Asset Management firms in Maintenance and Renewal process – Survey
Every piece of software needs maintenance. The more complex software, the more maintenance required. Especially efficient Asset Management tools. Because most of the companies waste their money on software maintenance and renewal spend without proper intelligent planning and execution. Here is the Asset Management firms in maintenance and renewal process survey results.
According to the Forrester Global Tech Market Outlook 2018-2019, an estimated value of software market to be worth $688BN in 2018, of which $360BN is the on-premise product. If it is assumed that 70% is on software maintenance and 30% is on licensing in $360BN. Then the estimated value of the annual software maintenance is around $250BN.
Report Summary
There is a lack of clarity in the legal rights of software maintenance and renewal market and too many IT teams are only renewing the maintenance in the least resistance. Organisations are very likely to get audited, regardless of whether they have a contract support or not. While renewing maintenance contracts the organization concern is the fear of penalties and so-called “Back maintenance”. Software publishers also have massive market restrictions.
The Campaign was keen to explore the ambiguous of this market, Many buyers unaware of the consumer rights regarding support and maintenance process. So, this campaign called on companies to invest in IT Asset Management to optimising spends and risks. Because there is a strategic opportunity for IT Asset Management to own the renewal process. Additionally, they are providing options with alternative ways. Currently, just 10% of companies invest in IT Asset Management as mentioned earlier because of unawareness.
IT Asset Management
IT Asset Management has a great opening to grasp the opportunity in scrutinising the estimated $250BN a year spent on software support and maintenance. In the IT Asset Management, system owners, finance and senior IT asset managers are the major decision makers to enable efficient decision-making system. This provides an opportunity to work together for the clarity and shared intelligence with software maintenance.
The report is based on 100 global participants, collected in April and May 2018. The results were discussed at The IT Asset Management Review, UK annual conference in June 2018 and round table discussions.
Many IT Asset Management tools were already providing maintenance support. So, it would not be a huge issue for them to validate the current business value of the support contract. For the optimised software maintenance, organisations should perform a cost/benefit analysis to identify If something went wrong whether software publishers can help or not.
Why are you still waiting for? start creating huge amount of value by setting up a right process for maintenance, contracts and renewals with IT Asset Management firms.
Also read about, Best Asset management Firm
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