What is a software asset management tool

5.3.2021
Angelica A.
  |  

Between asset and management, things can get complicated. Let alone speak of software in between those words. What’s a software asset management (SAM) tool, anyhow? Well, we’ve got answers for you, as usual. By the end of this article, we hope you’ll even be able to explain to other people what software asset management tools are all about. 

What is software asset management?

Software asset management or SAM is part of a business strategy whereby companies seek to handle software assets. And they aim to do so in a way that actively controls and automates how they access, use and even deploy diverse software. It’s also got to do with ensuring adequate compliance all around, regardless of our location or jurisdiction. 

Why is software asset management important?

SAM’s objective should justify its relevance. In that sense, the main goal of SAM is to recover our startup budgets from going to waste and optimize our company spending into more savings. It’s a matter of control, really, over how we interact and operate software to the best of their ability to better suit our diverse business capabilities. 

It’s thus vital for healthier startup finances, to reduce SaaS tool waste, for example, and make the best of our overall company resources. It’s also relevant because tacking SAM can improve our productivity while also cutting back on our business expenses. And never forget how valuable SAM can be to effectively safeguard our assets. 

Aside from the above, checking how we use our software can ascertain we’re correctly abiding by applicable laws and regulations. In the end, SAM’s a matter of heavier sleep, if you will. And that can happen thanks to how much SAM ensures optimum software use for our companies. 

How to get started

To get to action around SAM, we advise looking for the best tool to help out with a new company order. For that, shop around. Do research. Read about the best SAM tools out in the current market. Of course, we heavily vouch for Recurring for that job. 

As a centralized SOM tool, Recurring’s platform, for example, can bring tons of savings to your accounting records. By removing orphaned and duplicate tools, for example, the tool can quite quickly lower our current expenses. 

It can also give smart recommendations on more efficient options than the stack to which our teams are accustomed. But would all of this justify going out of our route into SAM tool choices? We thought about that and came up with the upcoming section. 

Is software asset management worth the time and effort?

Consider SAM tools must track every SaaS tool usage by every single member of our company. They would also let us know how we’re doing with every single compliance related to every software we’re using. Signing up for automated service for that quickly makes all the sense in the world, no?

We need to account for what SAM entails at this point, too. And that isn’t only a matter of checking contracts for compliance and terms, but also standing by every single due date on the diverse applications our companies need to exist. 

Though awfully demanding and genuinely tiring, tracking all these minute details from terms and conditions to renewal dates, late fees, and more can be very fruitful to our proper budget expenditure. Moreover, getting a tool that can do all that automatically starts making greater sense as tasks pile. 

But how do we know which software to pick?

How to choose the best software asset management tools for your organization

First, identify your needs, as usual. Every business should be clear on where the company stands and what its requirements are. Once you’ve got SAM needs clear, choosing the best software asset management tool is a matter of looking for the best and fullest fit for everyday company needs. Consider internal and external processes in this sense, too. 

Getting the best software always depends on what you need to accomplish and how you like doing so. It’s not so dependent on established versus newer options in the market. It’s more about picking the best offer to sort your requirements. At minimum, though, get tools that offer basic features. Those can be automated suggestions to discover new tools, which Recurring does, as we said. Seek a platform that can turn your usage into constant savings and expense optimization. And then, at least check that the tool can help you calibrate proper compliance. 

If possible, conduct an internal audit for this. Just call out a day and time when you’ll sit and go over your software use. It can be as simple as that to get started with SAM. In doing so, check what people are using most and what’s being neglected, for instance. Even look deeper into the apps you’re using most. Maybe those can be replaced for others with more integrations that deal with more processes at once. Perhaps they’re still just the perfect choice, too!

Write up new policies if a new order calls for that for sustainability. Even if it’s all virtual, moving things around the office can set a few other aspects of a business into motion. To help clarify our intentions and needs, you can seamlessly rotate a notice or new expectations that ease this change into optimized ways of relating to software. Also, train people as needed to understand the changes you’re making. It might not be easy for team members to relate to a familiar tool going away. They might think we’re taking action just for the sake of it, amongst other concerns. 

If the optimization is transparent, though, processes might flow better for everyone. Check what your teams have installed or let them do so themselves. There are tons to be learned from just this action. Then, anticipate where you can make improvements. If you know some of the software features you’ve hired can be better handled elsewhere, then stay true to that. Or at least list this deficiency for it to be dealt with at more adequate timing.  We could go on forever. Yet, we hope SAM is now a bit more understandable than it was at the beginning of this read. Hopefully, you’ll also give Recurring a valuable chance. We certainly think the tool deserves it. And let us know how this all goes!

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