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In this series, we’re spotlighting the profession of IT asset management. Read on to learn why compliance is so critical in this profession.
IT software providers have specific requirements for using their products, and companies that fail to follow those requirements could cough up significant funds in compliance penalties. Costs for being deemed out of compliance with software licensing rules commonly exceed $1 million, according to a recent report by IDC and Flexera Software.
More than likely, companies that face penalty fees don’t intend to operate their IT assets outside of compliance, but the consequences are the same regardless of intent. To ensure compliance and avoid costly vendor penalties, IT Asset Managers should conduct regular internal audits to get out front of compliance risks.
The following points are often indicators that an organization may be out of compliance with their IT assets:
Using an asset for something other than its intended use
A change in product use rights
Recent software/hardware upgrades
Purchasing assets from third-party sources
No formal process for managing licenses
Masters of compliance regularly study and document their software license agreements to avoid any compliance risks and ensure they pass unforeseen vendor audits.
We’re honoring five Masters of ITAM who have excelled in the area of compliance – congratulations to the honorees!
Rodney Penny, VP, IT Asset Management – SunTrust Why he was honored: Beginning his IT career in the United States Army, Rodney has since risen to management of all IT assets at major healthcare and financial organizations. He introduced a metrics and analysis system as a solution to assess operational efficiency and compliance with regulatory procedures.
Gabriel Rojo Jr., Software Asset Manager – Matlen Silver Why he was honored: Gabriel excels at procurement management and driving success with Lean methodologies. He champions the procurement process while managing hardware assets, monitoring SLAs and regularly auditing for compliance.
Ann Marsh, IT Manager, IT Asset Management – Medtronic Why she was honored: Ann has a “relentless determination to increase compliance in a huge and complex global environment,” according to a previous contact at an international food conglomerate. In addition to her ITAM role at Medtronic, she also serves as CFO for a small painting company.
John LaBar, Manager, Software Asset Manager – MUFG in the Americas Why he was honored: John’s influence has ranged across several verticals, including healthcare and financial services. He has documented a discovery and reconciliation compliance process that resulted in actionable metrics, increased accuracy and continence in process.
Worried you may have an asset that’s out of compliance? Download this eBrief to learn how to deal with a software audit if a vendor comes knocking at your door.
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