3 Best Practices for Successful License Management

Firms find better management of software licenses an essential objective to work towards, and these practices make way to achieve it essentially.  

FREMONT, CA: Companies often overlook software subscriptions associated with cloud resources, and other third-party services, and other software applications which are not owned by them. As enterprises prefer third party services to owned IT assets, business leaders are expected to make sure that their license management process is done appropriately. License management can help firms ensure that they have the usage and access rights needed to keep business processes operating while avoiding financial liability for the resources being consumed. Here is a compilation of the best practices for license management, to give IT leaders a better idea of the process.

• Gathering Software License and Related Information

Creating a list of all the software licenses and placing them in a core repository is the best thing, to begin with. This will give leaders a good idea of license entitlement, that is, which license does a firm have the legal right to use. The list does not only include desktop applications but all the cloud subscriptions as well. Besides actual licenses, enterprises can also gather all related information, including purchase costs, maintenance contracts, and service fees. Bringing together all this information into a central location may take significant time and effort, but is a critical primary step in proper license management.

• Storing Proof of Purchase

After gathering all the required information, firms must prove that they are authorized to use the software. Firms must be able to produce proof of purchase. IT leaders must know which vendor requires what documents as proof and match them to their respective licenses. IT leaders should not rely on email inbox for license documents because important purchase documents, license agreements, and maintenance contracts can easily get lost in a cluttered email inbox. It is always recommended to store these documents in a central location, such as an installed license management system or another program to assist with this task.     

• Tracking Costs and Spending

Companies performing regular checks and comparing licenses to installed software can demonstrate audit compliance. Effective license management can be done using automatic license monitoring systems, which provide application usage reports to identify underused or overused software. Creating such reports can bring a better understanding of the past, current and future spending, and an important metric to be aware of. The report can help firms estimate spend in the future and optimize costs accordingly. The tracking process can be done manually, but it is easier to employ a system to help with the tasks.

• Setting Reminders

During busy work schedules, it can be difficult for enterprises to remember all of the tasks to be completed. Just as business leaders set everyday reminders, a process can be set up for license reminders. License renewals, maintenance, and approvals should be set as reminders through email or any other channels. Without reminders, these crucial events can go unnoticed, making enterprises fall behind in compliance and up-to-date license management. Making license management a business priority is among the highest markers in successful enterprise administration. License management needs informing all obligatory employees of necessary steps to be taken and directly outlining the license management procedure. The IT team is responsible for taking the pain and creating processes and procedures to be used by an enterprise.

Software license management is incredibly essential when it comes to the success of an organization. Neglecting the management of software assets could cause serious legal issues, financial implications, and reputation damage to the organization. The above best practices help IT leaders manage licenses without chaos and uncertainties.

See Also:

Top License Management Solution Companies 

Top License Management Consulting Companies