Flexera 2024 State of ITAM report finds that IT teams face increasing audit fines

Flexera 2024 State of ITAM report finds that IT teams face increasing audit fines

Nearly a quarter of respondents said they pay millions in audit costs, while over half lack complete visibility of their technology assets.

Published on 13th June 2024

Flexera have released their 2024 State of ITAM Report, which found that 53% of IT teams report challenges gaining or maintaining complete visibility of technology investments, suggesting a persistent visibility gap in IT. Nearly a quarter (22%) of the global IT leaders surveyed shared they have paid more than $5 million in audit costs over the past three years, up from 15% in 2023.

Flexera’s annual report, which surveys global IT professionals, investigates how the maturity of IT asset management (ITAM), FinOps, security, software asset management (SAM) and hardware asset management (HAM) teams impacts the value they deliver to their organizations. It also provides a view of the future of ITAM and SAM teams as they evolve to serve the needs of hybrid IT and cloud-first organizations.

“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.”

The Flexera 2024 State of ITAM Report highlights the crucial role of cross-functional collaboration for ITAM teams, especially as visibility gaps and software audit costs continue to create challenges for many organizations. ITAM professionals also increasingly recognize the value of their data across various departments, including FinOps, security and ITSM. There’s been a notable increase in engagement with FinOps, rising to 32% from 25% last year, while the connection with C-level executives remains solid at 44%.

ITAM data integration into enterprise systems and CMDBs is growing, reflecting expanded responsibilities in software as a service (SaaS) tracking, security analysis, contract renewals and software licensing management. This positions ITAM professionals as essential to providing key IT data and insights.

Highlights from the Flexera 2024 State of ITAM Report include:


The latest updates straight to your inbox

We just need a few details to get you subscribed

Health Checks

Inventory & Compliance

Cloud Readiness & Optimisation

Agreement & Audit Support


Looking for something specific?

Let's see what we can find - just type in what you're after

Wait! Before you go

Have you signed up to our newsletter yet?

It’s chock full of useful advice, exclusive events and interesting articles. Don’t miss out!

Cookie Notice

Our website uses cookies to ensure you have the best experience while you're here.