What are the common challenges of cloud cost optimization, and how can they be addressed?

The common challenges of cloud cost optimization include cloud sprawl, resource overprovisioning, unused resources, complex pricing models, and lack of visibility and control over spending. They can be addressed by implementing cost management strategies and best practices, such as cloud cost monitoring and governance, resource tagging and allocation, rightsizing and scaling, reserved instances and savings plans, and continuous optimization and automation, to optimize cloud spending, control costs, and maximize ROI in cloud deployments.