Software Asset Management Lifecycle

Software Asset Management Lifecycle

Have you ever wondered how much money you spend on unused or underutilized software licenses? Or how much risk the business is exposed to by not having a clear understanding of your software assets? It is time to learn about software asset management (SAM) life cycle.

In this article, we will discuss everything you need to know about the software asset management lifecycle, the benefits of implementing software asset management, and how to do it correctly. We’ll also highlight some of the challenges that organizations face when implementing software asset management and how you can prevent them.

So whether you’re just starting to learn about software asset management or you’re looking for ways to improve your organization’s software usage program, this article is for you.

Are you tired of the hassle of manually tracking your software licenses? 

Are you looking for a reliable software management solution to monitor your software assets? Do you want simplicity and excellence without breaking the bank? Cubes is the perfect solution to your needs! It is an affordable software license management solution that’s easy to use and packed with premium features to make the management process completely smooth, uncomplicated, and stress-free.

With Cubes you can easily manage your software licenses, track usage, expiration dates, and compliance with ease. Cubes also provide alerts and notifications to keep you up-to-date on your licenses.

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Here are just a few of the benefits of choosing Cubes:

  • Affordable: Cubes is a cost-effective solution that won’t break the bank.
  • Packed with features: Cubes includes a wide range of features, including centralized management, reliable alerts, and notifications, as well as automated reporting to help you manage your software licenses with ease.
  • Easy to use: Cubes is easy to use and can be set up in minutes.
  • Scalable: Cubes is scalable and can grow with your organization.
  • Secure: Cubes is protected by a secure framework to ensure your data is protected at all times.

Request a demo today to learn more about how Cubes can help you easily manage your software licenses.

What is Software Asset Management (SAM)?

SAM is the process of strategically overseeing and optimizing software assets from the moment of their acquisition to their eventual retirement. It involves comprehensive planning, utilization monitoring, and efficient license management. By maintaining an intelligent repository of software file information, SAM empowers organizations to deploy software, track inventory, and effectively manage licenses, all while mitigating legal risks and unnecessary costs.

It also includes managing software licenses, hardware asset management, software usage, software vendors, and asset management lifecycle stages.

Why is Software Asset Management Critical?

SAM facilitates effective management of software, deployments, and updates, improving operational efficiency across the board. It will empower your business to stay in control of its software resources and make informed decisions about new software acquisitions.

Some of the most important reasons why software asset management is critical for organizations include:

  • Risk mitigation: Good asset management strategy helps to mitigate the risk of security breaches and data loss. With good service management, your organization can reduce its risk of exposure to malware and other threats by tracking software assets and ensuring that they are properly patched and updated.
  • Compliance: Software license agreement often have strict requirements that must be met in order to remain compliant. However, a good SAM system helps track software assets and ensure that they are in compliance with licensing agreements.
  • Cost savings: SAM can help organizations save money by identifying and eliminating unused or underutilized software licenses. It can also help organizations to negotiate better software licensing terms with software vendors.
  • Improved efficiency: SAM can help organizations to improve the efficiency of their IT operations. By ensuring that software assets are properly utilized, organizations can reduce the amount of time and money that they spend on IT support.

The Phases of Software Asset Management Lifecycle

The Software Asset Management Lifecycle (SAM) is a framework that helps you to identify and manage the key phases of your software assets. By understanding these phases, you can improve the efficiency and cost-effectiveness of your software asset management program.

1. Identifying the Need for the Software and Planning

This phase is critical as it lays the foundation for effective SAM processes.  It involves conducting internal audits and assessing the current software usage to identify the software that is needed, the number of licenses that are required, and the software’s intended use.

2. Acquiring Software Assets

Once the planning is complete, you can proceed with acquiring the necessary software licenses. This may involve negotiating with software vendors, understanding license entitlements, and ensuring compliance with licensing agreements. 

You may then proceed to purchase software licenses, lease the required software, or go for open-source software. Whatever the case, It is important to ensure that the software is deployed correctly and that end users are trained on how to use it effectively.

3. Utilizing Software Assets

After the acquisition, it’s time to put the software assets to work. This phase encompasses deploying software across relevant systems, training end-users for efficient utilization, and tracking license usage to avoid any non-compliance issues.

4. Maintaining and Monitoring the Software Assets

Softwares are not static; they require constant maintenance, updates, and patches to function optimally. Therefore once you have begun using the new software licenses, it becomes necessary for you to implement regular monitoring of software performance, installing updates as soon as they are available, and managing licenses so as to avoid any disruptions to your business operations.

5. Retire or Decommission the Software Assets

This is the last stage of the software asset management lifecycle. The time will definitely come when you must retire or decommission software that is no longer useful. This, of course, is done after assessing the usefulness of the software. It may involve uninstalling the software, deleting the software files, and returning the software licenses to the vendor.

Challenges of Software Asset Management

  • It may be daunting: Managing numerous software assets can be overwhelming without an efficient SAM system in place.  
  • Complex licensing agreements: Understanding and managing diverse license agreements can be a daunting task, leading to potential legal risks.
  • Tracking installed software: You may often struggle to keep track of all the software installed across your systems, leading to potential compliance issues.
  • Optimizing utilization: Underutilized software licenses can lead to unnecessary costs, impacting an organization’s budget.
  • Vendor management: Dealing with various software vendors can be time-consuming and challenging, affecting negotiation outcomes.
  • Compliance and audits: Ensuring compliance with license agreements and undergoing software audits can be resource-intensive and stressful.
  • Cost management: The total cost of software ownership can escalate if not managed properly, affecting the organization’s budget.

Solution

However, with a great software asset management system like Cubes, everything will be done seamlessly. The automated processes and centralized management makes software asset management a breeze. You enjoy automated audits, in-app license renewals, and more. Get a demo today to get started.

Benefits of Choosing a Good Software Asset Management Solution

Once you have chosen the right software asset management solution, you go on to enjoy a range of advantages and peace of mind to know that your licenses are secured, effectively managed, and protected from compliance issues. Here is a closer look at the benefits to expect:

  • Efficiency and cost savings: Optimizing software usage and managing licenses effectively lead to significant cost savings. It will also improve overall business operations.
  • Improved Productivity: Proper use of software resources can improve employee productivity. By making informed decisions about software acquisitions based on usage data and needs, businesses can ensure that their employees have the tools they need to be successful.
  • Risk control: Ensuring compliance and proper license management reduces legal and financial risks.
  • Enhanced Security: Regular updates and patch installations strengthen system security.
  • Better vendor relationships: Effective vendor management leads to favorable negotiation outcomes.
  • Transparency and Planning: SAM helps organizations align their software resources with their goals. This ensures that they are using the right software for the right tasks and that they are not wasting money on unused licenses.

Software Asset Management Best Practices

  • Choose the right SAM tools and solutions: There are a number of SAM tools and solutions on the market, so it’s important to choose the right ones for your needs. Consider your specific needs and requirements when making your decision. 
  • Implement a centralized SAM system to manage all software assets efficiently. Establish a single repository or platform that acts as the heart of your SAM system.
  • Use automated tools to keep track of software requests as well as all installed software and licenses. Leverage cutting-edge software asset management tools that automate mundane tasks like license tracking, renewal reminders, and audits.
  • Regularly monitor software usage to ensure compliance with license agreements. By tracking software usage, you can quickly identify areas where you might be over- or under-licensed. You can then take steps to optimize your license usage and ensure compliance.
  • Provide adequate training to end-users to maximize software utilization. It is also where you regularly conduct internal audits.

Following these best practices will allow you to improve your software asset management and achieve your SAM goals.

So are you ready to start?

Signup Now on Cubes to Start Managing Your Software Licenses with Ease

Are you tired of manually tracking your software licenses? Do you want to save money and improve compliance? If so, then you need to check out Cubes, the leading software license management solution.

Cubes make it easy to manage your software licenses in one place. You can track license usage, expiration dates, and compliance with ease. Cubes also provide alerts and notifications to keep you up-to-date on your licenses.

With Cubes, you can:

  • Identify underutilized licenses and optimize software usage.
  • Track software licenses in real-time.
  • Manage all software licenses from a centralized location.
  • Receive alerts and notifications about potential underutilization and expiring licenses.
  • Generate automated reports on license usage, allocation, and compliance.

Request a demo to learn more about how Cubes can help you manage your software licenses with ease.

Frequently Asked Questions

Q: Is software asset management the same as IT asset management?

A: No. While software asset management (SAM)  focuses specifically on managing software licenses and usage, IT asset management (ITAM)  covers a broader range of IT assets, including hardware and software.

Q: How will asset lifecycle management benefit my business organization? 

A: A good asset management system leads to cost savings, risk mitigation, increased efficiency, improved productivity, better decision-making, enhanced security, transparent software usage, vendor relationship improvements, and strategic planning.

Q: Why is Cubes the best tool for SAM? 

A: Cubes is the best tool for SAM due to its ease of use, comprehensive features covering all aspects of SAM, real-time updates on software usage and compliance, customizable reports for better decision-making, and excellent customer support.

Final Thoughts

Quality software asset management solution is a critical requirement for business organizations of all sizes. By implementing an efficient SAM program, you can avoid certain risks, improve compliance, save money, and improve efficiency.

For easy and reliable management of your software licenses, choose Cubes. With Cubes, you can fully track your software licenses, monitor usage, renew subscriptions, ensure compliance, and perform audits with only a few clicks. It is easy to use and can help you save money on your software costs. 

Why not get started with a demo right now? Contact Cubes today to discuss your specific needs: +1 800 342 9388

Difference between ASM and SAM

The Difference Between AMS (Asset Management Software) and SAM (Software Asset Management)?

Asset management software, is a tool designed to help businesses and organizations track and manage their physical and digital assets throughout their lifecycle. These assets can include tangible items such as computers, office equipment, machinery, vehicles, and furniture, as well as intangible assets like software licenses, patents, and warranties.

The primary functions of Asset Management Software typically include:

Asset tracking:

The software allows users to create a centralized database of all assets, including relevant information such as serial numbers, purchase dates, warranty details, and location. This tracking capability ensures that assets can be easily located and identified.

Asset lifecycle management:

It helps manage assets from acquisition to disposal. Users can track asset depreciation, maintenance schedules, and assess when an asset is due for replacement or retirement.

Maintenance scheduling:

The software enables users to schedule and track maintenance tasks for assets. Regular maintenance can extend an asset’s lifespan, prevent breakdowns, and reduce downtime.

Procurement management:

It assists in the procurement process by providing insights into which assets are needed, their costs, and supplier information.

Risk and compliance management:

Asset management software can aid in ensuring that assets adhere to regulatory and compliance requirements, especially for industries with specific guidelines.

Reporting and analytics:

It generates reports and provides analytics to offer insights into asset utilization, depreciation, maintenance costs, and other crucial metrics for making informed decisions.

Integration and automation:

Many asset management systems integrate with other business software like accounting, ERP, or CMMS (Computerized Maintenance Management System) to streamline processes and reduce manual data entry.

Overall, asset management software (AMS) plays a vital role in optimizing asset utilization, reducing downtime, controlling costs, and improving operational efficiency for businesses and organizations of all sizes.

What is Software Asset Management (SAM)?

Software Asset Management, or SAM, refers to the comprehensive process of strategically managing an organization’s software assets throughout their entire lifecycle. This involves acquiring, deploying, tracking, maintaining, and disposing of software licenses efficiently. The primary goal of SAM is to ensure that an organization’s software assets are optimized, compliant with licensing agreements, and aligned with business needs.

Key Components of SAM:

Reporting and Analytics:

SAM generates valuable reports and analytics, offering insights into software usage, license compliance, cost optimization, and future planning.

Inventory and Discovery:

The first step in SAM involves creating an accurate and up-to-date inventory of all software assets across the organization. This includes installed applications, licenses, versions, and related hardware.

License Management:

SAM entails tracking software licenses and ensuring compliance with vendor agreements. By carefully monitoring license usage, organizations can avoid unnecessary costs, potential legal issues, and penalties.

Software Usage Monitoring:

SAM tools enable organizations to monitor how employees use software applications. This data helps identify underused or unused licenses and provides insights to optimize license allocation.

Contract Management:

SAM involves maintaining a centralized repository of all software-related contracts and agreements. This allows organizations to keep track of renewal dates, terms, and conditions, reducing the risk of non-compliance.

Security and Patch Management:

Keeping software up-to-date with the latest security patches is crucial for protecting against potential vulnerabilities and cyber threats. SAM plays a vital role in ensuring timely updates and maintenance.

Difference between AMS and SAM:

Asset Management System (AMS) and Software Asset Management (SAM) are often used interchangeably, leading to confusion. However, they are distinct concepts with different focuses:

Scope of Assets Managed:

AMS covers a broader range of assets, including physical assets such as hardware, equipment, and furniture. It extends beyond software to encompass the management of tangible and intangible assets in an organization.

On the other hand, SAM is specifically dedicated to managing software assets, including applications, licenses, and related documentation.

Complexity and Granularity:

AMS tends to be more complex and diverse since it handles various asset types, each with its unique attributes, lifecycles, and tracking methods.

SAM, while focused on software assets, dives deeper into complexities such as license compliance, version control, usage monitoring, and vendor-specific requirements.

Regulatory Compliance:

Both AMS and SAM involve compliance management, but SAM places a particular emphasis on software licensing agreements, which can have legal implications if not properly managed.

Software Asset Management (SAM) plays a critical role in helping organizations effectively manage their software assets. It ensures optimal usage, compliance, and cost-efficiency, while reducing the risks associated with software audits and non-compliance penalties. While similar in some aspects, Asset Management System (AMS) and SAM are not synonymous. AMS handles a broader range of physical and intangible assets, whereas SAM is dedicated solely to the management of software assets. Understanding the differences between these two concepts is essential for organizations seeking to implement robust asset management practices and achieve operational excellence in today’s digital era.

Cubes software license manager logo

Tangent has created a software asset management solution named Cubes.

A software asset management solution, or SAM, focuses strictly on managing digital software. SAM solutions are essential for organizations to assist in reducing spending, efficiently keep track of subscriptions, and easily capture software spending and utilization.

10 Reasons to Use a Software Asset Management (SAM) solution:

  • Comprehensive Asset Tracking: An effective SAM solution should offer robust asset tracking capabilities, allowing you to keep track of software assets throughout their lifecycle. This includes details like license information, versions, installations, and usage.
  • License Compliance and Optimization: A good SAM solution helps you maintain compliance with software licenses and ensures you are using software within the terms of your agreements. It can also help optimize license usage to minimize costs and avoid unnecessary purchases.
  • Cost Savings: By identifying underutilized licenses or software, a SAM solution can help you optimize your software spending and avoid unnecessary renewals or purchases.
  • Risk Mitigation: SAM solutions aid in identifying and mitigating potential security risks by ensuring all software is up-to-date with security patches and updates, reducing the chances of vulnerabilities.
  • Automation and Efficiency: SAM software streamlines manual processes, automates routine tasks like license renewals, and provides real-time insights through dashboards and reports, saving time and effort for IT teams.
  • Centralized Management: A good SAM solution offers centralized visibility and control over software assets, making it easier to manage licenses, updates, and compliance across the organization.
  • Integration Capabilities: Integration with other IT management systems like ITSM (IT Service Management) tools or CMDB (Configuration Management Database) allows for a more cohesive IT environment.
  • Scalability: The SAM solution should be scalable to accommodate the growing needs of your organization as it expands.
  • Vendor and Contract Management: Effective SAM solutions can help track vendor information, software contracts, and renewal dates, ensuring that you stay on top of license agreements.
  • Audit Preparation: When facing software audits from software vendors, a SAM solution can provide accurate and up-to-date data, simplifying the audit process and minimizing compliance risks.

Before selecting any SAM solution, it is essential to conduct thorough research, evaluate different options, and consider the specific needs and size of your organization.

We are happy to help you determine if Cubes is right for you, give us a call!: +1 800 342 9388

software license management

License Management Software for Effective Software Asset Management

Software asset management (SAM) is a critical practice for businesses of all sizes. It involves managing and optimizing software assets to ensure compliance, reduce costs, and enhance operational efficiency. However, manual license tracking and compliance can be complex and time-consuming, leading to significant challenges for organizations. This is where license management software comes into play, providing a comprehensive solution to automate and streamline the license management process. In this blog, we will explore the importance of license management software and its benefits in achieving effective software asset management.

Challenges of Manual License Tracking and Compliance: Managing software licenses manually poses several challenges. It requires constant monitoring of licenses, spreadsheets, and documentation, making it prone to human error and inefficiency. Tracking license usage, maintaining compliance, and responding to audits become overwhelming tasks that divert valuable resources from core business operations. Organizations often struggle to accurately account for licenses, leading to overspending on unnecessary licenses or facing penalties for non-compliance.

Automating License Tracking and Management: License management software offers a robust solution to automate and streamline license tracking and management processes. By centralizing license data, it provides real-time visibility into license usage, entitlements, and compliance status. It eliminates manual data entry and spreadsheet management, reducing the risk of errors and increasing operational efficiency. License management software integrates with various software systems and automatically captures license usage data, simplifying the process of monitoring license allocations and ensuring compliance.

Benefits of Using License Management Software:

  1. Cost Savings: License management software enables organizations to optimize their license usage, identifying underutilized licenses and reallocating them where needed. By avoiding unnecessary license purchases and maximizing license utilization, businesses can achieve significant cost savings.
  2. License Optimization: With license management software, organizations gain insights into license usage patterns, enabling them to make informed decisions regarding license procurement and renewal. By identifying opportunities for consolidation or adopting more cost-effective licensing models, businesses can optimize their license investments.
  3. Compliance Assurance: License management software automates compliance monitoring and reporting, ensuring organizations stay in adherence to license agreements and regulatory requirements. It provides alerts and notifications for license expirations, enabling proactive action to avoid compliance risks and penalties.
  4. Reduced Risk of Audits: License management software provides accurate and up-to-date license records, making audits smoother and less time-consuming. It eliminates the anxiety of audits by providing comprehensive license reports, usage histories, and compliance documentation.

Key Features to Look for in License Management Software: When selecting license management software, consider the following key features:

  • License tracking and monitoring
  • Centralized license repository
  • License usage analysis and optimization
  • Reporting and analytics capabilities
  • Contract management and renewal tracking
  • Compliance management and notifications
  • Integration with existing systems, such as software inventory tools and IT service management platforms.

License management software plays a pivotal role in effective software asset management.

By automating license tracking, optimizing license usage, ensuring compliance, and reducing audit risks, it helps organizations save costs, increase operational efficiency, and maintain software license compliance. As businesses strive to streamline their operations and maximize their investments, implementing robust license management software becomes an essential step towards achieving comprehensive software asset management.

Visit: Cubes to learn about our license management software.

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Why License Management Tools Are Essential

Having a fully effective Software Asset Management (SAM) program is essential for all organizations, whether big or small. However, one of the biggest challenges is making SAM a priority, placing license management at the bottom of an organization’s “to-do” list.

To help you better understand why your organization needs a license management tool, we’ve outlined the reasons why having one is essential.

Centralized License Management

The foundation of a good SAM program is keeping your software license information up-to-date. Doing so in a comprehensive license management platform allows you to manage, keep track of, and report on your licenses easily and efficiently.

Without a comprehensive license management tool, managing licenses can easily become a tedious, manual process that’s prone to error. Most organizations use a number of spreadsheets across different departments to manage or track their licenses. These can often be lead to inaccuracies and make it difficult to summarize into a report.

With Tangent’s License Manager, CUBES, gone are the days of stitching together multiple spreadsheets across different departments. You can upload all of your spreadsheets into CUBES in less than a minute and be on your way to start organizing, managing, and reporting on all licenses.

Budget-Friendly

An important aspect of every organization is managing its budget. Surprisingly, many do not keep track of software license spend. It can be easy to purchase too many licenses and ending up with some that are unused, and expiration penalties can add up and be costly.

License management tools can help eliminate overspend, purchasing the wrong licenses, or not purchasing enough. Knowing the exact cost and amount of licenses purchased can help organizations adhere to software budgets.

With CUBES, organizations can effectively and automatically manage their software licenses and subscriptions from purchase to renewal and beyond. Its easy-to-use interface enables users to easily manage license records on a frequent basis. CUBES is an essential tool for organizations looking to hone their license management process.

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