How Software Asset Management Can Save Your Business Money

When thinking of a company's assets, what's the first though that comes to mind

? Whilst most of us immediately think of the company's inventory and its outstanding receivables, others think of the company's IT infrastructure, its equipment and machinery as well as those smaller ancillary items that many classify as office equipment. These would include items such as mobile phones, fax machines, photocopiers, computers, laptops and other miscellaneous items. Each of these items are considered assets and properly managing these assets is of paramount importance to reducing a company's expenditures. With this in mind, a number of companies rely upon software asset management to manage these aforementioned assets, whilst ensuring they mitigate expenditures and maximize resale values. So what is it about software asset management that lends itself well to properly managing company assets? More importantly, what can companies expect when using software asset management?

Tracking maintenance & service records

Granted, whilst most of these assets are depreciating assets, they still have a resale value to the company and therefore must be managed accordingly. However, the only way to maximize that resale value is to make sure one tracks the maintenance and service records on each individual piece of equipment & machinery. Potential buyers always want to be reassured that they are buying well maintained equipment. The right software allows users to track the maintenance and service records on machinery & equipment. This includes the number of consumables purchased, spare parts replaced and the overall condition of the equipment itself.

Maximizing life cycle of assets

The right software can help companies better manage both their hardware and software within their overall IT infrastructure, thereby protecting the entire company from unwanted viruses or malware. Most of these occurrences are the result of employees who rarely see the danger in downloading or installing foreign software. Companies who track their hardware and software are better able to ensure they comply with the licensing terms and conditions of the software providers. However, it's not merely relegated to an employee's laptop or cell phone. The purpose of asset management software is to empower the company to better define the value of such assets and to maximize the natural life cycle of equipment & machinery.

Ease of transition

If time is truly money, then minimizing the time it takes to make changes is essential to success. With this in mind, it's important to note that the right asset management software allows companies to ease into new hardware & software applications, transition to new equipment & machinery or simply shorten the time it takes to implement an upgrade. These transitions are made much easier when the company has the software to track existing compliance and to ensure that upgrades won't be too difficult or time consuming.

Hospitals are one of the largest adopters of software asset management as the software aids in reducing asset and health care management costs. In addition, it helps hospitals manage and track existing equipment & machinery whilst ensuring they maximize how these assets are distributed. This ability has now transferred over to larger corporations, corporations that must keep abreast of internal resources and manage them to reduce cost and waste in all its forms.

by: Jamie Simpson

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