A 5 Step Guide to Effective Software Asset Management

Software Asset Management

An effective software asset management is critical to any organization’s success, be it a small company or a large multinational organization. Asset management is controlling, processing, and protecting the software assets of your organization during the entire lifespan of your software. Even the smallest of companies have thousands of software installed in their system. Keeping an accurate inventory of all of them is extremely difficult that can be quite a multi-level process. An effective software management needs a regular and efficient inventory of all the software, their license keys, other significant electronic files, and much more.

How to manage your company’s software asset effectively?

Managing your software efficiently and productively is crucial. Here are some of the ways to help you manage all the software in your company.


1.Assemble all your license agreements– Collating all the licensing agreements, proof of purchase, and various invoices are vital and the first step towards an effective software asset management. When you have hundreds of software being used every day, keeping all the license deals in one format, in an organized way, becomes crucial.

Take inventory of all the licensing documents that your company owns. Keep the physical licenses with hard copy documentation, safely and securely. The electronic files should also be stored in such a way that it is easily accessible when needed but is also safe and secure. Ascertain the current position of all the licensing documents, as some might have expired or need upgradations.

2.Audit– Once you have accumulated the final list of all the software that is being used by the company, perform a full audit. This audit helps you gain knowledge of which software has been installed on company computers and what is the unit of installation per device. You can choose between manual software audit or you can use an asset management software, depending on the size of your company.


3.Accord the software with their licenses– The audit data you gained needs to be organized and arranged. Perform a licensing analysis to separate the licensing documentations of the software that are currently being used and the software that have expired and are no longer needed. Identifying inappropriate and security-risk software is another critical step to an effective software management process. Match all the essential software with their respective licenses and create a report.


4.Remediation plan– Creating an effective remediation plan for the software that is over-licensed or under-licensed is the next process to an effective software management. Keep in mind, you would face a penalty if your software is found under-licensed and the penalty might be much greater than the original licensing cost could have ever been.


5.Form an ongoing management plan– Keeping track of your company’s asset software is an ongoing process and should be reviewed regularly. Create an inventory database and keep track of software accountability.

An effective software asset management will protect your company from any legal liability that they might face because of insufficient license management. Therefore, ensure your company’s protection with efficient asset management software!


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