The 5 key business benefits of Software Lifecycle Management

In today’s “all-digital” world, companies who have started their transformational journeys have exciting prospects before them. The chance to modernize so they can leverage a burgeoning body of new apps and services is their window to survival and growth in the 21st century.

Yet, with every new tool or solution they add to their network, with every new promise of simplifying their processes or optimizing their performance, comes the risk of added complexity. The key to reducing that complexity? Software Lifecycle Management (SLM). Let’s break down the five key business benefits of SLM that you need to know now.

Managing a software lifecycle gets complex

For as long as there has been software, there has been the need for a support system which helps manage the software estate. As any IT Director, CIO, Procurement Officer or SAM Manager knows, there is a full lifecycle of behind-the-scenes tasks and responsibilities that must not only be managed – but also optimized. Between procurement, contracting, deployment, licensing administration and more, this can all add up to more business complexity until the day the software is retired.

Scaling brings even more complexity as the business grows. There might be added capabilities to handle, new markets to enter, and more employees to satisfy – all of which are enhanced by new technologies, which mean even more apps and software to manage. What follows is the potential for more risk, less visibility, and unnecessary costs. In short: things get complicated. This is where SLM comes in, ready to provide your organization with support as your estate becomes more complex.

SLM turns challenges and risk into business value 

SLM helps companies handle the pressures of cost optimization, operational efficiency, risk mitigation, and the need for visibility into their software estate. As the name suggests, it provides the basis for modernizing an enterprise – solving problems by digitizing Software Lifecycle Management from end to end. Here are five key business benefits of SLM:

1. Cost optimization

Many organizations fall short when it comes to making the most of their existing software assets. They may have unused software licenses, which can cost money. On the other hand, they might also be overpaying for consumption when their deployment could be scaled down. Plus, not knowing who is using what software or where it resides can really drag down your budget as resources are wasted with inefficient strategies for managing the software estate.

SLM grants the power of real usage and consumption reports. Having that kind of control and visibility means costs can be standardized and software return on investment will eventually increase. SLM helps companies understand what they own, who uses the assets, and how it is being maintained. This ensures they pay the right price for the software they actually use.

2. Increased operational efficiencies

Since SLM offers insights from your complex raw data, managers spend less time gathering the information they need to make important decisions and pass audits. Next, by dividing tasks between your own operational team and the SLM experts, you free up valuable resources within your enterprise. This helps avoid redundant work for even better efficiency.

Additionally, the SLM process is automated. When software and cloud services lifecycles become automated, time is given back to everyone involved. This creates more time for strategic tasks – the kind that make a business run and help it grow.

3. Reduced risk

With modernization comes the potential for vast business growth. Whether your business scales sooner or later, the fact remains that your software estate is growing right now. Employees have easier access to apps and digital tools and services than ever before, and whether your business is expanding or not, you are taking on more risk in the form of a growing digital footprint and Shadow IT.

SLM facilitates security policy reviews and provides regular compliance reports so you can manage non-compliance risk. In fact, we’ve found that 89 percent of organizations say their first and foremost goal in Software Asset Management (SAM) is compliance.

It also lowers your security risk by searching your digital estate for unsupported software and cloud services. Unsupported software – that is, no more security patches are being offered by the publisher – is one of the greatest security risks you can have in an increasingly digital world, where cyber criminals strive to compromise valuable company data.

4. Improved visibility

When SAM managers cannot locate and identify their key assets across the network, they cannot enforce policies, negotiate contracts, pinpoint lost revenue, or meet their regulatory requirements. They need to have visibility into their enterprise’s software estate in order to respond to business requirements, and they need it in a timely manner.

SLM offers transparency through advanced data and analytics. With increased visibility, required changes can be planned, not thrust upon managers that are under prepared or when there is no room in the budget. SLM quickly and easily gives teams the visibility they need in order to support enterprise business needs.

5. Improved maturity

How many SAM managers really know their organization’s current state of maturity? Creating a long-term business strategy starts with knowing where you stand in the here and now. SLM offers improved maturity, which takes the surprise out of audits, and it is the first step in understanding how you can minimize IT costs.

Your advanced SLM program helps you transition from mere license management to more mature capabilities – like contract management and subscription licensing – that bring even greater rewards. The more mature your ecosystem becomes, the better equipped you will be to understand your opportunities, mitigate your risks, and develop a better SAM strategy overall.