New unified technology helps IT and Security cut software costs and eliminate tickets while strengthening security.
Lumos today announced the launch of their App Governance Platform, a first-of-its-kind solution that automates access requests, enforces least privilege, speeds up user access reviews, and eliminates extra SaaS app spending.
The platform supports the most critical functions for companies within this economic climate – cost management and security. Lumos’ mission is to remove technology silos between IT, Security, Compliance, and Finance. With their new release, customers now have visibility into app usage, entitlements, and spending – and the power to take action on that data, such as removing access to licenses or cloud permissions.
Empowering IT to consolidate technology usage while also strengthening the security posture across the business has been core to Lumos’ mission of creating the AppStore for Companies. A major initiative that IT leaders are focusing on in this climate is improving security. The increased SaaS app sprawl has an unintended consequence: privileged access risk.
As well, IT and Finance have a new mandate to transform the company’s growth-oriented SaaS stack into a capital-efficient one. While Gartner Research revealed that enterprise IT spending will increase by 5.1% year-over-year in 2023, more companies are taking a conservative approach to their software spending. Research also finds that while there is an expected increase, it will not keep up with inflation so organizations will be flat or down in IT spending. As a result, IT teams will partner with the lines of business and Finance to consolidate software spending and maximize efficiency.
“Prior to the explosion of business-critical SaaS apps, the IT team controlled the infrastructure that ran the business.”, says Andrej Safundzic, CEO and co-founder of Lumos. “Now, SaaS spending has been decentralized, and shadow IT runs rampant. As a result, there’s a lot of waste and duplication in SaaS apps, not to mention an increased security risk due to over-privileged accounts. Lumos helps IT leaders build an efficient infrastructure to help businesses run smoothly and securely.”
“With the App Governance platform, our IT team is able to meet the demands of the CFO with respect to demonstrating software license savings and improved license management, while also driving our compliance and security mandates.”, says Mark Jaques, Director of Information Security at Vox Media. “We used to use multiple apps to manage our SaaS. Lumos is a game-changer for us in 2023. We’ll be able to drive costs down, increase our security posture, and automate IT tickets.”
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