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Inventory: Users should catalog current licenses, systems, and software so they have an overview of their current assets.

Procurement: As you purchase software, you should document new programs and standardize how you track the licensing terms.

To ensure a successful software asset management process, users should consider the following best practices for effective software license tracking:

This can include gaining insights into the status of cloud and on-premises software. Enterprises need to be able to manage how software assets are acquired, deployed, maintained, used, and phased out. Software asset management is part of the overall IT asset management for a company’s software and hardware. Software asset management involves ensuring your enterprise has visibility into and control over software licenses and contracts.