Software license management (SLM) is the lifeblood of any organization. Businesses or companies can reduce their operational costs smartly through software license management.
Besides, it allows companies to improve efficiency by monitoring numerous software licenses under one roof. That’s because organizations regularly depend on software apps when completing different critical tasks promptly.
As businesses are bound to benefit from different sorts of software applications, they cannot ignore the importance of the software license management process.
Likewise, Artificial Intelligence (AI) is one of the most impactful trends that can simplify and optimize the license management process to a great extent.
As a result, businesses or companies can smartly improve their productivity and net revenues without wasting crucial resources like digital assets, human resources, money, and time.
This blog post will highlight the crucial impacts of AI (Artificial Intelligence) that help businesses optimize their software license management processes.
How Can Artificial Intelligence (AI) Help Businesses Optimize Software License Management Processes?
The role of Artificial Intelligence (AI) is not limited to human resource management, marketing, finance, and other fields. Organizations can implement the notions of AI when enhancing their software license management processes appropriately.
Here are different ways AI allows businesses to improve their software license management processes:
Automate License Discovery
When you start conducting the license management process, you should first identify and manage all the software assets used within your organization.
For that reason, you can take advantage of Artificial Intelligence (AI) and Machine Learning (ML) to automate the software asset identification and management process.
AI and ML let you identify your software products, licenses, and versions accordingly. Likewise, they scan the entire network of your company or organization on your behalf. This way, they allow you to keep and manage all software assets in one place without issues.
This whole process helps you save your time, energy, and resources. Moreover, you can easily manage and use all your crucial digital assets when needed.
License Utilization and Optimization
Companies must carefully examine how they utilize their software assets during the software license management process. In addition, they should know how they can optimize them when fulfilling their business needs or demands.
Again, AI and ML come in handy as they appropriately help organizations monitor their software license usage. They can collect and process helpful information from numerous sources, including user activity, configuration, performance, contracts, etc.
As a result, you can benefit from the insights provided by AI and ML, optimize the utilization of software assets, and enhance your organization’s overall productivity.
Proactively Forecast License Demand
Through ML and AI, you can forecast your license demand in advance. Furthermore, you can rightly predict the license renewal needs with AI and ML.
As a result, you can make the most of your budget by avoiding penalties, additional fees, and other charges. Moreover, you can smartly manage your financial resources.
AI and ML use historical patterns and trends to forecast software usage and demand. Similarly, they rely on historical data to predict software license growth in advance. Therefore, companies or businesses willing to update their license usage and renewal should pay attention to the importance of AI and ML.
They can also help businesses by providing valuable insights regarding license expiration dates and renewal options. Hence, they can safeguard themselves against potential financial risks.
If organizations want to proactively protect themselves against different risks and penalties, they should consider using the plugin License Manager for WooCommerce.
E-commerce stores or businesses can integrate this plugin and proactively fulfill their license management and renewal needs.
Improve License Security and Governance
Assets management aside, businesses should protect their software assets from the prying eyes of hackers and other cybercriminals. If they do not secure their assets proactively, they can face various cyber risks, including software piracy, malware, hacking, etc., as a consequence.
Therefore, companies must benefit from AI and ML when improving license security and governance, as they allow them to rigorously implement controls, policies, and rules applicable to their software activation and distribution.
The good thing about AI and ML is they can identify potential threats and malicious activities that can significantly harm your software license security.
Additionally, they can let you secure your software assets from numerous security risks like tampering, sharing, and copying.
Opportunities in Using AI For Software License Management
At present, the volume of the global software license market is 1.17 billion in 2023. The current figure can go up to 1.89 billion by 2028. It means the market size will continue to grow at a CAGR of 10.6% in the next five years.
The above scenario signifies the importance of license usage and management in the software industry worldwide. Therefore, the application of AI and MI will also increase in various businesses and companies working in the software industry across the globe in the future.
Organizations or companies can incorporate AI and ML in their software license management processes to accomplish their business objectives and goals.
The most impactful contribution of AI and ML when improving software license management is that IT managers and other stakeholders can make informed decisions based on the valuable insights extracted by AI and ML. This way, they can significantly optimize digital assets.
Besides, AI and ML allow companies or businesses to save time hassle-free. As a result, they can effectively utilize their free time to perform other crucial tasks and enhance their overall productivity.
Therefore, AI would become a game-changer for the software industry, provided businesses know how to benefit from this innovative yet influential technology.
license management
There you have it, folks. Software license management (SLM) is crucial for any business or organization working in the software industry. Similarly, you can improve your company’s license management process by appropriately using AI.
Moreover, the global software license management market is growing appreciably. So, this scenario offers a massive opportunity for businesses and companies to improve their sales and net revenues. Thus, organizations must incorporate AI and ML in the license management process to advance their businesses.
