Top 20 license management software in 2024

Managing software licenses isn’t a lot of fun, especially when you do not have the right tools to uncover all your contracts, get centralized visibility on expenses, and make informed decisions to withhold or cancel a license.

Not managing your license or running your SaaS consumption on autopilot will result in unidentified license overhead, bloating your budget, and a sub-optimal SaaS ROI.

What is license management software? 

License management software assists organizations in handling and optimizing their SaaS licenses. Acting as your trusty sidekick, this software ensures you get the most out of your software without spending too much.

Managing these costs effectively is essential whether you're a small startup or a large enterprise. Since the software can be pricey, staying on top of optimal license usage is important to maximize your budget.

License management software helps tackle issues like overspending on unnecessary subscriptions, forgetting about auto-renewals, or needing to know who uses what software across the company. It ensures every subscription is fully used, helps save money.

Benefits of license management software 

One of the main benefits of software license management (SLM) is that it helps you save a lot of money. Managing your software licenses also offers several other benefits.

1. Offers clarity and transparency

Businesses using SLM can easily see all their licenses across each tool they subscribe to. This way, when the software is checked, they already have all the information they need to ensure everything is in order and follows the rules.

2. Single source of truth

Keeping track of licences is daunting. Using SLM helps a lot when it's time for usage audits. By keeping precise and current records of software licenses, you can effectively optimize cost and usage.

3. Keeps your business compliant

Software license management tools ensure your business follows the rules. When IT can see all the software a business uses, it can ensure it's all legally allowed. If a user uses software without permission or non-trusted vendors, the business could face fines or legal trouble.

4. Helps you avoid malware

Managing software licenses well stops people from installing software that is not evaluated for IT risk, which could prove to be harmful later on. Optimal license management also involves approval workflows. Following stringent approval workflows keeps computer businesses free from harmful software and ransomware.

5. Helps with informed renewal choices

By properly tracking software licenses and agreements, businesses  can track requirements better and plan for renewals ahead of time. Having accurate usage estimates leads to better deals with vendors.

Top 20 tools for software license management

When looking for the best software license tools, you want options that make your life easier without breaking the bank. Here are the top 20 tools:

1. Spendflo

This comprehensive software tool automates the management of SaaS subscriptions, procurement processes, and software licenses. It is particularly beneficial for finance and operations teams, enabling them to efficiently manage their SaaS expenditures, secure better contract terms, and guarantee that investments align with actual needs. 

Spendflo provides a unified platform that simplifies the tracking of SaaS expenses, the management of subscription renewals, and the optimization of software license distribution. This ensures financial efficiency, prevents unnecessary spending, and maintains vendor compliance with licensing agreements.

Pros:

• Streamlines the process of SaaS spending management.
• Aids in negotiating more favorable deals.
• Ensures payments are made only for essential services, avoiding waste.

Cons:

• Its primary focus on SaaS management may limit its applicability to other types of software licenses, potentially overlooking non-SaaS software assets.

2. Torii

Torii is a leading SaaS management platform designed to give companies full visibility and control over their SaaS applications. It automates the discovery of SaaS tools, manages software spend, and enforces security and compliance policies. Torii stands out for its user-friendly interface and powerful integrations, making it an essential tool for managing the ever-growing stack of SaaS products in organizations.

Pros:

• User-friendly interface, powerful integrations, and comprehensive management of SaaS products.

Cons:

• May not fully support non-SaaS software licenses.

3. Zylo

Zylo helps businesses discover, manage, and optimize their SaaS investments. By providing detailed analytics on software usage, spend, and user engagement, Zylo enables companies to make data-driven decisions about their SaaS portfolio, ensuring they get the most value from their software investments and maintain compliance with licensing terms.

Pros:

• Enables data-driven decisions, optimizes software investments, and ensures compliance.

Cons:

• Focused on SaaS, potentially overlooking other software licensing needs.

4. License Manager for WooCommerce

This tool helps online stores manage their software better. It allows them to handle their software licenses easily and sell them whenever they want. It also allows businesses to activate and deactivate their licenses remotely. 

Pros:

• Facilitates selling and managing software licenses and integrates with the WooCommerce platform.

Cons:

• Limited to e-commerce and may only suit some business types.

5. Microsoft Endpoint Manager

Microsoft Endpoint Manager, formerly known as Microsoft System Center Configuration Manager (SCCM), streamlines software license management, update deployment, and compliance across Microsoft products. It centralizes control, allowing for efficient software distribution, security enforcement, and compliance monitoring, all within one platform. 

This tool is key for organizations looking to maintain up-to-date and compliant Microsoft environments, integrating seamlessly with Microsoft services to enhance productivity.

Pros:

• Integrated management of Microsoft software assets, comprehensive update and compliance features.

Cons:

• Primarily focused on Microsoft products, which may limit its utility for organizations using a diverse range of software vendors.

6. ManageEngine AssetExplorer

This tool helps you monitor and manage assets in your network from the planning phase to disposal. It gives you detailed insight into software licenses, ensures compliance, and effectively helps you negotiate software license agreements by tracking software usage and installations.

Pros:

• Centralizes license information and simplifies tracking and management.

Cons:

• Might be complex for small businesses or those with minimal IT resources.

7. FlexNet Manager

FlexNet Manager allows both small and large businesses to keep track of their software licenses throughout their company. This software tool is focused on results and has an amazing feature for IT asset management. It lets businesses handle their software licenses while staying within their budget. This tool provides insights into software usage, compliance, and expenditures, supporting strategic decisions on software purchases and license allocation.

Pros:

• Offers insights into software usage, compliance, and budgeting.

Cons:

• Can be complex and resource-intensive, best suited for larger organizations.

8. Ivanti IT Asset Management

This tool combines IT asset and service management into a single platform. It offers features for managing software licenses, discovering and tracking IT assets across the organization, and optimizing software spend. Ivanti helps businesses reduce risks associated with software audits and control costs by reclaiming unused licenses.

Pros:

• Reduces audit risks, controls costs, and reclaims unused licenses.

Cons:

• The extensive feature set may be more than smaller businesses need.

9. Belarc Advisor

Primarily known for its detailed software and hardware inventory capabilities, Belarc Advisor also assists in license management by providing comprehensive visibility into installed software and usage. It helps organizations maintain compliance and optimize software assets based on accurate inventory information.

Pros:

• Maintains accurate inventory for optimized software assets.

Cons:

• Primarily inventory-focused, with less emphasis on active management.

10. Lansweeper IT Asset Management

This tool automates the discovery and inventory of IT assets, aiding in effective software license management. It provides detailed insights into software installations, usage, and compliance status. Lansweeper's reporting and alerting capabilities help organizations avoid compliance issues and optimize license usage.

Pros:

• In-depth software insights and proactive compliance alerting.

Cons:

• May require dedicated personnel to manage and interpret data.

11. ServiceNow Software Asset Management

Integrated with the ServiceNow platform, this tool simplifies automating software license management workflows. It provides insights into software spending, automates software lifecycle management, and ensures compliance with licensing agreements, helping organizations reduce costs and mitigate compliance risks.

Pros:

• Streamlines software lifecycle management and reduces costs and compliance risks.

Cons:

• Best leveraged by organizations already using ServiceNow for IT management.

12. KACE Systems Management Appliance

Designed to automate IT asset management, including software license management, this appliance simplifies software license tracking, management, and compliance. It offers features for inventory management, software distribution, and patch management, making it easier to maintain software license compliance.

Pros:

• Facilitates inventory, software distribution, and patch management.

Cons:

• May be less effective for non-IT-focused businesses.

13. Aspera LicenseControl

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Through its advanced license optimization and management features, Aspera's LicenseControl helps companies significantly reduce software costs and compliance risks. It offers solutions for managing licenses across multiple vendors and platforms and provides insights into software usage and optimization opportunities.

Pros:

• Reduces software costs and compliance risks and provides usage insights.

Cons:

• Complexity and cost may be prohibitive for smaller businesses.

14. Scalable Software Asset Vision

This cloud-based platform offers comprehensive insights into software usage and spending, identifying opportunities for savings and optimization. It simplifies compliance, reduces risk, and, with detailed analytics and reporting features, helps manage software licenses more efficiently.

Pros:

• Identifies savings opportunities and simplifies compliance.

Cons:

• Cloud-based nature may raise concerns for businesses with strict data control needs.

15. Eracent IT Management Center (ITMC)

ITMC offers a suite of IT asset lifecycle management tools, including software license management. It automates the collection and analysis of software usage data, helping organizations optimize their software assets, ensure compliance, and reduce costs.

Pros:

• Automates software usage analysis, helps optimize assets, and reduces costs.

Cons:

• Comprehensive capabilities may overwhelm smaller IT environments.

16. Symantec Asset Management Suite

This suite helps organizations manage software licenses to maintain compliance and optimize software investments. It offers comprehensive tools for tracking software usage, managing licenses, and ensuring that organizations fully utilize their software assets while complying with licensing terms.

Pros:

• Comprehensive toolset for managing software investments and ensuring compliance.

Cons:

• May be more suitable for larger organizations due to its extensive features.

17. IBM License Metric Tool (ILMT)

Specifically designed for managing IBM software licenses, ILMT helps organizations comply with IBM licensing terms. It provides detailed reports on software usage, assisting companies in avoiding penalties and optimizing their software investments according to IBM's licensing models.

Pros:

• Avoids penalties and optimizes software investments for IBM products.

Cons:

• Limited to IBM software, unsuitable for managing other vendor licenses.

18. Certero AssetStudio

This versatile solution for software asset management provides complete visibility and control over software assets. It offers software discovery, inventory, license management, and optimization features, enabling organizations to ensure compliance and reduce software expenditures.

Pros:

• Provides complete visibility and control over software assets, ensuring compliance and reducing expenditure.

Cons:

• The extensive feature set may require significant resources to utilize fully.

19. License Dashboard

This tool simplifies software license management, helping businesses to reduce costs and ensure compliance. It provides a centralized platform for tracking and managing software licenses, agreements, and usage across the organization, with features designed to support effective license management strategies.

Pros:

• Simplifies license management and supports effective strategy development for license utilization.

Cons:

• May be more aligned with larger organizations needing detailed license tracking.

20. BMC Helix Discovery

This tool offers IT asset discovery and optimization capabilities, including software license management. It helps organizations understand their IT landscape, manage software licenses effectively, and ensure compliance with licensing agreements.

Pros:

• Facilitates effective management and compliance of software licenses, offers detailed insights into IT assets, and optimizes IT operations.

Cons:

• It may require a steep learning curve and significant investment, more suited for larger organizations with complex IT environments.

Manage your licenses with ease using Spendflo DLM

Software license management is essential for any business. It helps you keep track of all the software you use and ensures you're using it correctly. Spendflo's Dynamic License Management (DLM) system makes this easy. It lets you see and manage your software licenses better using real-time information.

With Spendflo DLM, you can automatically take back unused licenses and ensure you're saving money on software you don't need. It shows you which licenses are active and not being used and which ones you still need to give out. This helps you decide whether to take back some licenses or give out fewer in the future.

Using Spendflo means you can better manage your software licenses without adding more tools. It's all about simplifying and saving money.

To wrap up, Spendflo DLM is an intelligent choice if you want to manage your software licenses easily and reduce extra costs.

Ready to reduce your SaaS and cloud expenses? Try Spendflo and do it all without adding extra tools to your collection. Book a demo today!