Early numbers on software spendings tell us that in 2024, companies worldwide will allocate 12.7% more than what they spent in 2023 on software licences – reaching over $1.02 trillion. What does that mean for tens of thousands of organisations around the world that rely on software to maintain their day-to-day operations? It means that in 2024, businesses can’t afford not managing their software assets and licences effectively. There can’t be any space for noncompliance, mishaps, and human errors – as we have witnessed big corporations facing over $10M penalties due to the mismanagement of their software licences.
Software Licensing Management Can’t Start Without a Thorough Inventory
What’s not in inventory can’t be tracked or managed. Start by taking stock of all the software licenses within your organisation. Create a comprehensive inventory that includes details such as license types, usage metrics, and expiration dates. This step lays the groundwork for informed decision-making and prevents the risk of overlicensing or falling out of compliance.
Invest in a Software License Management Tool
Invest in a centralised software license management tool to streamline the tracking and monitoring of software licenses. This not only enhances visibility into your organisation's software landscape but also facilitates prompt identification of any non-compliance issues. Centralisation unifies the management process, allowing you to efficiently allocate software licenses and resources as needed. Especially for mid to big-scale businesses, this is a crucial element of the process.
The bigger your organisation grows, the more people and licences there are to track & manage. Handling this process manually would be a huge loss of time and effort.
If scalability and flexibility is important to you, consider transitioning to cloud-based licensing models. They offer easier and more modern tracking and management of software licences.
It’s All About People – Educate Your Staff
Success in Software Asset Management relies on the seamless integration of three critical elements: people, processes, and technology, each playing a pivotal role in ensuring efficient and effective management of software assets.
Educate your team members on the importance of adhering to software licensing policies. Promote awareness of compliance requirements and provide training to help employees understand the implications of non-compliance. Answer their questions thoroughly to leave no space for errors. A well-informed workforce is an essential part in maintaining a culture of compliance within the organisation.
Use Technology to Your Benefit - Implement Automated Tools
Imagine that you are responsible for keeping track of how 5,000 employees in your organisation are using software licences – do they have access to the licences they need for their departments, or, do they use licences according to the terms and conditions? What about the licences allocated to employees that have left the company? Now, imagine doing all of these manually. What a hassle!
With what technology enables today, there is no need for manual management of licences. Leverage a software licence management tool to automate the monitoring and management of your software licenses. A powerful tool should track usage, manage renewals, and create reports with minimal manual intervention. This way, your IT team will focus on more strategic work, ultimately contributing to higher productivity and cost savings.
Be Proactive in Doing Software License Compliance Checks
Regularly audit your software assets to ensure that the compliance is in place. This way you can identify any risks before they become costly problems. Compliance checks also enable your organisation to optimise license usage, and will eliminate unnecessary spendings or surprise penalties. By implementing these strategies, your organisation can position itself for long-term success in software licence management, and always stay on top of their cost-saving initiatives. To wrap up – our best advice is to stay proactive and invest in modern solutions. Navigating success in IT asset management is not just a compliance necessity but also a key component of cybersecurity and growth strategy.