“Do you know 83% of employees spend half an hour daily to retrieve information about software assets?“
As an IT-focused business leader, it is essential to keep track of your software so that you know exactly what you have, where it is running, and what you require.
From managing finances to engaging with clients, technology is crucial to running your business.
But how often do you audit the software assets that support your business operations? Do you utilize the full potential of your IT stack? Or do you use ineffective tools that cost you time and money?
Whether you are worried about a software audit, involved in contract negotiations with a software vendor, or just want to cut costs on the software you have already implemented, a software asset management platform can prove incredibly useful. It can help your company reduce expenses, promote better vendor relationships, and enable you to successfully install new software into your system with the assurance that it is being handled correctly.
Let’s explore more about software asset management and discover how it can empower your organization to thrive in the digital era.
What is Software Asset Management?
Software Asset Management (SAM) is a strategic approach to managing an organization’s software assets throughout its lifecycle, from procurement and deployment to usage and retirement. It involves systematically managing software licenses, entitlements, and deployments to ensure compliance with licensing agreements, optimize software usage, and achieve cost savings while minimizing legal risks.
Software asset management platform encompasses a range of activities, including software discovery, inventory, and normalization; license tracking and reconciliation; software usage monitoring and reporting; license optimization and procurement; vendor management; and policy enforcement. It enables organizations to gain visibility into their software assets, understands their usage patterns, and make informed decisions about software licensing and procurement.
“In simple words: SAM is an IT practice for managing and optimizing the software applications used within an organization, from request through approval and deployment all the way to retirement, with many processes and management strategies in between.“
SAM requires a combination of people and processes to maximize software investment within an enterprise. Some of the common software asset management solution objectives include the following:
- Reduce costs by maximizing software ROI
- Minimise legal risks by abiding by software license restrictions
- Maintain control of each stage of the software lifecycle, including request, review, approval, procurement, and retirement.
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Significance of Software Asset Management
“Do you know the software asset management market is expected to grow from US$ 2,250.37 million in 2021 to US$ 5,150.51 million by 2028; it is estimated to grow at a CAGR of 12.6% from 2021 to 2028. “
With the rise of software procurement costs, distributed workforces, and the rapid growth of the SaaS industry, software asset management solution has become less of a nice-to-have and more of an essential business component. Also, it is a strategic practice that enables organizations to maximize the value of their software assets and achieve business success in today’s fast-paced and complex technology landscape.
Furthermore, it can aid your organization in decision-making at the right time when it comes to its usage, exit, upgrade, and the like. Some of the other compelling reasons for integrating the software asset management tool into your enterprise asset management system have been listed below:
Cost Optimization
By maximizing software spending, businesses can benefit from cost-saving opportunities. When companies don’t know where their money goes or what software they already own, they frequently end up overspending on software assets. This issue is resolved by software asset management software using appropriate asset-tracking procedures, also known as software asset optimization.
To perform software asset optimization, businesses must perform an asset audit and collect data about the following:
- Software owned by the organization
- Name and information of the software provider
- Quantity of licenses purchased
- Renewal date and contract type
- Stakeholder name and department
The process of comparing the current software requirement (number of users, applications needed) with that of the available licenses and associated license entitlements is known as software asset optimization. Through this approach, firms can eliminate unnecessary software by highlighting overspending instances and underutilized software licenses.
Effective Risk Mitigation
Businesses face a lot of risks, from compliance risks to audit risks, when they don’t know what software they subscribe to. Companies lacking vendor risk management software can monitor and manage risks using their software asset management technology. While software asset management software concentrate on the endpoint security of software assets, both on-premise and cloud SaaS apps, IT service management (ITSM) largely focuses on the risks connected with hardware assets like laptops. Software vendors are already beginning to undertake routine audits to look for violations of license agreements.
A company may have to pay a high price if it finds out it is under-licensed and not adhering to the licensor’s software compliance guidelines. According to a recent Flexera research, more than 24% of respondents paid over $1 million as a result of violations. Software asset management platform’s timely software audits and insightful insights on end-user usage trends help in mitigating such scenarios.
Streamlined IT Operations
Businesses can simplify IT operations with software asset management solution, which lowers the complexity and expense of maintaining software assets. SAM can assist IT teams in focusing on crucial business functions rather than administrative tasks by automating software-related processes.
Software asset management platform can also assist companies in organizing their software environments, which lowers compatibility difficulties and increases productivity. Businesses can lower downtime and boost overall IT efficiency by making sure all software is current and compatible with other programs.
Enhanced Vendor Management
A thorough inventory of your company’s software assets and usage can aid in contract negotiations, lower the chance that you’ll overpay for software, and strengthen relationships with software vendors.
Additionally, software asset management tool can assist companies in identifying and removing vendor lock-ins, allowing them to migrate to different providers if necessary. This can help businesses become less reliant on a single source and give them a stronger hand in negotiations.
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Improved Security and Compliance
Research has shown that 35% of company data is not protected at all, despite requiring strong security.
Software asset management platforms can assist companies in preventing security breaches and the risks that go along with them by assuring compliance with software licensing agreements. Maintaining software updates, patching security holes, and lowering the possibility of malware and other threats are further ways that software asset management tools can assist organizations in maintaining security.
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Software asset management solutions can also assist firms in monitoring software consumption and guaranteeing that only authorized users have access to licensed software. This can assist businesses in preventing software theft and lowering their exposure to monetary and legal penalties.
Better Decision-Making and Planning
Businesses can gain useful information and insights from SAM about the use, cost, and performance of their software. With this information, businesses can purchase, upgrade, and renew software with greater comprehension and get a higher return on their investment.
Software asset management solutions can also assist firms in budgeting for and planning for future software requirements. Businesses may estimate their future software requirements and prevent unforeseen costs by having a thorough grasp of their software inventory and usage.
Improved Life Cycle Management
Software asset management platforms can increase proficiency and effectiveness at all phases of asset life cycle management. It is also the best solution for ensuring configuration management, which is all about maintaining the desired state of your on-premise servers, data centers, and SaaS platforms.
Software asset management tools are also useful for technical and customer support. Internal IT teams can manage tickets and help desk operations without issue since they strongly understand end-user system configuration and usage patterns, especially in on-premise environments. Having all the necessary details about the end user’s system simplifies troubleshooting for the IT team.
Related Blog: Asset Lifecycle: Definition & Key Stages in 2023
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How to Choose the Best-Fit Software Asset Management Tool?
Choosing the best-fit software asset management (SAM) for your organization involves careful consideration of various factors. Here are some key steps to guide you in the selection process:
Define Your SAM Requirements
Start by defining your organization’s software asset management solution requirements. What are your specific goals and objectives for implementing a software asset management tool? What are the key features and functionalities you need to manage your software assets effectively? Consider factors such as license management, software inventory management, compliance tracking, reporting and analytics, integration with other IT systems, scalability, ease of use, and vendor support.
Evaluate SAM Tools in the Market
Research and identify software asset management software that are available in the market. Consider both commercial and open-source options, and evaluate their features, functionalities, and pricing models. Look for a software asset management platform that aligns with your organization’s requirements and provides the necessary capabilities to meet your SAM goals and objectives.
Consider Vendor Reputation and Reliability
Consider the reputation and reliability of the software asset management tool vendor. Look for established vendors with a good track record in the SAM industry. Check for customer reviews, testimonials, and case studies to assess the vendor’s reputation and customer satisfaction. Consider factors such as vendor support, product updates, and the long-term viability of the SAM tool.
Evaluate User-Friendliness and Ease of Use
A user-friendly tool will be easier to implement and use by your SAM team and other stakeholders. Look for software asset management solution with intuitive interfaces, clear workflows, and comprehensive documentation. Consider factors such as ease of installation, configuration, and ongoing management of the SAM tool.
Assess Scalability and Integration
Evaluate whether the software asset management tool can accommodate the size and complexity of your organization’s software assets and future growth. Consider factors such as the number of software licenses that can be managed, support for multiple platforms and vendors, and integration with other IT systems, such as IT asset management, procurement, and service desk tools.
Review Reporting and Analytics Capabilities
Look for a software asset management platform that provides comprehensive and customizable reporting options to track and monitor your software assets. Consider factors such as the availability of pre-built reports, the ability to create custom reports, and integration with popular reporting tools.
Check Compliance and Security Features
It is recommended to choose the software asset management tool that provides features to track and manage software license compliance, monitor software usage, and identify potential risks or vulnerabilities. Consider factors such as license reconciliation, software usage tracking, and security patch management, and data security features.
Evaluate Pricing and Total Cost of Ownership (TCO)
Evaluate the pricing and total cost of ownership (TCO) of the software asset management tool. Consider factors such as license costs, maintenance fees, implementation costs, training costs, and ongoing operational costs. Compare the pricing and TCO of different SAM tools to determine which one offers the best value for your organization.
Request Demos and Proof of Concept (POC)
Request demos and proof of concept (POC) from software asset management solution vendors. This will allow you to evaluate the tool’s capabilities, user-friendliness, and suitability for your organization’s needs. Test the tool with real-world scenarios and assess its performance and functionality in a practical environment.
Involve Stakeholders in the Decision-Making Process
Involve key stakeholders, such as IT, procurement, finance, and legal teams, in the decision-making process. Gather feedback and inputs from all relevant stakeholders to ensure that the chosen SAM tool meets the needs and requirements of the entire organization.
Once you have selected the best-fit software asset management tool, develop a detailed implementation plan, allocate necessary resources, and train your team on how to effectively use the SAM tool. Regularly review and update your SAM strategy to ensure it aligns with your organization’s goals and objectives, and continue to optimize your software assets for maximum value and compliance.
List of Top SAM Tools
It is always advisable to evaluate and select the SAM tool that best meets your organization’s specific needs, requirements, and budget. Conducting thorough research and considering factors such as features, scalability, ease of use, vendor support, and cost-effectiveness can help you make an informed decision.
Let’s look at some of the top software asset management (SAM) tools:
Flexera FlexNet Manager Suite
Flexera FlexNet Manager Suite is a comprehensive software asset management solution offered by Flexera, a leading provider of software management and optimization solutions. It is designed to help organizations effectively manage their software licenses, optimize software usage, and maintain compliance with licensing agreements. It is available in multiple editions to cater to different organizational sizes and requirements, including enterprise, data center, and cloud editions. Furthermore, it offers a wide range of features and capabilities to support effective SAM practices, including:
- License Compliance Management
- Software Discovery and Inventory
- License Optimization
- Vendor-Specific License Management
- Compliance Reporting and Analytics
- Integration and Automation
Snow Inventory
Snow Inventory is designed to provide organizations with a comprehensive view of their software assets and usage, enabling them to optimize software licensing, reduce costs, and maintain compliance with licensing agreements. It is typically used in combination with other products from Snow Software, such as Snow License Manager and Snow Automation Platform, to provide a comprehensive software asset management solution and software licensing optimization solution. It is used by organizations of all sizes, from small and medium-sized businesses (SMBs) to large enterprises, across various industries to gain visibility into their software assets, optimize software usage, and ensure compliance with licensing agreements. Snow Inventory facilitates you with the following:
- Asset Tracking
- Capacity Monitoring
- Software Asset Inventory
- Synchronization Scheduling
- Troubleshooting
- User Activity Monitoring
- License Management
- Multi-OS Support
Microsoft Endpoint Manager
Microsoft Endpoint Manager helps organizations manage and secure their endpoints, including Windows PCs, Macs, iOS and Android devices, and other endpoints, such as servers and IoT devices, from a single management console. It combines mobile device management (MDM), mobile application management (MAM), and endpoint configuration management capabilities in a single solution, providing organizations with a comprehensive set of tools to manage and secure their endpoints, applications, and data. With Microsoft Endpoint Manager, you can:
- Device Management
- Application Management
- Endpoint Configuration Management
- Mobile Content Management
- Security and Compliance
- Reporting and Analytics
- Integration and Automation
ServiceNow Software Asset Management
ServiceNow Software Asset Management (SAM) is a module within the ServiceNow platform that helps organizations manage their software assets throughout their lifecycle, from procurement to retirement. It helps organizations optimize software usage, reduce costs, and minimize the risks associated with software licensing while ensuring compliance with organizational policies and regulatory requirements. ServiceNow SAM provides you with the following:
- Software Asset Inventory
- License Management
- Software Request and Procurement
- Software Usage and Compliance
- Software Asset Reconciliation
- Software Asset Lifecycle Management
BMC Helix Discovery
BMC Helix Discovery is an IT discovery and dependency mapping solution offered by BMC Software, a leading provider of IT service management (ITSM) and digital transformation solutions. It helps organizations gain comprehensive visibility into their IT infrastructure, including hardware, software, and network assets, as well as their dependencies and relationships. Also, it helps organizations make informed decisions for IT service management, IT operations, security, and compliance by providing accurate and up-to-date information about IT assets and their dependencies. BMC Helix Discovery facilitates you with:
- Automated Discovery
- Dependency Mapping
- CMDB Integration
- Software License Compliance
- IT Service Impact Analysis
- Security and Compliance
- Reporting and Analytics
Symantec Asset Management Suite
Symantec Asset Management Suite is a software solution designed to help organizations manage their IT assets efficiently and effectively. It provides comprehensive visibility and control over an organization’s hardware and software assets, allowing IT teams to optimize asset usage, reduce costs, and ensure compliance with software licenses and regulatory requirements. With Symantec Asset Management Suite, you can:
- Ensure software compliance
- Easily prepare for software audits or true-ups
- Contract management
- Avoid penalties and late fees
- Maximize the value of your assets
- Reduce costs by eliminating the purchase of unnecessary software
- Accurately forecast future software needs
DeskCenter Management Suite
DeskCenter Management Suite provides organizations with a comprehensive solution for IT asset management, helping them gain visibility, control, and efficiency in managing their IT assets, optimizing software license usage, ensuring compliance, and streamlining IT operations. It facilitates you with the following:
- IT asset inventory management
- Software license management
- Software deployment and patch management
- IT compliance management
- IT service management (ITSM) integration
- Reporting and analytics
IBM License Metric Tool
IBM License Metric Tool (ILMT) is specifically designed to monitor and report on the usage of IBM software products in virtualized environments, such as IBM’s PowerVM and VMware. The main purpose of ILMT is to assist organizations in maintaining compliance with IBM’s licensing requirements, which often involve complex metrics and usage calculations. By accurately tracking and reporting on software usage, ILMT helps organizations ensure that they are using IBM software products in accordance with the terms and conditions of their software license agreements, avoiding potential licensing violations and associated legal and financial risks. Here are some key features of the IBM License Metric Tool:
- Software usage tracking
- Virtualization management
- License reconciliation
- Reporting and analytics
- Automation and scheduling
- License optimization
License Dashboard
Licence Dashboard is a software asset management platform designed to help businesses monitor, manage, and optimize processes related to the acquisition, licensing, and subscription of software and other virtual assets. The platform allows organizations to see open applications across several platforms and receive notifications of renewals, modifications, or revisions. The modules that are accessible through the Licence Dashboard include Data Navigator, Portal, and Discovery. Enterprises can use the Licence Manager module to manage contracts, import license statements, look up vendor history, and view installed apps, compliance, and active users through a dashboard. It also offers a wide range of other features, such as:
- Data normalization
- Entitlement management
- Availability tracking
- Secure access
- Inventory management
Cherwell Asset Management
The Cherwell Asset Management (CAM) solution is a specialized software asset management tool that keeps track of and combines all the information about your hardware and software inventory, usage, entitlements, and acquisitions. Cherwell Asset Management makes it possible for you to track and manage all of your organization’s IT assets from acquisition through retirement using a single, uncomplicated, user-friendly application by combining, resolving, and reporting on all of your essential IT asset data.
Cherwell Asset Management provides the data and resources you require to:
- Stay compliant with licensing agreements
- Eliminate spending on unused software
- Manage hardware assets
- Track and report on IT assets
- Keep unauthorized applications off the network
USU Software Asset Management
USU software asset management platform monitors all license types and software, including Microsoft, Oracle, SAP, IBM, VMware, Adobe, and AWS, and keeps track of all IT environments, including on-premises and cloud-based environments. The software license management tool conducts robust research to determine precisely how many software licenses you need and to ensure that your licensing is being used legally. With this SAM tool, you can:
- Reduce your licensing costs as much as possible while maximizing your savings
- Calculate your license requirements for servers, virtual servers, and the cloud instantly
- Get accurate data demonstrating how your usage matches your contracts
- Prior audits, get ready to defend your contracts and usage
- Monitor your funds for budget, upkeep, and support charges
- View significant software history and trends to aid in decision-making for your business
IQSonar
IQSonar provides organizations with a comprehensive solution for automated IT asset discovery, inventory management, license compliance, relationship mapping, reporting, and automation. It helps organizations optimize their IT asset management processes, reduce IT costs, and ensure compliance with licensing requirements while providing accurate and up-to-date information about their IT assets. IQSonar facilitates you with the following:
- Automated asset discovery
- Comprehensive asset inventory management
- License management and compliance
- Relationship mapping and dependency analysis
- Reporting and analytics
- Integration and automation
Belarc BelManage
Belarc BelManage is a software asset management tool that helps organizations automate the discovery, tracking, and management of software assets across their IT infrastructure. It provides comprehensive features for managing software licenses, software installations, and usage data, helping organizations optimize their software asset management processes and ensure compliance with licensing requirements. It offers:
- Software license optimization
- Virtual machine dependency mapping
- Server software discovery
- Operational CMDB
- Software Catalog
Zluri
Zluri is a software asset management (SAM) and IT operations management (ITOM) platform that helps organizations automate and optimize their IT asset management and operations processes. Zluri provides a range of features that enable organizations to efficiently manage their software licenses, track software installations, monitor IT assets, and streamline their IT operations. Features of Zluri include:
- Accounting Integration
- Audit Management
- Compliance Management
- Contact Management
- Contract/License Management
- Cost Tracking
- Deadline Management
- Employee Onboarding
ManageEngine
ManageEngine software asset management tool is designed to help organizations efficiently manage their software assets, including software licenses, installations, usage, and compliance. It provides organizations with the necessary tools and features to effectively track and manage their software assets, optimize software usage, and ensure compliance with software licensing agreements. It offers:
- Asset Lifecycle Management
- Asset Tracking
- Audit Management
- Compliance Management
- Compliance Tracking
- Configuration Management
- Contract/License Management
Zylo
Zylo is a SaaS-based software asset management tool created to assist companies in keeping track of all facets of their SaaS footprint, such as licenses, renewals, and usage. The platform gives users access to their entire SaaS inventory, including automatic insights, alerts, analytics, and workflows for license management and optimization, regardless of the source from which each app was purchased. By consolidating duplicate licenses or redundant applications with overlapping functionality, Zylo enables organizations to lower their SaaS spending. The platform reveals annual spending totals as well as accounts payable (AP), expense, and employee expensing spending. Zylo offers:
- Activity Dashboard
- Alerts/Notifications
- Asset Tracking
- Audit Management
- Automated Discovery
- Collaboration Tools
- Compliance Management
- Contract/License Management
Apptio Cloudability
With the help of Apptio Cloudability, businesses of all sizes can monitor, control, and appropriately size their cloud expenditures and become FinOps experts. It gives your teams’ precise insight into cloud expenses so they can save waste, boost productivity, and accelerate the time to market for solutions. Some key features of Apptio Cloudability include:
- Cloud cost visibility
- Cost optimization recommendations
- Budgeting and forecasting
- Showback and chargeback
- Cloud usage and utilization analytics
- Customized dashboards and reporting
- Cloud cost allocation
OpenLM
OpenLM is a licensing management tool that enables organizations to monitor and analyze how software is used within the organization and to enact use policies for licenses. It offers OpenLM cloud, which gives users the ability to keep track of license data for software that is installed on local workstations. It supports thousands of CAD, GIS, CAM, PLM, electronics, and automotive applications in addition to FLEXlm, DSLS, and another 20 license managers.
- License monitoring
- License optimization
- License compliance management
- Vendor license management
- Reporting and analytics
- License usage policies
- Integration and automation
- License auditing & forecasting
LeanIX
LeanIX provides real-time overviews of your IT landscape and business capabilities to transform productivity and accelerate your business transformation. It provides a range of features that enable organizations to effectively document, analyze, and optimize their IT landscape and align it with business goals. Some of the key features of LeanIX include:
- IT inventory and documentation
- Application portfolio management
- Technology portfolio management
- Enterprise architecture modeling
- IT governance and compliance
- Collaboration and communication
- Reporting and analytics
- Integration and automation
Certero for Enterprise SAM
Certero for Enterprise SAM is a powerful software asset management solution designed to help enterprises gain control over their software assets and optimize their software usage. With Certero, businesses can effectively manage software licenses, track usage, ensure compliance, and reduce costs. Furthermore, Certero for Enterprise SAM provides detailed software usage analytics, helping organizations identify cost savings and optimization opportunities. It enables businesses to right-size their software deployments, retire unnecessary applications, and negotiate better licensing agreements based on actual usage data. Here is a list of features for Certero for Enterprise SAM:
- Comprehensive software discovery
- License management
- Usage tracking and analytics
- Automated license reconciliation
- License position reporting
- Cost optimization
- Contract management
- Vendor management
SolarWinds SAM
SolarWinds Software Asset Management (SAM) is a comprehensive solution that helps businesses effectively manage their software assets throughout their lifecycle. It enables organizations to optimize software usage, ensure license compliance, and reduce software costs. The solution helps businesses manage their relationships with software vendors by providing insights into vendor contracts, support agreements, and renewal dates. It helps optimize vendor management and ensure compliance with contract terms. Here is a list of features for SolarWinds software asset management solution:
- Software inventory
- License management
- License compliance
- Software usage monitoring
- Software request and approval workflow
- Vendor and contract management
- Cost optimization
- Reporting and analytics
Ivanti ITAM
Ivanti IT Asset Management (ITAM) is a comprehensive solution that enables businesses to effectively manage their IT assets throughout their lifecycle. It helps organizations optimize asset utilization, ensure compliance, and streamline IT operations. The solution empowers companies to gain control over their IT assets, optimize costs, ensure compliance, and simplify IT operations. It helps organizations make data-driven decisions, improve service delivery, and align IT asset management with business goals. Here are the key features of Ivanti IT Asset Management (ITAM):
- Asset discovery and inventory
- Asset lifecycle management
- License management and compliance
- Cost optimization
- Contract management
- IT service management integration
- Reporting and analytics
- Software usage monitoring
Whether you’re looking for a software asset management solution that provides you with software usage data or if you are looking to tie up with a SAM-managed services provider to get assistance in the optimization process, we can help you out. Contact us today!
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