Organizations have a lot to keep track of when it comes to managing the various third-party platforms used across departments. Working with any number of external applications comes with a variety of risks including data breaches, theft, fraud, and even cyber attacks. Because of these risks, it’s important to monitor information regarding each platform throughout its entire lifecycle with your organization. This information can include what sensitive data the platform houses or has access to, which internal policies apply to the application, and so much more.
Software Asset Management tools are responsible for monitoring both the software itself and the licensing rules that come with it. SAM software manages inherent compliance risks, such as redistribution and ownership rights. The goal of these tools is to not only reduce legal risks, but to maximize IT expenditures and optimize end-user activity.
Organizations can outsource a process, but they cannot outsource the associated risks to the vendors they work with. In fact, bringing on a third party comes with its own set of risks that must be managed. SAM tools are important in this process, especially in the event of a scandal involving third party applications. With an internal SAM process, you’ll stay on top of their risks as well, so that your external platform does not come back to bite you. By adopting SAM software, your company will not only be audit-ready, but it could avoid huge cost implications and a damaged reputation along the way.