solution to minimize the compute costs of the azure virtual machines

https://docs.microsoft.com/en-us/azure/virtual-machines/windows/hybrid-use-benefit-licensing

https://azure.microsoft.com/en-us/pricing/reserved-vm-instances/

What is hybrid-use-benefit-licensing ?

For customers with software assurance, azure hybrid benefit for windows server allows you to use your on-premises windows server licenses and run windows virtual machines on azure at a reduced cost. You can use azure hybrid benefit for windows server to deploy new virtual machines with windows OS.

What is Azure reserved instances ?

With Azure Reserved VM instances ( RIs ) you reserve virtual machines in advance and save upto 80 percent.