Using software and applications is essential to most businesses today. However, it’s crucial that companies that use software are in full compliance when it comes to how they handle and operate those systems. Software asset management is the practice of making sure licensing agreement compliance is met while optimizing the software and service to the best of its ability for your business.

If you fail to comply with software licenses, your business may experience major repercussions, which could include paying legal fees and other penalties. To avoid these kinds of consequences, it’s essential that your business is managing these licenses and ensuring that the company is using any software or applications correctly. One way to do this is by investing in software asset management services. These kinds of services will help you stay on top of the agreements for all of the different types of software that your business uses.

Here are some ways that software asset management services can improve your business:

  • Save money and budget better — Not only do these types of systems manage your licensing agreements, but they can also help determine usage requirements and how much you use or need the software. Doing this can help you save money by only having your business pay for precisely what you need. Additionally, tracking these systems and subscription renewals can help you know how much money you need to budget to maintain and use the software. Want to learn more about how brightfin can help with TEM services?
  • Avoid fines — If you fail to comply with the licensing for software or applications, you may eventually get caught and will pay a fine. These consequences can happen even if you forget to update the license and are still using the system. Vendors can charge for this, and some fees can be exorbitant. Having a system that notifies you when licensing comes due will help you avoid having to waste money on paying fines.
  • Know what you’re paying for — Many business owners purchase software without knowing entirely what the licensing allows them to do. Having a management system can help you make the most of your investment by showing you all the options available with your licensing agreement.
  • Manage security risks — Software asset management services can also help you control what is downloaded and used on your network which can help prevent network breaches, malware, and other viruses from causing issues with your devices. The system will also let you know whether or not the vendor still supports a certain version of the software. If it doesn’t, you will be able to replace it before it becomes a significant security issue.

Managing all the licensing information for the software and applications your business uses can be a daunting and time-consuming task. However, software asset management services can help your businesses maintain control of all of your systems while promoting effective use and saving you money. brightfin delivers IT asset management best practices to support all your IT finance needs,