Lumos is Named a Visionary in the 2024 Gartner® Magic Quadrant™ for SaaS Management Platforms

This, in addition to 100% of reviewers willing to recommend Lumos on Gartner Peer Insights™, validates the strength of our current offering and our vision for the future. Lumos is the only platform that creates comprehensive data visibility for IT and security teams, empowers employees with the right access, and reduces software spend wastage. 

Empowering organizations in their SaaS adoption journey 

As the last few weeks (months, years!) have shown, global IT is increasingly pervasive and extremely fragile. With growing emphasis on business agility and availability, it is crucial to ensure your applications, people, and data are properly secured and optimized. Amidst increased cyber threats, budget constraints and regulatory requirements, most organizations struggle with centralized control and management of their most critical assets.

With the ever-growing SaaS market expected to reach $232B in 2024, up from $197B in 2023, it has never been more important for businesses to get a handle on their software. In fact, according to Gartner, “through 2027, organizations that fail to centrally manage SaaS life cycles will remain five times more susceptible to a cyber incident or data loss due to incomplete visibility into SaaS usage and configuration.” and “through 2027, organizations that fail to attain centralized visibility and coordinate SaaS life cycles will overspend on SaaS by at least 25% due to unused entitlements and unnecessary, overlapping tools.”

Enter…Lumos. 

For years, we have been hearing from customers that managing applications and access needs to be treated as one problem rather than two. Right-sizing applications and access is a critical problem that Lumos is looking to address. It is paramount to understand how employees are using apps, as well as how app access needs to be governed.  

Lumos is on a mission to bring IT and security teams together to solve this with one unified platform - the Unified Access platform. 

Bridging organizational silos with operational and security excellence 

The rise of democratization of IT has had several benefits. Different teams work together faster with shared data and processes, while decentralizing control. Companies become more agile without straining IT or security resources. There is a boost seen in creativity and innovation to deliver customer-centric outcomes. 

However, with shared collaboration comes bigger shared responsibility. All teams must ensure that they have the right approved apps with the right levels of permissions and oversight in place.

The Lumos Unified Access Platform delivers this with:

• Centralized Self-Service AppStore: Automatically discover all applications, including shadow IT, with the rich data connectors across SaaS and on-premise environments. Streamline the employee experience with self-service AppStore and powerful Slack integration to request app access. No more lengthy time spent waiting for access approvals.
• Automated Lifecycle management: Boost application adoption and free up IT teams with automated on/off-boarding provisioning. Reduce IT ticket fatigue with pre-built workflows. Read how Chegg automated 40% of all their tickets and reduced their time-to-resolution from 18 hours to less than 5 minutes. 
• Spend optimization and forecast accuracy: Proactively remove unused and unapproved apps and configure time-based access for license reclaim. Improve accuracy of your forecast with license usage insights and spend analysis. Find out how Checkr realized financial gain by slashing $230,000 in SaaS software spend.  

Read here about the latest product innovations from Lumos in our Series B funding announcement here. 

What’s next

Each year the reliance on SaaS is growing. The list of use cases spans from website creation to analytics, from employee management to customer relations management, and from collaboration to productivity tools. 

An average company has anywhere between 500-600 applications across their hybrid environments. This compounds operational and security risks as IT and security teams are required to manage and monitor their sprawling SaaS estate holistically. 

Lumos is on a journey to empower your organization by unlocking employee potential with safe digital technology usage. IT and security teams benefit from a consolidated view of their application estate to help ensure the right people get the right access for the right applications.

Stay tuned for an upcoming webinar on the Lumos Unified Access platform where we talk about our offerings and the challenges it solves for modern enterprises as they look to simplify app and access management. Request a demo here to see our platform in action.

Gartner, Magic Quadrant for SaaS Management Platforms, 22 July 2024. GARTNER is a registered trademark and service mark and MAGIC QUADRANT is a trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Additional Resources 

Lumos Secures Series B to Launch the Unified Access Platform

Here’s How We’re Building a Holistic App Management Platform

Watch Your $aa$: The Future of Spend Management