The Do’s and Don’ts of Effective Asset Tracking

Tracking your IT and SaaS assets is a safeguard procedure against wasted spend and operational blind spots. But without a clear system, it's easy to lose control. According to a 2023 report by TechRepublic, nearly 50% of software licenses go unused, leading to more than $44 million in wasted spend every month.

That waste doesn’t happen overnight. Left unchecked, asset sprawl doesn't just eat into your budget but also weakens your security posture and creates audit headaches. In this guide, you’ll walk through the essential do’s and don’ts of effective asset tracking. 

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TL;DR

• SaaS asset tracking is more than listing tools—it's about full lifecycle oversight to stop cost leaks, security risks, and redundancy.
• Use a unified, real-time platform to track ownership, usage, cost, and access; spreadsheets won’t cut it.
• Give one function (IT, FinOps, or procurement) control over asset tracking to avoid accountability gaps.
• Set automated alerts and monthly reviews instead of reacting to renewals or audits last-minute.
• Connect tracking tools with HRIS, SSO, and finance systems; platforms like CloudEagle.ai help cut waste, flag risks, and regain control.

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1. What is SaaS Asset Tracking and Why Does It Matter?

If you don’t know what software your company is using, who’s using it, or how much it costs, there’s a good chance your budget is leaking and your risk surface is growing. That’s what SaaS asset tracking solves. It gives you visibility into every subscription, license, and access point tied to your tech stack.

It’s not just about making a list of apps. It’s about tracking the entire lifecycle. When you’re not doing this consistently, you end up with overlapping tools, idle licenses, and former employees still having access they shouldn’t have.

This isn't a minor oversight—it’s a strategic gap. Bill Gates once said:

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency… The second is that automation applied to an inefficient operation will magnify the inefficiency.”

That applies directly to asset tracking. If your tracking process is flawed or nonexistent, any automation layered on top will just accelerate the mess. That’s why visibility isn’t a luxury. It’s the starting point for making smarter decisions about cost, access, security, and compliance.

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SaaS sprawl isn’t slowing down. The only way to stay in control is to treat asset tracking as a core discipline, not a one-off cleanup task.

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2. The Do’s and Don’ts of Asset Tracking

A. How Do You Build a Reliable Asset Inventory?

Do: Maintain a centralized, real-time asset database

To track your assets effectively, you need one place where all your SaaS and IT assets are visible, current, and tied to ownership. That means using a system that updates in real-time, integrates with procurement, HR, and identity tools, and reflects changes as they happen.

Without that, you’re constantly playing catch-up. A centralized platform not only gives you visibility but also lets you filter by department, cost center, or renewal status. That kind of clarity makes it easier to spot waste, prevent surprise renewals, and stay ahead of compliance.

Don’t: Rely on spreadsheets or isolated tools

Relying on spreadsheets for asset tracking is fraught with challenges. They cannot sync with user activity, fail to provide timely alerts for access issues, and are a burden during audits. Moreover, spreadsheets often exist in silos within different departments, leading to inconsistent and outdated information.

B. What Data Should You Be Tracking for Each Asset?

Do: Track ownership, usage, cost, renewal dates, and user access

Effective asset management requires a holistic approach. For each asset, you should document:​

• Ownership: Who is responsible for the asset?​
• Usage: How and how often is the asset being utilized?​
• Cost: What are the acquisition and ongoing expenses?​
• Renewal Dates: When are contracts or licenses up for renewal?​
• User Access: Who has permission to use the asset?

Don’t: Limit tracking to just purchase and expiration dates

Focusing solely on purchase and expiration dates provides an incomplete picture. Without insights into usage patterns and access controls, you risk overspending on underutilized assets and exposing your organization to security vulnerabilities.​

For instance, 69% of companies experienced cyberattacks due to unknown or unmanaged internet-facing assets. This underscores the critical need for comprehensive asset tracking to mitigate security risks.

C. Who Should Own Asset Tracking Within the Company?

Do: Assign clear ownership (IT, procurement, or FinOps)

You need a dedicated function, whether it’s IT, procurement, or FinOps, that’s responsible for maintaining your asset inventory, ensuring data accuracy, and coordinating with other departments. Clear ownership brings accountability, streamlines decision-making, and helps you avoid finger-pointing when something falls through the cracks.

Don’t: Spread responsibility across teams without coordination

When asset tracking is everyone’s job, it often becomes no one’s priority. Spreading it across departments without coordination leads to duplicate entries, inconsistent data, and critical gaps in visibility. Assign one team to lead and empower them to collaborate with others, but make sure there's a single point of control.

D. How Often Should Asset Data Be Reviewed or Updated?

Do: Set automated checks and monthly reviews

Asset tracking isn’t a set-it-and-forget-it task. You should schedule monthly reviews and implement automated systems that flag changes in usage, access, or cost. This keeps your data fresh and actionable so you can spot waste, identify security gaps, and stay ahead of renewal deadlines.

Don’t: Wait for audits or renewal notices to act

If you're only updating asset data when compliance audits come around or when a renewal lands in your inbox, you're already too late. By then, you're reacting to problems instead of preventing them. Regular reviews give you the breathing room to make smart, deliberate decisions, not rushed corrections.

E. How Can You Avoid Duplicate or Unused Tools?

Do: Use tools that flag redundancy and underuse

Without a system that highlights overlap, it’s easy for departments to unknowingly buy different tools that solve the same problem. That’s where automated visibility tools make a difference. They scan for:

• Apps with similar functions across different teams
• Licenses that haven’t been used in 30, 60, or 90+ days
• Tools that were onboarded but never fully adopted

With this data, you can consolidate licenses, negotiate better deals, or retire tools that aren’t pulling their weight.

Don’t: Approve every team’s preferred app without oversight

It’s tempting to let every team choose their own stack for the sake of speed. But if there’s no central governance, you’ll quickly end up with:

• Multiple project management tools doing the same thing
• Redundant storage platforms with overlapping features
• SaaS contracts you didn’t know existed until the renewal hits

Let teams innovate but with precautions. Every app should go through a lightweight review to check for duplication, security posture, and long-term fit.

F. What Role Does Employee Offboarding Play in Asset Tracking?

Do: Tie asset revocation to offboarding workflows

When an employee exits your organization, it's crucial to immediately revoke their access to all company systems and data. Integrating asset deprovisioning into your offboarding process ensures that departing staff no longer have entry points into your infrastructure. This practice safeguards sensitive information and reduces the risk of unauthorized activities.

Don’t: Forget to deprovision access across all platforms

Neglecting to remove access can lead to significant security vulnerabilities. Former employees ' credentials may inadvertently or intentionally exploit them, posing threats to your organization's integrity.

A notable example is the 2005 cyberattack on Wal-Mart. Hackers exploited a VPN account assigned to a former employee, which hadn't been deactivated, to infiltrate the company's network. This breach highlighted the critical need for the timely deprovisioning of ex-employee accounts. ​Here’s an image highlighting the consequences of inappropriate security measures.

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Implementing a comprehensive offboarding protocol that includes prompt deactivation of all user accounts is essential to maintaining organizational security and protecting against potential breaches.

G. How Do Compliance and Audits Fit Into Your Tracking Strategy?

Do: Align asset tracking with SOC 2, ISO 27001, etc.

Integrating asset tracking into your compliance efforts ensures that your organization meets the stringent requirements of frameworks like SOC 2 and ISO 27001. This proactive approach not only streamlines the audit process but also fortifies your security posture by maintaining an up-to-date inventory of assets.​

Don’t: Scramble to gather data only when audits come up

Waiting until an audit is imminent to organize asset data can lead to oversights and increased stress. A continuous asset management strategy keeps you prepared and reduces the risk of non-compliance.

For instance, according to a report by IT Governance UK, in 2023, over 350 million people were affected by data breaches. Had they followed robust asset management practices, they could’ve prevented unauthorized access and ensured compliance.

H. When Should You Integrate Asset Tracking With Other Systems?

Do: Connect with HRIS, SSO, and finance systems

Asset tracking becomes significantly more powerful when it's not operating in isolation. By connecting your tracking system with:

• HRIS: You can automatically add or remove assets as employees join or leave
• SSO: You gain insight into who’s using what, and when
• Finance tools: You get real-time visibility into spend and contract status

This integration eliminates blind spots and gives you a tighter handle on both cost control and risk management.

Don’t: Treat asset tracking as a standalone process

Siloed tracking leads to duplicated data, missed renewals, and security vulnerabilities. Without integrations, your system is reactive, not strategic. Make asset tracking part of your broader operational ecosystem to gain full context and control.

3. How Can CloudEagle.ai Streamline Asset Management?

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CloudEagle.ai is built to take the friction out of managing and purchasing SaaS tools. It helps you gain tighter control over your software portfolio without drowning in spreadsheets or manual tracking.

The platform gives you a unified view of all your applications, contracts, and usage patterns, helping you spot inefficiencies and tighten spend. Every license, renewal date, and usage metric is centralized, so nothing slips through the cracks.

Its automation capabilities reduce the back-and-forth in procurement cycles, flag wasteful renewals ahead of time, and help you recover underused licenses before they eat into your budget.

Application Discovery

CloudEagle.ai delivers complete visibility into your SaaS environment in under 30 minutes, quickly surfacing redundant tools and duplicate apps that quietly inflate your software budget.

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By pulling all assets into a single, centralized platform, it removes the guesswork from application oversight. Native API integrations go beyond basic tracking to provide detailed usage patterns, making it easier to decommission unused tools and consolidate overlapping apps.

You can also set up intelligent alerts to flag unapproved software purchases made via company credit cards, shutting down shadow IT before it becomes a security liability.

Take, for example, a large media enterprise with over 10,000 employees. Relying on Flexera, the company struggled with incomplete data and lacked actionable usage insights. After switching to CloudEagle.ai, they finally had a clear picture of their SaaS stack. 

License Management

CloudEagle.ai gives you granular visibility into how every tool in your stack is being used. Whether data is pulled via direct integrations or imported through Excel, the platform surfaces feature-level insights that go far beyond basic license counts.

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From a single dashboard, you can monitor license types, see which users are active or idle, review login behavior, and track spending tied to individual licenses. This level of detail helps eliminate guesswork and spot underused tools before they drain your budget.

You can also configure usage-based alerts to flag when it's time to upgrade high-usage users or downgrade inactive ones. App admins can run regular audits, reclaim unused licenses, and offboard users efficiently—keeping your SaaS portfolio lean and tightly managed.

Contract Management

CloudEagle.ai simplifies contract management by pulling all vendor agreements into a centralized workspace. No more scrambling before renewal deadlines as automated workflows kick in up to 90 days in advance, routing tasks to the right stakeholders. Slack and email notifications ensure nothing gets missed along the way.

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From the unified dashboard, you can quickly review contract spend while the platform’s AI parses essential metadata like renewal terms, billing cycles, payment conditions, and auto-renewal clauses, giving you a clear picture in just minutes.

The system integrates with tools like DocuSign, Workday, Ironclad, Google Drive, Dropbox, and Box, making it easy to bring in contracts from multiple sources. Once imported, CloudEagle.ai automatically extracts and organizes key data, building a complete and accessible contract archive.

Beyond contract visibility, the platform helps you reduce waste. With 500+ integrations, it pulls accurate usage data across your stack and flags when licenses are sitting idle or can be downgraded, allowing you to recover costs and eliminate unused features with minimal effort.

Spend Optimization

As your company scales, it’s easy for duplicate tools and idle subscriptions to pile up, quietly driving up SaaS costs and complicating your stack.

CloudEagle.ai brings clarity to your software portfolio with deep usage insights. It highlights underused applications, flags overlapping subscriptions, and equips you to trim excess spend without sacrificing functionality.

Price Benchmarking

CloudEagle.ai draws on a dataset of over three billion transactions to give you neutral, data-backed pricing benchmarks. With insights from 150,000+ vendors, you can assess how your software costs compare to similar enterprises based on your size, contract length, license volume, and IT spend.

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Its AI engine evaluates pricing scenarios across multiple dimensions, helping you determine whether your rates are competitive or inflated so you can walk into vendor negotiations with real leverage.

Renewal Management

CloudEagle.ai initiates workflows up to 90 days before contract deadlines, giving stakeholders enough time to review, approve, or negotiate terms.

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Built-in communication channels streamline approvals and feedback. You can also track opt-out windows well in advance (30, 60, or 90 days) so your team can act proactively instead of reacting under pressure.

Vendor Research

Researching software shouldn’t eat up your time. CloudEagle.ai’s AI-powered discovery engine takes your requirements and instantly delivers a shortlist of SaaS vendors that meet your criteria.

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Each option comes with consolidated reviews, outlining real pros and cons in one place. You can compare vendors side by side without bouncing between tabs or spreadsheets.

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4. Conclusion

SaaS and IT asset tracking isn’t something you set up once and forget. It’s a living system that supports your company’s financial efficiency, data security, and compliance posture. When done right, it gives you the clarity to cut waste, tighten controls, and make smarter tech investments.

Thanks to CloudEagle.ai, you can manage all your company’s software effectively. As you can track them, there will be fewer chances of SaaS sprawl and hidden renewals. So, contact the experts and let them show you how CloudEagle.ai works. 

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5. Frequently Asked Questions

1. What is the best way to track assets?

The best way to track SaaS assets is by using a SaaS management platform like CloudEagle.ai that automatically discovers, monitors, and categorizes all subscriptions. This gives you real-time visibility into usage, renewals, and spend.

2. How do you manage assets effectively?

To manage SaaS assets effectively, centralize all subscriptions, monitor usage and renewals, and enforce access controls tied to roles. Platforms like CloudEagle.ai automate these tasks to reduce waste and improve ROI.

3. What are the benefits of SaaS asset tracking?

SaaS asset tracking helps you optimize costs by identifying unused or underused subscriptions, ensuring compliance with licensing agreements, and improving security through better access management. It also enables proactive renewals and enhances visibility for budgeting and planning.

4. Which 3 are principles of asset management?

The three key principles of SaaS asset management are visibility, optimization, and compliance. These principles help you track all subscriptions, eliminate waste by optimizing usage, and ensure your organization stays compliant with licensing agreements and regulations.

5. What is the best practice for asset management?

The best practice for SaaS asset management is to centralize your SaaS tools in a single platform, automate tracking, and regularly review usage to eliminate waste. Implementing access controls, enforcing renewal processes, and ensuring compliance with licensing agreements are also essential for optimal management.

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