Digital Solution for License Management

Overview

Managing software licenses effectively is a crucial yet complex task for organizations of all sizes. Without the aid of a dedicated License Management Application, businesses encounter numerous challenges that can impact operational efficiency, cost-effectiveness, and legal compliance. The following points highlight the specific challenges encountered without a dedicated license management solution.
Challenges

1. Inefficient License Utilization: Without proper tracking, organizations often purchase more licenses than needed, leading to unnecessary expenses while under-licensing causes compliance risks and potential legal issues.
   According to Gartner, businesses in the US waste approximately $34 billion annually on unused software licenses.
2. Manual Tracking and Lack of Visibility: Lack of centralized view makes it hard to track and optimize software usage across departments.
   According to Walkme,on average, 30% of software licenses are never used, and another 8% are rarely used (less than once a month).
3. Poor Vendor Management: Managing multiple software vendors and understanding their different licensing agreements introduces complexity, making it more difficult to negotiate favorable terms without accurate usage data.
4. Inefficient Renewal Management: Keeping track of license renewal dates
   adds complexity and inefficiency to the process, making renewal management cumbersome and time-consuming.
5. Costly Resource Management: The inability to optimize software license allocation leads to higher costs and a drain on resources, as manual management reduces efficiency for IT and procurement teams.
6. Software Audit Risks: Without accurate and up-to-date license information, businesses may face penalties during unexpected vendor software audits.
   According to Walkme, approximately 56% of software audits result in extra charges due to past under-licensing, and 76% of companies over-license their software to avoid penalties from audits.

Key Features & Functionality

Our License Management Application is designed to streamline and simplify the process of managing software licenses. With these features mentioned below, it ensures that the organization stays efficient-

1. License Allocations and Revocation: Ability to track newly allocated licenses, edit existing ones, and revoke allocated licenses as needed.
2. Centralized License Repository: A central database or repository where all software licenses and related information are stored. This allows for easy access and management of license details from a single location.
3. License Cost Management: Tracks license subscription costs and ongoing invoiced costs against an organization’s cost centers, providing detailed records enabling effective budget controls and timely billings.
4. License Tracking and Monitoring: Capabilities to track the usage, status, and expiration dates of software licenses. This helps organizations stay informed about their license inventory and proactively manage renewals and compliance.
5. Automated Alerts and Notifications: This ensures stakeholders are promptly informed of upcoming expirations and deadlines. It simplifies the renewal process with easy access and reminders, maintaining compliance and avoiding service interruptions.
6. Reporting and Analytics: Robust reporting features that provide insights into license usage, compliance status, cost optimization opportunities, and overall software asset management performance. Customizable reports help stakeholders make informed decisions.

Benefits & Business Impact

Our License management applications offer a range of benefits for organizations, especially those managing multiple software licenses and compliance requirements. Here are some of the key benefits: 

1. Costs Tracking and Optimization: Allows organizations to track application subscription costs and other ongoing costs invoiced to the appropriate cost center, enabling forecasting budgetary needs, and identifying opportunities for cost optimizations.
2. Usage Monitoring and License Optimization: Offers detailed insights into which licenses are allocated, helping to optimize license allocation and assists in reallocating licenses to where they are most needed within the organization.
3. Tracking and Simplified Renewal Process: Tracking licenses by status, last logged-in time, and usage simplifies license management, facilitating easier renewal or reactivation when necessary.
4. Centralized Management: A centralized platform is designed to streamline the management of all application subscriptions, simplifying the supervision of licenses associated with each subscription. This system provides a consolidated view, enabling efficient tracking and administration of subscription details and license allocations per application.
5. Bulk Usage Upload: Uploading bulk usage allows organizations to efficiently manage multiple licenses by uploading usage data in large quantities, saving time and reducing the potential for errors associated with manual entry.

Overall, our license management application helps organizations optimize costs, mitigate compliance risks, and optimize software license usage across the enterprise.