Technology investments take up a major chunk of spending budget in every organization. Visibility into current spendings allows the decision makers to view trends in their spending, predict budgetary needs, and allocate resources effectively. Drilling down to technology spend per member or per department gives further visibility into asset utilization, ROI, and other similar metrics.
AssetSonar has enhanced its reporting and analytics capabilities and has introduced a new Technology Spend per Member report that can benefit you in following ways:
- Financial visibility: Your IT teams get a clear understanding of the organization’s technology related expenses relative to the number of users they have. Since every member would be using different technological tools, you’ll get a clear picture of employees’ needs and the cost of technology that is required to get work done. The level of visibility this report provides can help in financial planning, budgeting, asset procurement, and provisioning of these assets.
- Cost optimization: Organizations need to identify areas of high technology expenditure for smart budget allocations. Since AssetSonar’s Technology Spend reports can be filtered by members or departments, IT teams get deeper insights enabling them to assess if the costs are justified and identify opportunities for cost savings and optimization.
- Benchmarking: Technology Spend per Member report is also helpful in benchmarking so the organization can compare their technology spend with that of the industry and take actions accordingly. This benchmarking also allows the IT teams to determine the efficiency and performance of their procured technology tools against similar tools used in the industry. They can then determine whether the existing technology is at par with the norms of the industry or needs improvement.
- Compliance and performance: Technology Spend per Member report gives you clear and transparent data on every employee in your organization and helps you prepare for external audits. This information helps you demonstrate to stakeholders and regulators that your technology expenses are appropriately managed and justified. You can also get insights on the impact of technology on employee performance, operational efficiency, and engagement.
Now let’s go through the steps of generating this report on AssetSonar:
- From the Reports detail page, go to Member Reports and choose Technology Spend per Member report.
By adding the desired information, you can filter the report in the following ways:
- Total technology Spend over the years
- Technology Spend per Location
- Technology Spend per Department
- Technology Spend per Employee
You’ll be able to view the software and hardware technology spent in different columns as shown below:
Read more: What is Software Asset Management?
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