Survey Poll Results
70% of respondents think that their organizations were not investing enough in Software Asset Management (SAM) services
INVESTING IN SUCCESS:
The Need for Greater SAM
The most striking result from the poll was the significant 70% of respondents who believed their organizations were not investing enough in Software Asset Management (SAM) services. This highlights a widely recognised need for increased resource allocation to SAM. Considering the benefits of SAM in managing software licenses, optimizing spend, and preparing for vendor audits, organizations may gain substantial advantages by increasing their investment in this area.
Approximately 63% of organizations struggle with precise cost forecasting.
NAVIGATING THE CLOUD:
The Challenge of Cost Forecasting
Another prominent finding was the challenge organizations face with forecasting costs, particularly for cloud-based solutions. Approximately 63% of participants acknowledged difficulty in accurately predicting these expenses. This statistic reveals the intricate nature of cloud expenditure management, indicating a need for comprehensive strategies to accurately anticipate these costs. Enhanced forecasting capabilities can contribute to budget accuracy, cost control, and financial predictability.
A significant 55% of organizations are grappling with unexpected cost escalations.
UNPLANNED SURPRISES:
The Prevalence of Unbudgeted Cost Increases
The poll results show that a significant 55% of organizations are grappling with unexpected cost escalations, while the remaining 45% reported no such issues. This finding underscores the importance of accurate cost forecasting and budgeting in managing software and cloud expenditure. Proactive measures, such as regular reviews of software licenses and usage, and investment in SAM tools and services, can help in managing these costs and mitigating the risk of financial surprises.
Despite a third of respondents expressing satisfaction with contract renewals, the significant effect on software expenditure highlights the need for further enhancement.
SEALING THE DEAL:
The Art of Contract Renewals
In terms of contract renewals, 33% of respondents gave high ratings, suggesting satisfactory performance in this area. However, given the direct impact of contract renewals on software spend, even this relatively high rating indicates room for improvement. Enhancing contract management capabilities, including negotiation skills, understanding of software licensing terms, and monitoring of renewal dates, can help in optimising contract renewals, leading to potential cost savings and avoidance of compliance issues.
When addressing the issue of vendor audit readiness, 50% of the respondents expressed confidence in their readiness, while 30% were unsure.
AUDIT PREPAREDNESS:
Confidence Levels and the Path to Improvement
When addressing the issue of vendor audit readiness, 50% of the respondents expressed confidence in their readiness, while 30% were unsure. This uncertainty signals a gap in the effective implementation of audit preparedness strategies, suggesting organizations may benefit from dedicated efforts to improve in this area, minimizing potential non-compliance risks. An investment in SAM services and tools can play a crucial role in increasing audit readiness, thereby reducing audit risk and potential non-compliance penalties.