{"id":12147,"date":"2022-11-04T01:01:33","date_gmt":"2022-11-04T06:01:33","guid":{"rendered":"https:\/\/flevy.com\/blog\/?p=12147"},"modified":"2022-11-03T08:50:59","modified_gmt":"2022-11-03T13:50:59","slug":"how-software-asset-management-drives-digital-transformation","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/how-software-asset-management-drives-digital-transformation\/","title":{"rendered":"How Software Asset Management Drives Digital Transformation"},"content":{"rendered":"

\"\"An integral part of your company\u2019s digital transformation is the software library. If poorly managed, it can be challenging to keep up with new technologies that improve compliance and automation of processes to ensure optimal performance.<\/p>\n

Your software library consists of critical drivers of your day-to-day operations, including various programming codes, procedures, scripts, and data. With business growth, you may need to increase functionality using more advanced software than you already have.<\/p>\n

In such situations, software asset management enables a developer to improve your library without additional coding.<\/p>\n

What Is Software Asset Management?<\/strong><\/h2>\n

Software asset management (SAM) refers to the processes that enable effective management, regulation, and protection of all your software assets throughout their validity period, also known as a lifecycle.<\/p>\n

Meanwhile, it\u2019s best to thoroughly review your software licenses before deploying them. They should also be constantly examined until their expiration date or until your organization decides to retire them.<\/p>\n

Software asset management allows your company to monitor the performance of your software licenses at every point of its lifecycle. Additionally, this enables you to identify software solutions that no longer serve your business. Through SAM, it\u2019s possible to give a new lease of life to software holding your business back.<\/p>\n

If you\u2019re in New York, you can learn more about improving your software asset management from reliable firms providing IT services in Manhattan<\/a> like Power Consulting. These companies offer technology solutions, including software asset tracking and management services, enabling effective management and maximum utilization of your software.<\/p>\n

The Software Asset Lifecycle Management<\/strong><\/h2>\n

Every business depends on the optimal functioning of its asset categories during the asset\u2019s life stages. Below are the five typical phases in the lifecycle management of most software assets:<\/p>\n

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  1. Planning<\/strong>: During strategic planning<\/a>, it\u2019ll help to compare the need for requested software against your business priorities and determine whether it\u2019s a good fit. You can also focus on finances and establish a budget while evaluating the software\u2019s value to your processes and revenues.<\/li>\n<\/ol>\n
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    1. Acquisition\/Procurement<\/strong>: This is the phase when you compare different offers for the software license and purchase it within your budget allocation.<\/li>\n<\/ol>\n
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      1. Deployment<\/strong>: During this phase, you integrate the software into your operations and make it available to your end users. You also facilitate training if necessary to improve the performance of your end users.<\/li>\n<\/ol>\n
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        1. Maintenance<\/strong>: Your software assets are actively used during this stage, which is the most prolonged phase of all assets. There\u2019s an increased need for upgrades, audits, and license monitoring.<\/li>\n<\/ol>\n

          Over time, software users will experience challenges. Hence, maintenance work becomes increasingly necessary. During this phase, it\u2019ll help to have a professional support team to keep your software updated. This can minimize downtime, improve efficiency, and even increase life expectancy.<\/p>\n

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          1. Retirement<\/strong>: At the end of an asset\u2019s useful life, some notable concerns include decreased performance and rising maintenance costs. At this point, you may retire the software that no longer addresses your company\u2019s needs.<\/li>\n<\/ol>\n

            The Benefits of SAM in Digital Transformation<\/strong><\/h2>\n

            \"\"It\u2019s not unusual for businesses to realize their software library consists of unnecessary, rarely used, or poorly installed software licenses that were also acquired at exorbitant amounts. SAM prevents acquisition and overspending on software licenses and contracts that serve your business.<\/p>\n

            Unfortunately, most businesses only consider SAM when such reality strikes or when there\u2019s an impending audit. Here are the various ways SAM benefits your company\u2019s digital transformation process:<\/p>\n