Many IT organizations are struggling to truly understand what technology assets are under their control. Fifty-three percent of respondents to a recent survey said they are struggling to maintain visibility into technology assets within their company.

The report was Flexera’s 2024 State of ITAM Report, which was released today and which surveyed over 500 IT professionals from companies of at least 1,000 employees. 

Visibility confidence varies based on device and software type. Sixty-seven are confident in the visibility of their on-premises software, 65% for on-premises hardware, 64% for cloud instances, 54% for SaaS, and only 19% for BYOD. 

“CIOs should be alarmed that 53% of IT teams lack complete visibility into technology assets,” said Becky Trevino, chief product officer at Flexera. “Organizations that lack complete visibility overspend on technology, face higher cybersecurity and compliance risk, see reduced IT service management (ITSM) data quality, and slow the pace of growth initiatives. One of the root causes of this visibility gap is siloed teams and systems. Flexera encourages a unified approach that integrates technology, people and systems across the disciplines of FinOps and ITAM to support IT in closing the visibility gap.”

There has been a recognition of the importance of FinOps over the years, however. In 2023, 23% of software asset management (SAM) teams reported having a significant interaction with FinOps teams, and in 2024 that number has risen to 32%. 

Still, companies continue to waste nearly a third of their IT budgets every year, despite growing efforts to optimize those budgets. Desktop software accounts for 30% of waste, data center software for 22%, IaaS/PaaS for 21% and SaaS for 20%.

Software audits are also increasing. Twenty-two percent of respondents said they paid more than $5 million in software audits over the last three years, an increase from 15% last year. Twelve percent spent over $10 million, which is an increase from 7% last year. 

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