How to Use Identity and Access Management to Save Your Company Money

If there’s one thing that software can do for organizations, it’s saving time and money. It does so by automating processes that would otherwise require a human eye to oversee and then all of the manual work that provides those services.

This is especially true in identity and access management (IAM) solutions, which automate common tasks such as user provisioning, access control management, data security audits both internally and externally, password policy enforcement, and more.

There are three things to consider when looking at IAM solutions:

Return on investment (ROI), cost efficiency, and simplicity. If your organization doesn’t benefit from implementing these tools, don’t bother using them.

If you spend too much, don’t bother using them.

If they’re too complex, don’t bother using them.

Another key to implementing IAM successfully is streamlining your efforts. Use the best tools for the jobs you have to tackle, but at all costs, make sure that you can manage your system without getting lost in the weeds.

This means choosing open-source solutions or products that fit into an existing infrastructure rather than going with all-inclusive packages meant for folks who aren’t already familiar with what’s out there (or ones that require proprietary hardware). It’s easy to get caught up in buzzwords and marketing speak when looking for something like this, so look past it as much as possible.

Once you’ve selected a product and implemented it, the hard work begins. The most important task is setting up your policies, which will serve as a legal document for the company. It’s not enough to just have a policy that you think is right; it must be enforceable and understandable by all parties involved. This includes your employees, vendors, and other business partners, and any government agencies that might need to see these records (for example, in case of an audit).

The main point here is to remember how IAM can save time and money for companies. You’ll save time by automating processes with software solutions that scale well over time without losing effectiveness or creating too much extra work for IT teams. And you’ll save money by reducing the risk caused by improperly managed access control as well as improving data security auditing, which helps your organization avoid getting hit with a fine or lawsuit due to negligence.

What Are Some Key Points of Your Overall Business Strategy?

While identity and access management tools won’t revolutionize your business overnight, they will help you streamline operations. That alone makes them a worthwhile purchase for most companies. Here are just a few specific ways that IAM can save your company money:

Lower costs from not having to hire more tech staff or security specialists Lower costs associated with preventing data breaches (and fines resulting from those breaches)

An organization can lower costs related to lawsuits due to negligence. For example, when failing to perform proper compliance audits on an internal system while storing customer credit card information.

Lower costs related to increased productivity from workers who use their time more efficiently due to using IAM solutions If none of these interest you, it’s probably safe to say that IAM won’t save your company money.

Every executive needs to consider how they can use IAM solutions to improve their businesses. It doesn’t have to be an elaborate IT overhaul or a huge change in the overall strategy. It just needs to work effectively within your company’s infrastructure and save you time and money while doing so.