re you missing out on cost savings – one of the upsides of deploying software asset management? Despite a voluminous rise in assets, most IT leaders are still considering capitalizing on Software Asset Management. Of course, firms are exposed to several challenges such as rising costs, regulatory requirements, and intensifying competition for operational excellence. Consequently, if you are neglecting SAM as an approach, you are wrong. So, for many global organizations, Software Asset Management is an untapped opportunity to enhance competitiveness and mitigate risks. 

But sadly, only a handful of firms can create value by reducing long-term costs in legacy areas while simultaneously improving digital capabilities. Fortunately, to help you out, the Asset Management tool comes to the rescue. 

How Software Asset Management tool makes sense for your business? 

Are you yet to find out your Software Asset Management (SAM) maturity level? Indeed, you need to familiarize yourself with the SAM efforts to keep up with the growing complexities of technologies and licensing agreements. That is to say, the lifecycles of your IT assets, their underutilization and overutilization can eat up almost a quarter of your IT budget. 

Basically, lack of knowledge about license quantities can put your business processes at risk. Hence, if you invest in a good software asset management program, not only do you limit the risks but also reduce the costs associated with software ownership and application.   

Get smart on savings by unlocking Software Asset Management efficiency  

Did you know that unused enterprise software accounts for 38% of total technology waste? Indeed, this amounts to billions of dollars every year! For this reason, CIOs and asset managers today are increasingly turning to software asset management practices that can free up financial resources and curb cyber risks. Additionally, with the SAM approach, you can reduce your audit concerns thereby optimizing software asset activities and avoid related costs. Essentially, enterprise licenses aren’t cheap and better-managed asset management software can potentially save millions of dollars. 

How Asset Management Software tool saves on costs  

 With this in mind, why not take note on 5 significant ways of savings on Total cost of Ownership (TCO) by implementing a SAM platform.

software asset management

1. Save labor costs by centralizing assets 

Since the asset management software tool acts as a fully managed database by housing all the asset information in one place, it equips you with user accessibility. In fact, this single technology system can manage all asset types virtually, thereby automating critical asset management workflows. Apart from controlling operational assets, improved accessibility enables you to standardize operational processes and retrieve the data much faster. Another compelling advantage is that you can lower your administrative costs of critical assets to a great extent. Also, the SAM platform can cut down on labor costs by eliminating wasted time between tasks.     

2. Increase operational efficiency 

SAM program optimizes your enterprise infrastructure and maximizes operations through real-time data capture using specific analysis tools. Such high-level insights into business performance facilitate decision making via appropriate analysis tools. Whether office, warehouse, or storage you can streamline your business operations through data tracking and anticipate asset needs if any. 

3. Avoid penalties and fees

Essentially, a properly implemented SAM software can save you from fines due to non-compliance and unlicensed software in use. So, by pinpointing ownership of noncompliant software instances, the SAM tool offers the most accurate way of staying compliant and minimize risks. 

4. Insight into IT cost structure 

 SAM program provides you comprehensive visibility and clear insights about the number of licenses granted, their costing across teams and strategizing management processes based on the analysis. So now, your IT team will have the insight into who is having a license and who not. Henceforth, you can make informed IT asset procurement decisions most cost-effectively. 

5. No support costs for unused software 

Well, now you can avoid hefty penalty fees as you gain centralized license visibility across different user types and access requirements. So, while IT teams won’t have to spend time reviewing licenses, you can establish a tighter grip around software costs.   

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