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Benefits of Using Asset Management Practices

Like physical assets for any business, software assets also require management. Another similarity is that poor management of such assets can cost you significantly and can expose you to risks. Software asset management saves you from problems that can land you in trouble.

Software Asset Management (SAM) is the process of buying, renewing, and ensuring fair usage, transfer, and disposal of software. The whole process aims at incorporating better security and controlling software overspending. Major businesses around the world including BPO services providers like Telvista are opting for a SAM policy to enforce better data security and optimize spending on software products.

Software Asset Management helps you in the following ways:

Budgeting and Planning

A business with different working departments can have varied needs for software applications. For example, you can consider a creative design and marketing agency. Such agencies have different departments like digital marketing (SEO, SEM, and SMM), content creators, graphic designers, videographers, and sales. All these departments have distinct software needs.

Digital marketing may need SEO tools and applications for paid campaigns. Similarly, the content team may need editing and proofreading tools for their work. Also, the designers and videographers will require designing and editing software. Lastly, the sales team may need a CRM.

All these tools are either monthly subscriptions or one-time purchases and they require budget and planning. The software expense of major businesses can rack up to thousands of dollars. So, prior budgeting and planning are usually important whether you are a marketing agency or any other business. Effective SAM can streamline the process of planning and setting aside a budget.

Procurement and Installation

After the budgeting and planning for the software needs on a personal, department, and company level, the SAM proceeds toward procurement. Procurement from trusted and verified sources is a part of IT support’s responsibilities. Generally, the staff reports their software requirements to the IT support department and they schedule the purchase and installation. Also, checking the system requirements to run an application is a part of the process. Based on the software needs, upgrades or allotment of higher-specced devices are planned.

The process also includes the installation of devices and testing for any problems. After making satisfactory changes and ensuring the software is working properly, it is handed to the team members.

Contract and Renewals

Often software products are more expensive on new signups than renewals. Also, abrupt discontinuance of an application can affects the productivity of a person or the whole department. Therefore, managed and planned renewals are important for any business.

The Software Asset Management (SAM) department is responsible for contract renewals of all such programs. These practices save the companies from being overcharged and any losses in productivity because of software problems.

Ensuring Fair Usage

A lot of software applications give employers and organizations control of their software inventory. There are inbuilt features of the software or company-assigned workstations that can report the usage of a company property that violates company policies. Ensuring fair usage and setting any restrictions, if necessary, are also included in the responsibilities of SAM.

Sometimes the software companies have their fair usage policies set from their sides. The Software Asset Management department makes such regulations from a software company followed by your organization.

Upgrades for Enhancing Software Security

Software companies often roll out security updates. These updates can add new functionalities and cover the shortcomings of the previous software versions. Generally, the updates fill the gaps wherever the developers intend to fill from different aspects.

Whether these updates are set to auto-update on the devices or have to be installed separately, these are the tasks of SAM or IT support. Even if they auto-update for security that only requires a click, your SAM team may have to send reminder notifications.

Timely updates and installation from credible and trusted sources cover many aspects of software security. Also, the implementation of the fair usage policy keeps the working environment secure to the fullest.

Software Credentials and User Management

Some applications allow multiple users and the facility to scale the number of users by adding in your company’s subscription. Also, when a user leaves, there are options for reducing the number of users from your plan. The software asset management team takes care of such aspects to save a company from being overcharged.

With single-user software, when a device is changed or the role of a user is switched, managing the licenses and credentials is again the responsibility of SAM.

So, this is how software asset management help save companies on cost and security and streamlines the processes.

Software Asset Management covers many processes in managing a company’s software inventory. Check out this blog to see how it works.

Conclusion

If you take the four steps mentioned in this blog, your company can better retain employees. Also, you may see a drop in the number of resignations. So, do consider adding them to your company’s policies.

Jason Lofgren
Jason Lofgren
Hi, I'm Jason Lofgren. Throughout the years, I've written about gadgets, video games, and parenting for publications such as 1UP; Laptop; Parenting; Sync; Wise Bread; Business and Health Related Topics. As PCMag's Managing Editor, I bring those skill sets to bear on our Tech, Parenting and Health section.
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