Software Asset Management (SAM) effectively manages, controls, and protects software assets (those on-premises or in the cloud) throughout all stages of their lifecycle.
Benefits of Software Asset Management
1. Helps in cost saving
ServiceNow software asset management benefits users by saving extra costs. Digital twin technology is very helpful for finding the list of all the missing items and replacing them with their required destination. The saved money can be invested later to meet urgent business requirements.
2. Makes a competitive edge
ServiceNow SAM identifies the potential assets that can help us to enjoy a competitive edge in the market. Implementing such assets and their related strategies helps attract the target audience and improve profits.
3. Helps in implementing a strategy
Lack of strategy results in a loss for an average retailer functioning in the market. ServiceNow software asset management helps achieve mutual business benefits in the company after analysis and discussion with all the required businesspeople. Investing in such software also helps prevent these problems' future arrival.
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4. Helps in ensuring the security
Data theft is one of the major problems in the international market nowadays. A cloud-based asset management system helps protect data from theft and ensures its protection.
5. Automates onboarding and offboarding of employees
ServiceNow software asset management helps in the smooth onboarding and offboarding of employees. That means, as soon as an employee joins an organisation, he will be productive.
6. Helps in audit simplification
Software use often requires audits to ensure compliance with laws, regulations, contracts and licensing agreements. An unforeseen audit causes an organisation to lose money in addition to damaging the organisation's reputation and its goods and services. ServiceNow SAM also helps a company achieve compliance through routine management and interaction with software vendors.
7. Helps in software lifecycle management
Buying software is a big e-investment, and most companies design IT strategies to optimise this investment. Implementing SAM software means that the organisation can see into the lifecycle of each license, from its initial procurement to its use, up-gradation, renewals, and so on.
Tracking a software's lifecycle also enables us to find unused licenses, re-distribute them for better utilisation, and avoid surplus purchases on licenses. A reliable SAM software will ensure that software inventory is all-encompassing and always accurate.
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Software Asset Management lifecycle
The software asset management lifecycle can be divided into four stages. These stages are-
It is very important to identify the need for the existing asset in the market and its evaluation. The management system is responsible for understanding the existing data analysis and trends. This first stage of a software asset life cycle is important for all stakeholders, from financial teams to operators. A business must decide whether to buy an asset based on how well it will serve its needs, contribute to operations, and generate money.
The next step involves purchasing the asset after its proper identification. This ensures that the asset has been properly analysed and identified for business operations. It also ensures that assets meet the financial needs of an organisation. After the item is purchased and put into use, it may be monitored using an asset management system for the duration of its complete life cycle.
Most modern-day management systems include effective asset-tracking solutions such as GPS tracking, RFID, and barcode labelling.
3. Operation and Maintenance
The next stage after the installation of the asset is operations and maintenance. It is the longest phase of the software asset management life cycle, which basically includes repairing and maintaining an asset.
Once the asset has been started using completely for business operations, it is put under observation as to how much revenue it is generating for an organisation. During operation, an asset is regularly monitored and checked for any unexpected performance issues.
As an asset's life increases, wear and tear increase simultaneously; this is why regular supervision is required to maintain the long life of an asset. This includes modifications and repairs. Maintenance strategies differ from business-to-business. Some prefer a reactive approach, whereas others prefer a predictive or preventive maintenance strategy. But each maintenance strategy aims to do the following:
- Reducing downtime
- Minimising emergency repair costs
- Increasing equipment uptime
- Prolonging asset life expectancy
Maintenance can even help an asset perform better than it did originally by focusing on potential improvement areas.
, when an asset reaches the end of its useful life, it is taken out of service and either sold, repurposed, thrown away, or recycled.
Although an asset has no business value at this stage, it may still need to be disposed of efficiently to ensure it does not harm the environment. The asset might need to be disassembled piece by piece or have its data erased as part of this procedure.
However, if there is still an operational need for this type of asset, a replacement is planned, and the asset life cycle begins again.
Looking for a competitive edge? Find out how SAM solutions can help you stay ahead of the curve in software asset management.