Software License Management

Software License Management — What It Is And Why It Matters

Did you know that proper software license management can bring a total transformation to your company? IT teams perform many tasks in managing and monitoring the use of resources to enhance business data security and maximize revenues. One of the essential roles these professionals perform is overseeing the lifecycle of critical software investment licenses.

Over the years, using technology to manage software licenses effectively has become necessary as firms continue to change investments from hardware to software. Several years ago, much of the discussion on IT asset management focused on physical assets like terminals and vehicles. However, the presence of software in almost all industries has made good software management a priority for IT teams.

Below, we detail everything you should know about good software license management and why it matters.

What is Software License Management?

Software licensing is the process of monitoring the services and tools your company uses and how many of those tools are available. Managing software licenses manually can be easy for an individual small business or entrepreneur, but most businesses need access to modern technology to support them. After all, firms have hundreds of software licenses that need to be updated. With software license management, you can monitor your investments, usage, and when to renew your investment in the service.

Also, organizations use software licensing tools to control the number of individual client licenses and the types of services those licenses grant access to. When used correctly, this technology helps businesses run smoothly, improves asset management, and aids businesses avoid software license violations. If a software vendor eventually finds out that they were not following the rules they have licensed their technology, they could pay hefty fines.

Why Does Software License Management Matter?

Software licensing (SLM) is an essential part of efficient IT asset management. Having the right technology is critical to monitoring investments, enhancing cybersecurity, and facilitating the goodwill of the IT ecosystem.

A software license management solution can help firms manage their costs more efficiently, avoiding problems such as oversupply and often the purchase of unused licenses. Besides, you can use software license management technology to secure trusted compliance and auditing. It will help you protect yourself from abuse allegations if a software provider claims you are misusing the system.

Software license management can even make companies more secure and agile. You can find out where your company will need to update and improve certain software investments. Also, you keep track of outdated software versions that can give your business hotspots for outside criminals.

Correct SLM implementation can help ensure that your software is protected, up-to-date, and prepared for the challenges your business faces. You can save money by figuring out where to eliminate underutilized services.

How Can You Practice Successful Software License Management?

With the importance of SLM in mind, the next thing is to know how you can practice it successfully. To execute proper software license management;

Standardize and Document the Acquisition Process

It’s paramount to understand how business units purchase software licenses. Be sure to define standard processes and rules for obtaining licenses and standard processes for keeping the license certificates.

Organize and clean up the license inventory

Form a central license repository (if you don’t have a repository yet) and move all software license and maintenance agreements into inventory. Create an administrative team of responsible people and process systems to find license information and documents quickly.

Also, you will need to know your license metrics to measure the certification you need. Appoint a responsible person to be in charge of the licensing inventory.

List Your Software

Now, use the search and inventory tools to check what software runs in your environment. Standardize software names to ensure you can license them.

Take an inventory of all your systems, including the open-source ones. When listing software, you can easily ignore items installed on systems that are not connected or actively running, and so make sure that tools for finding out the software are running on all systems so you don’t miss a thing. You need to include the open-source systems because even if your operating system doesn’t require a paid license, it can still use software that requires one.

Configure Software Usage

Find out when the software title is used and how it is running, configured, and displayed. You will be amazed at what you have and how it is used.

Establish the Number of Licenses Needed to Use the Software

After listing your system and saving your usage information, review your license inventory, ensuring your licenses cover all software installations and usages.

Professional tip: Use product licenses to obtain the maximum value of your licenses and reduce costs.

Keep Your Software and License Repositories Up-To-Date 

It’s where detective tasks come in. Find the license models that best suit your IT environment and software usage. Be sure to track usage and maintain compliance. During this time, you will be actively updating:

• Software titles that track users download new software, update software or move to the cloud.
• Use of software and data in an IT environment.
• License warehouse tracks contract achievements and records new buys and license changes, such as downgrades or upgrades.

Practise Efficient License Management

Good SLM process results and information transparency enhance the efficient use of licenses. Now, you can see where you are at the lower or upper limit of the license.

With this information, you can redistribute available licenses as you need them, save costs on new licenses, and reduce inspection risk. And remember not to forget about maintenance.

If you are not using the license, you should cancel your service agreement. When contracts are renewed, use your SLM experience to negotiate better deals for your company.

Final Thoughts on Software License Management

Software is the top interface that allows computer system users to access the various resources they require when working. Also, it allows business leaders to measure their IT investments’ value and adjust accordingly for better delivery.

The software represents the vision and objectives of the IT and business decision-makers and managers that meet the realities of partners, customers, and users.

By following the software licensing practices, you can quickly adapt to market demands, maximize business revenue and maintain compliance to ensure your assets and your company’s reputation are protected.

Wondering how to get about software license management? Don’t hesitate to contact us for professional help.