Our Latest Launch Helps Make Your Organization More Capital Efficient
We’re living in a time where companies are no longer being tasked with growing at all costs. Instead, IT and finance teams have been given the mandate to find as many cost savings as possible across their technology stack, and to move their organizations to become more capital efficient.
This story is part of Security Essentials, the IT Vault’s practical advice for getting the most out of your security team.
At Lumos, we’re excited to announce the launch of our newest cost-saving features: the Savings Dashboard, Inactivity Workflow, and Vendor Management portal. These features have been designed to help customers not only ingest and visualize potential savings across their software stack, but take action in a continuous manner to find savings across unused licenses and shadow IT.
Lumos helps organizations save money through a variety of different ways such as identifying and removing shadow IT, removing inactive or underutilized accounts, and providing data to help negotiate better deals during renewals.
See Your Savings in One Place with the Savings Dashboard
Lumos helps organizations save money through a variety of different ways such as identifying and removing shadow IT, removing inactive or underutilized accounts, and providing data to help negotiate better deals during renewals. However, quantifying all the value that you’re realizing isn’t the easiest. Sometimes, you recoup the savings immediately while other times, it won’t happen until your annual renewal.
The Lumos Savings Dashboard takes these nuances into consideration and gives you one place where you can see:
1. Total Realized Savings: The costs you’ve already saved using Lumos through removing accounts and reclaiming licenses
2. Total Unrealized Savings: The costs you will save in the future during upcoming true ups and renewals.
Our Savings Dashboard takes into account the costs of different license types as well. For example Zoom Basic is $0, Zoom Pro is $15.99/user per month, whereas Zoom Webinar can go up to $400/user per month. By connecting your contract data to Lumos, we can show you how much you’re saving, down to which licenses you’ve removed, and which licenses you’ve reclaimed, so you’ll always have an accurate, real-time view of your savings.
Now, when your finance and leadership teams ask how much you’re saving, you’ll can have an easy answer and data to back it up.
Remove Unused Accounts Automatically with Inactivity Workflows
Keeping track of inactive accounts across all your SaaS apps is no easy task, and often a headache. Yet, these unused accounts can cost an organization thousands, if not hundreds of thousands of dollars, that could be spent elsewhere.
At Lumos, we believe that finding savings isn’t a one time activity but rather, something that can be done on a continuous basis. With our inactivity workflows feature, you can create an automated workflow that deprovisions an account based on inactivity for a certain number of days to help your organization become more capital efficient.
When designing the workflow, you can:
• Choose to exclude certain users or permissions from the inactivity trigger
• Add or remove a user from a certain group in case you have automated provisioning set up based on group assignments
• Decide whether you need an approver or not to deprovision or suspend an account
• Set up custom removal notifications for employees or app assignees
• Leverage removal webhooks to build custom removal workflows for more complex application set-ups
• Transfer data from one account to another before removal
• Create a multi-step workflow that includes any or all of these options outlined above
With budgets getting more constrained, Lumos can help you find potential savings to help you stretch your dollar far and wide and become more capital efficient in your organization.
Proactively Manage Renewals with the Vendor Management Tab
We’ve found that one of the greatest opportunities to find cost savings is to proactively negotiate upcoming renewals. However, getting access to data to help you properly keep track of contracts and negotiate isn’t easy when usage and contract data is often silo-ed from each other.
With our Vendor Management tab, you can create a single source of truth for renewals by synching your contract data and linking an application’s usage date with the number of licenses you purchased. This gives you visibility into how many licenses were purchased and allocated to employees for each application. Our platform can also help you set notifications for when upcoming renewals are due as well as when you’re approaching your license limit and need to true up or remove accounts.
Finance and FP&A teams can use the data Lumos provides to calculate SaaS cost per employee, making it easier to plan future budgets.
With budgets getting more constrained, Lumos can help you find potential savings to help you stretch your dollar far and wide and become more capital efficient in your organization. We believe that savings isn’t a one time clean-up but rather, something you can do on a continuous basis. That’s why we built these features to help you find savings during the entire lifecycle of a vendor, from when you first onboard to when you decide to renew (or not).
If you’re interested in learning more about how Lumos can help you find savings in your company, let’s chat.
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