How Raymond James Financial Benefits from ServiceNow

Technology has made doing business easier, faster, and more efficient. From accounting to HR to marketing, every department in your organization probably relies on multiple software solutions to do their work well. The technology mix in a company is always changing to better meet business needs—but who’s keeping track of your multitude of software assets and licenses?

Raymond James Financial, a global financial services company with more than $5 billion in annual revenues, is a long-time ServiceNow customer. In addition to IT management and security operations solutions, Raymond James now uses ServiceNow Software Asset Management (SAM). You can read the entire case study here.

The addition of ServiceNow SAM has brought several benefits to Raymond James financial—benefits that any company can achieve with ServiceNow.

Modernization

Modernization of business means optimizing operations by doing away with manual processes. Before implementing ServiceNow Software Asset Management, processes like reconciliation, compliance verification, and software installs tracking required a number of manual steps. Furthermore, Raymond James was managing software assets on a legacy tool that just wasn’t meant for SAM. Switching to ServiceNow increased efficiency and allowed Raymond James to keep up with changes in software licensing models.

Risk Reduction

For each vendor audit conducted, Raymond James has eliminated two weeks worth of effort. Not only does this save valuable time for employees, it also reduces the company’s exposure to risk. Now it’s possible to pull accurate, up-to-date information for the audits right away. According to the IT Asset Manager at Raymond James, the leadership team is very enthusiastic about this change. “Audit findings can be painful and expensive, so they want to know we have our software assets under control, and that we can limit our exposure.”

Cost-Efficiency

Software licensing is a substantial cost for businesses even when software asset management is optimized. When you don’t have an easy way to keep track of the licenses that have been purchased and how each one works, your business is losing money.

There are many different software licensing models. Some of your software solutions may have been purchased for use on just one machine, while others are licensed for the entire network. Some are subscription while others are a one-time purchase. ServiceNow Software Asset Management keeps a record of all of this for you and helps you optimize usage, align your annual maintenance bill, and right-size future purchases.

Raymond James has used ServiceNow SAM to automatically reclaim unused and underutilized software licenses, generating significant savings for the company. The time saved using ServiceNow also allows employees to put their skills toward tasks that boost the bottom line.

Simplicity

As mentioned previously, Raymond James was using an older asset management tool. But that’s not all. Information on software assets was divided between spreadsheets, financial systems, SharePoint, and more.

ServiceNow SAM gives you a single system of record for your software assets—plus you can streamline and automate your processes.

Integration

Software asset management wasn’t Raymond James Financial’s first taste of the benefits of ServiceNow. Since the company already used other ServiceNow solutions on the Now Platform, they can tie SAM directly into other IT processes, like the service catalog and configuration management.

To learn about how you can reduce risk, increase savings, and improve efficiency with ServiceNow, talk to one of our experts.

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