Effective management of Snowflake credit costs is crucial for businesses using this cloud-based data platform. The key strategies include optimizing data storage with compression, partitioning and clustering data, archiving and purging old data, and efficient data loading and transformation. Businesses should also leverage Snowflake's built-in cost management tools and continuously monitor credit consumption to forecast costs and identify potential inefficiencies. Acceldata's Data Observability Platform further enhances these efforts by providing real-time insights into data performance and cost management, ensuring efficient use of Snowflake resources.