanisms.

Implementation steps

  1. Audit existing credits:

    1. Document the current AWS credits across your organization, including types, amounts, expiration dates, and utilization rates.

    2. Identify unused credits and immediate optimization opportunities.

  2. Establish credit governance:

    1. Designate a credit management team and create centralized tracking using AWS Cost Explorer.

    2. Set up automated alerts for expiration dates and implement standardized allocation policies.

  3. Deploy allocation framework:

    1. Create criteria for credit requests based on business impact and innovation potential.

    2. Implement tagging strategies and cross-departmental sharing processes to maximize utilization.

  4. Monitor and optimize:

    1. Set up real-time tracking with AWS Cost and Usage Reports and regular review cycles.

    2. Create dashboards for stakeholders and establish key performance indicators (KPIs) to measure credit utilization efficiency.