In today's fast-paced business environment, managing technology expenses efficiently is crucial for maintaining profitability and a competitive edge. According to a recent survey, about half of enterprises waste more than 10% of their budget on software, SaaS, and cloud infrastructure. This statistic underscores the importance of implementing practical solutions to manage and optimize technology expenditures.

This blog post explores how Enterprise Technology Management (ETM) software can help organizations save money and enhance operational efficiency.

Why Saving on Technology Expenses is Crucial

Technology is essential to modern business operations, from facilitating communication to securing data. However, the costs associated with managing technology assets can quickly spiral out of control without proper oversight. With ETM software, businesses can prevent overspending on redundant or unused technology, thus maximizing their return on investment.

Five Ways ETM Software Can Help You Save Money

1. Automate IT Processes to Reduce Labor Costs

Manual IT processes are time-consuming and prone to errors. ETM software automates routine IT tasks like asset tracking, compliance checks, and software updates. Oomnitza provides pre-packaged automation applications and low-code/no-code workflows to streamline IT processes, reduce service ticket volume, and free up IT resources for strategic tasks.

2. Improve Visibility and Control Over Technology Assets

One challenge in managing technology assets is more visibility and control. ETM software provides a unified asset inventory that eliminates data fragmentation, inaccuracies, and discrepancies caused by siloed management tools. This visibility allows businesses to monitor asset utilization, gain real-time insights into their technology landscape, and ensure they only pay for what they use.

3. Optimize Software Licenses and Subscriptions

Many organizations overspend on software licenses and subscriptions by not fully utilizing them or failing to cancel obsolete ones. ETM software helps track and manage software licenses, ensuring that businesses only pay for the software they actively use. This optimization can result in significant cost savings. Oomnitza's ETM solution includes tools for monitoring software utilization, identifying redundant licenses, and optimizing software spend.

4. Enhance Procurement and Forecasting

Effective procurement and forecasting are essential for managing technology expenses. ETM software provides detailed insights into the lifecycle of technology assets, from purchase to end-of-life. This information helps businesses plan and budget more accurately, avoiding unnecessary purchases and ensuring timely renewals and refreshes.

Oomnitza’s solution improves IT budgeting and procurement forecasting, allowing organizations to negotiate better deals and optimize purchasing schedules.

5. Reduce Security and Compliance Risks

Security breaches and compliance failures are expensive in terms of fines and reputation damage. ETM software improves security and compliance by offering visibility into technology assets and automating compliance checks and remediation workflows. Oomnitza’s multi-source visibility and automated workflows help businesses avoid penalties and maintain operational integrity.

Final Thoughts

Implementing Enterprise Technology Management software is a strategic move for organizations looking to optimize technology expenses and enhance operational efficiency. Oomnitza’s robust ETM solution provides the tools and insights to achieve these goals, ultimately driving cost savings and business success.