SAN FRANCISCO, Jan. 26, 2023 /PRNewswire/ -- 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.