June 16, 2024

How to Get Started With Software Asset Management

Software plays an integral role in business operations. It helps streamline processes, cut costs and boost efficiency levels.

Furthermore, it helps reduce the likelihood of data privacy breaches and compliance violations.

Passing audits isn’t enough; companies must adopt an integrated asset management strategy to maximize the capital value of their software licenses.

1. Identify the Need

When it comes to software, there are a variety of reasons why you may want to invest in a software asset management program. A reliable software asset management system can save time, money and mitigate risks.

Small to mid-size companies usually keep an inventory of their software in an Excel spreadsheet. While these lists can be helpful for keeping track of what you have and where it is located, they cannot provide real-time monitoring of licenses or usage statistics.

If you have a lot of on-premise or cloud software licenses and find it hard to keep track of them, it could be time for an alternative approach in managing them.

Utilizing a dedicated SAM team can help you avoid compliance failure and lower your vulnerability to cyber attacks. They keep track of licenses you use, how much you have paid for them, and whether they are unused. With their assistance, you will be in better control of your IT assets.

2. Create a Plan

A Software Asset Management (SAM) plan is an effective way to reduce compliance risks and lower expenses. Additionally, it assists organizations in understanding EULAs and their use.

To get your SAM plan up and running, the first step is creating an inventory system. This could include creating a centralized database where all license agreements, hardware assets and information is stored.

A comprehensive and user-friendly inventory is a crucial aspect of any successful SAM program.

Another essential aspect of SAM is creating guidelines that all employees must abide by when purchasing software. This helps prevent shadow IT and serves as an alert system when a new license is acquired.

Software asset management solutions like G2 Track can keep up with the newest software updates, alert you when renewals are due, monitor software spend, identify shadow IT and duplicate licenses – and much more! Try our free demo today to start saving money and time right away.

3. Implementation

Today’s business world recognizes the value of software. No matter if you’re in retail, agriculture, healthcare or construction – software is essential for your business to remain successful.

Accurate and up-to-date data on all your software assets is essential for optimizing efficiency and cost management. Furthermore, having this insight helps you remain compliant while reducing audit risks.

Due to rising software procurement costs, distributed workforces and increasing vendor audits, organizations are now considering implementing Software Asset Management (SAM). It has moved from being a nice-to-have to an essential element of any business’ overall strategy.

SAM is a complex and multi-layered process that requires commitment from stakeholders to see it through to completion. That is why it is essential to involve them early in the planning phase, identify goals and policies, and use performance monitoring as an assurance measure of compliance.

4. Monitoring

SAM, part of IT asset management, helps organizations optimize software throughout their lifecycle. It can be applied for various functions depending on an organization’s IT infrastructure, software portfolio, business objectives and user base.

A SAM process begins with the discovery and monitoring of installed software across an IT infrastructure. This can be accomplished through various methods such as counting installations or using other license consumption data.

Once the discovery phase is over, SAM managers can begin examining usage and licensing patterns. This will give them valuable insights that will enable them to maximize software investments.

SAM tools not only optimize software investments, but they also enable organizations to remain compliant with their software license agreements. Doing so reduces the likelihood of audits and non-compliance penalties as well.