Managing software licenses is no longer just about staying compliant—it's about gaining a competitive edge. This includes optimizing costs, reducing risk, and ensuring that their operations run smoothly.
The complexity of managing multiple software licenses across various departments and teams can quickly become overwhelming. This is where software license tracking tools come into play, serving as a crucial component in the broader strategy of IT Asset Management (ITAM).These tools not only help you keep track of what you own but also ensure that you're using your licenses effectively, avoiding costly penalties, and identifying opportunities for cost savings. With the right software license tracking solution, you can gain visibility into your software usage, forecast future needs, and make more informed decisions.
In this article, we’ve rounded up the five best software license tracking tools available today, each offering unique features to help you manage your software assets more efficiently.
Whether you're looking to simplify your License Management or drive greater value from your IT budgeting, these solutions have you covered.
Spoiler alert: We'll introduce you to InvGate Asset Management, our own solution that not only manages your licenses, but also offers many capabilities for Asset Management.
Read on for a comprehensive overview of the best software license tracking tools and find the one that fits your organization's needs!
5 best software license tracking tools
Let’s face it: managing software licenses can be a bit like trying to juggle too many balls at once. With all the renewals, agreements, and license compliance rules, it’s easy to drop the ball—and that can be costly.
But what if I told you there’s a way to turn this daunting task into a smooth, almost effortless process? That’s where software license tracking tools come in, swooping in like a superhero to save the day (and your Financial Management!).
Imagine having all your software licenses neatly organized, easily accessible, and perfectly managed with just a few clicks. No more scrambling to figure out what’s expiring or risking fines for non-compliance. In this article, we’re rolling out the red carpet for the five best software license tracking tools that will help you stay on top of your game.
1. InvGate Asset Management
When it comes to IT Asset Management, InvGate Asset Management is the go-to solution that has it all. This tool is designed to make your life easier by bringing all your software assets together under one roof. It’s not just another tool on the market—it’s the one that does the heavy lifting for you, so you can focus on what really matters.
One of the things that makes InvGate Asset Management particularly impressive is its software license tracking capabilities. If you’ve ever felt overwhelmed by managing licenses, this feature will be your new best friend, helping you keep everything organized and under control.
InvGate Asset Management doesn’t stop at license tracking, though. It offers a suite of features that make it a top choice for organizations that want to stay compliant, cut costs, and have complete visibility over their IT assets. Let’s break down these features and see what makes InvGate Asset Management stand out from the crowd.
1. Real-time visibility into software usage
With InvGate Asset Management, you don’t just get a list of your software licenses—you get a live feed of how they’re being used across your organization. This feature gives you the ability to monitor software usage in real-time, so you can see which licenses are being fully utilized and which ones might be sitting idle.
This level of insight allows you to make smart decisions about reallocating resources, cutting unnecessary costs, and ensuring that your software investments are working as hard as you are.
2. Automated compliance checks
Keeping up with software license compliance can feel like a never-ending task, but InvGate Asset Management takes that burden off your shoulders. The automated compliance checks run constantly in the background, comparing your software usage against your licensing agreements.
If there’s a potential issue, InvGate Asset Management will flag it, giving you the chance to address it before it turns into a costly problem. This feature ensures that your organization is always in the clear, avoiding penalties and staying on the right side of software vendors.
3. License tracking and management (What we are here for!)
InvGate Asset Management shines brightest when it comes to license tracking and management. It really does help you effectively manage software licenses. This feature is your command center for all things software licenses. You can easily track every license you own, see where they’re deployed, and monitor their usage—all from one intuitive interface.
Whether you’re managing a handful of licenses or thousands, InvGate Asset Management makes the process smooth and efficient. Plus, it helps you avoid overspending by identifying unused licenses that can be repurposed or canceled. This feature alone can save you a ton of time, money, and stress.
4. Contract Management features
Managing software contracts and software license agreements can be tricky, especially when they’re scattered across different systems and folders. InvGate Asset Management simplifies this by putting all your contracts in one place. You can quickly access details like renewal dates, terms, and conditions, so you’re never caught off guard by an unexpected expiration.
With everything neatly organized, you’ll be able to manage renewals proactively and even negotiate better deals with vendors. This feature is all about keeping you in control and making contract management a breeze.
How to Streamline Contract Lifecycle Management
5. Custom automation
Who doesn’t love automation? InvGate Asset Management’s custom automation features let you set up workflows that take care of repetitive tasks for you. Need an alert when a license is about to expire? Done. Want to automate compliance checks or generate reports regularly? Easy.
These custom automation options mean you can tailor the tool to fit your exact needs, giving you more time to focus on strategic projects. It’s like having an extra pair of hands that work exactly how you want them to, boosting your efficiency and productivity.
6. Streamlined monitoring and reporting
To really understand your IT assets, you need more than just raw data—you need insights. InvGate Asset Management’s monitoring and reporting tools give you just that. Whether you need a high-level overview of your software usage or a detailed report on compliance, this feature has you covered.
The reports are easy to generate and customize, giving you the information you need to make informed decisions. With streamlined monitoring and reporting, you’re always in the know, ready to tackle whatever challenges come your way.
Device42
Device42 is a solid IT Asset Management tool that does more than just track software licenses. It offers automated discovery and inventory of your devices and software, giving you a complete overview of your IT environment. As a comprehensive software license management tool, it helps you track license information, ensure compliance, and communicate with stakeholders effectively. Its visualization tools help you see your entire network, making it easier to manage everything.
In terms of license management, Device42 helps you track usage, renewals, and contracts in one place. It’s a great choice for organizations with complex IT setups that need a straightforward way to keep everything under control.
ManageEngine Desktop Central
ManageEngine Desktop Central combines multiple IT management functions into one platform, including software license tracking. It automates software deployment and license management, making it easy to stay compliant and up to date.
The tool also provides detailed reporting and analytics, helping you spot underutilized licenses and make better decisions. Desktop Central is ideal for IT teams looking to manage their software assets efficiently without much hassle.
Freshservice
Freshservice is an ITSM tool known for its simplicity and ease of use. It offers straightforward software license management, allowing you to track usage and renewals from an intuitive dashboard.
Beyond license management, Freshservice includes features like incident and change management, making it a well-rounded tool for IT teams that want to streamline their operations.
SolarWinds SAM (Server & Application Monitor)
SolarWinds SAM is a scalable solution for managing software licenses across multiple environments. It automates the discovery and monitoring of software assets, helping you stay compliant with minimal effort.
The tool also offers advanced reporting, providing insights into software usage and compliance. SolarWinds SAM is a solid choice for organizations looking to manage large numbers of licenses effectively.
License Harvesting: How to Detect Unused Software Licenses to Save Costs
What is a software license?
So, what’s software? It’s the set of programs and apps that make your devices work their magic. From the apps you use daily, like word processors and browsers, to the more complex systems running behind the scenes, software is what transforms your computer or phone into a powerful tool.
And a software license is like your official permission slip for using a piece of software. It tells you exactly how you can use the software, including any rules or restrictions. Think of it as the guidebook that keeps you and the software creator on the same page, making sure everything runs smoothly and avoiding any legal hiccups.
In short, a software license lays out the ground rules for using software. Whether you’re buying it, subscribing to it, or trying it out for free, the license keeps everything clear and straightforward, so you know exactly what you can and can’t do with it.
Everything You Need to Know About Software License Management
What is a software license tracking tool?
A software license tracking tool is like your digital assistant for managing all the software licenses in your organization. Imagine having a tool that keeps tabs on every piece of software you own, tracks how it’s used, and ensures you’re always compliant with licensing agreements.
This tool helps you stay organized by centralizing all your license information in one place, making it easy to see what you have and how it’s being used.
These tools do more than just keep a list of licenses—they actively monitor and manage them. They can track usage, alert you when a license is about to expire, and even automate compliance checks.
This means you can avoid those last-minute scrambles and potential legal issues, knowing that your software licenses are being managed efficiently and effectively.
In essence, a software license tracking tool simplifies the complex task of managing multiple licenses. By providing real-time visibility and detailed reports, it helps you make informed decisions about renewals, optimizes software usage, and ensures that you’re getting the most out of your software investments.
How to track software licenses?
Tracking software licenses is a crucial part of any Software License Management (SLM) strategy—it keeps your IT ecosystem efficient and compliant. The first step is to gather all your license data into a centralized IT inventory. This isn’t just a list; it’s a detailed database that includes contract terms, installation details, devices, and license owners. Think of it as your software command center.
Once your inventory is set up—ideally within an IT Asset Management (ITAM) platform—it’s time to monitor and audit. Regular checks will help you see who’s using what and identify any underused licenses. This proactive approach not only ensures compliance but also helps you avoid unnecessary costs.
Tracking licenses isn’t just about keeping records; it’s about staying ahead. With the right ITAM system, you can set up renewal alerts, generate usage reports, and ensure your software assets are working for you. In short, effective license tracking is key to maintaining an organized and cost-efficient IT operation.
How to Get a Unified IT Asset Inventory in 24 Hours
When do you need a software license tracking tool?
Leveraging a tool that tracks and reports on all the software licenses in your environment is a fundamental pillar of a Software Asset Management practice. Nonetheless, there are a bunch of scenarios where it's indispensable.
1. Complex software environments
As companies grow, their software ecosystem becomes increasingly intricate. When dealing with numerous software applications, versions, and licenses, a tracking tool becomes essential to maintain an organized overview.
2. Software audits
Many software vendors conduct IT audits to confirm compliance, and some companies run internal audits for the same purpose. A tool will support this process by providing you with accurate reports to present during an audit to ensure you're meeting the compliance agreements.
3. Change Management implementation
When introducing new software or retiring existing applications, tracking tools offer visibility into the impact on existing licenses. This helps in making informed decisions about retiring or reallocating licenses.
4. IT budget planning
For effective budgeting, it's crucial to understand software licensing costs and use trends. An ITAM tool generates reports and insights that inform IT budget allocation and software usage.
The Beginners Guide to IT Budgeting
7 benefits of tracking licenses
We've also hinted a few, but here are some of the key benefits of tracking licenses throughout your organization:
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Leveraging Software Lifecycle Management - From procurement to disposal, licenses go through different stages. Tracking them ensures that they are acquired, used, and retired efficiently.
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Optimizing asset utilization - License tracking provides insights into which software is actively used and where licenses can be reallocated, preventing over-purchasing and ensuring optimal resource utilization.
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Mitigating risks - Unmanaged software licenses can expose organizations to security risks due to outdated or vulnerable software versions. License tracking helps mitigate them by ensuring timely updates.
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Saving time - Manual management can be time-consuming. Implementing a tracking system automates many processes, freeing up IT resources for more strategic tasks.
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Enhancing compliance - Accurate license tracking ensures that your organization remains compliant with software vendor agreements and licensing terms. This helps avoid legal disputes and potential financial penalties.
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Saving costs - Identifying unused or underutilized software licenses that can be harvested and redistributed prevents overspending on unrequired licenses.
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Improving accountability - License tracking assigns ownership of licenses to specific users or departments, making it clear which cost center is responsible for the them, promoting accountability and responsible software usage.
7 essential features of software license tracking solutions
When selecting a tool, you should always look for characteristics that adapt to what your organization needs (designing an ITAM RFP can be very useful for this process). However, there are some essential features that any software license tracking solution must include:
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License inventory - This is the base of any SLM (or of any ITAM, we dare to say). A comprehensive inventory of all software licenses owned by your organization should include details such as license type, version, and the ability to relate it with other assets.
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Contract Management - Effective license tracking involves managing various licensing agreements with vendors. The solution should facilitate this process, storing contract terms, renewal dates, and compliance requirements.
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User Management - Managing users as configuration items in your IT environment will help you understand who owns and uses which license.
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Software metering - The ability to track software usage at a granular level provides insights into which applications are actively used, helping in identifying underutilized licenses.
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Automated compliance checks - The tracking solution should automate compliance checks by comparing software usage against licensing agreements. It should alert administrators when any non-compliance is detected.
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Alerts and notifications - Automated alerts and notifications for upcoming license renewals, compliance deadlines, and potential overages help asset managers be proactive in facing any issue regarding software licenses.
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Reporting and analytics - The ability to generate customizable reports and analytics is crucial for informed decision-making. The tool should offer insights into license usage, compliance status, and cost trends.
To sum up
Effective software license tracking isn't just a best practice, it's an imperative to ensure effective IT Asset Management. Therefore, it's essential to choose a robust tool that also aligns with your organization's specific goals and requirements. By implementing the right software license tracking tool, you not only enhance compliance but also gain the agility and control needed, and optimize software expenditures.
Ready to implement it in your organization? Ask for InvGate Asset Management's 30-day free trial and start exploring its power now!
Frequently Asked Questions (FAQs)
1. What is the best way to keep track of software licenses?
The best way to track software licenses is by using dedicated software license tracking tools, which automate the process, provide real-time insights, and help maintain compliance.
2. How do companies keep track of software licenses?
Companies typically use Software License Management processes, including specialized tools like IT Asset Management software. This software automates license tracking, audits compliance, and optimizes costs.
