One embodiment provides a method, including: generating, for each of a plurality of storage volumes, an actual used storage capacity model and identifying a potential storage capacity savings using the actual used capacity model, wherein each of the plurality of storage volumes has been identified as a candidate for migration to a thin provisioned volume; generating, for each of the plurality of storage volumes, an input/output profile model and identifying a potential change in performance of an application accessing the storage volume using the input/output profile model; generating, for each of the plurality of storage volumes, a growth profile and identifying a potential change in capacity using the growth profile; and determining, using an optimization algorithm, a subset of the plurality of storage volumes to be migrated to thin provisioned volumes based upon the volume capacity model, the performance model, and the volume growth profile.