Product lifecycle management (PLM) includes keeping tabs on software licensing, which can cause headaches when a company suddenly falls out of compliance. Also known as software entitlement, software licensing is an aspect that can easily slip one’s mind as the applications tied to the licenses don’t always warn when the lifecycle is coming to an end.
According to a Flexera Software blog post, software licensing tracking works in other ways too, such as when a company invests in more software that they are currently using, but that software licensing isn’t tagged on to the previously purchased software.
There is also the problem of trial software that has been such a hit but suddenly expires. A good PLM system will help companies keep tabs on their products but often fails to give alerts regarding who can use which versions of the software in the office.
What’s needed to bring companies up to speed is an entitlement and compliance management solution that will bring attention to renewal rates, hastily provide visibility to revenue, make sales conversions happen easier, and reduce the cost of customer support.
Software licensing information should be handled in a centralized management location. Customers should be able to manage their product versions, which can give a boost to customer support.
Renewal rates in an entitlement compliance management solution are improved again through better visibility into order information as well as financial data. This approach brings relevant information to the right people who make decisions regarding the software licensing procedures, whether they want to renew an expired subscription and entitlements or let them slide as the software is no longer in use.
Automation procedures built into entitlement and compliance management solutions help bring more visibility to revenue matters through the integration of financial system information to the software licensing procedures. Products being distributed, as well as the software licensing, become an aspect of the automated procedures that lend better access to a company’s financial system.
In taking a broader approach to integration, customer relationship management (CRM) solutions should also be able to integrate with the entitlement and compliance management solution to track trial products and allow for the key data regarding those licenses to be shared with the account manager through the life of the trial period.
As the number of applications and software solutions grows with a company, administrators can no longer expect their Excel programs to give them the insight into their software licensing processes that they need to stay on top of the software licensing. Only a proper and comprehensive entitlement management solution can provide the information that brings value to a company.
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Flexera Software's FlexNet Licensing (composed of FlexNet Publisher and FlexNet Embedded) makes it easy for application producers to monetize, secure, enhance and grow market share through the flexible pricing, packaging, and licensing of applications, intelligent devices or equipment using embedded software. FlexNet Licensing also gives organizations the power to protect IP and rein in unauthorized software use to prevent revenue loss.