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Identity Management Software Buyer's Guide
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It is dangerous and disastrous when an unauthorized person can get access to your business private information, no matter what size your business is. Organizations need to secure their identity and information, as they are the most important factors for your business. Here comes the need for identity management software.
» What is Identity Management Software?
Identity management software handles information regarding the identity of users and access controls to various corporate resources. The primary goal of identity management software is to enhance the security of an organization. While managing identities and credentials, the software also reduces organizational costs.
» What are the Features of Identity Management Software?
Identity management software makes it easy for businesses to manage provisioning while ensuring compliance. It provides and revokes access to applications in compliance with policies. The identity management tools also give the self-service capacity for users to get access to the application they need without delays. Moreover, on the day the users leave, it de-provisioned automatically.
› AUTHENTICATION:
The software you choose should establish numerous directory types, while also having the capability to support and maintain existing applications, databases, and servers, with other methods for authentication and biometrics.
› PROVISIONING:
An ideal identity management system can add, modify, and delete users from a single dashboard. It should also support regulatory identity standards and create integrated workflows for all manual approvals.
› ACCESS MANAGEMENT:
This is the core functionality of the software that creates a wall that must surpass to obtain access to certain information. This result in giving access to appropriate people and restricting access to certain people across multiple locations and systems.
› SINGLE SIGN-ON (SSO):
This feature allows users to log in just one time with a single user ID and password, instead of multiple times throughout a session. The user does not need to enter a new ID and password, to use different connected system.
› MULTI-FACTOR AUTHORIZATION:
Identity access management software tools ask for multiple and independent data components before it provide access to the system. Usually, this requires the user to enter their password and encrypted code, generated on-demand when the user enters that password and is send them through an email or a text message.
› PASSWORD MANAGEMENT:
This feature enables users to generate complex passwords and retrieve forgotten or lost passwords. This feature typically provides self-help to users who encounter trouble signing in.
› DIRECTORY SERVICES:
This feature allows you to create a central point from which administrators can manage the access controls while granting specific users a certain level of access to information.
» What are the Benefits of Identity Management Software?
Identity management software, when established in a business, can offer many benefits that include ensuring regulatory compliance, simplifying customer’s lives by improving their experience, and enables cost savings. The key benefits of having identity management software are
› EASY ACCESS FROM ANYWHERE:
People need to access their identities at anytime from anywhere to use services and resources. Using their IDs without any limits, they need access to any platform. This eliminates barriers for customers to enter platform 24X7.
› SIMPLIFIES AUDITING AND REPORTING:
When you consolidate user IDs and passwords with SSO, it makes easy to audit details of the practice of these credentials. IAM tools make it easy for organizations to understand who compromises what data during the violation.
› IMPROVES USER EXPERIENCE:
The SSO feature in identity access management software tools eliminates the need for multiple logins with multiple user IDs and passwords for all end users. With the automatic logins, the user can move to a different connected system every time they need, making their work stress-less.
› IMPROVES PRODUCTIVITY:
The software automates the entry of all new employees and assists with access to all components of the system with which the organization operates. This reduces the time of access delivery to start their work immediately.
› SECURE YOUR BRAND AT ALL LEVELS:
There will be no risk of security violation, no matter if the connection access from multiple identity providers. All top IAM software enables strong authentication to secure your business and brand. It also monitors through analysis, alert functions, and fraud detection that indicates real risk.
› RELIABILITY:
The software is a reliable system that makes the best use of technology to support digital transformation. The software also provides agility, satisfaction, and security to your customers.
» What is the Cost of Identity Management Software?
Identity Management software’s purpose is to improve security and productivity while also lowering costs and redundant tasks. The software manages and handles who can get access to what information within your company while also keeping out unauthorized users. It also specifies what level of access to give for which employees. In several organizations, users have more access privileges than it is necessary. The identity management software works as an important layer of protection by ensuring a constant application of user access rules and policies across an organization.
You have to take some factors into considerations when selecting the best identity management software for your business. The factors you need to consider include: what level of access do your users require, do you need a single sign-in system or multi-factor system, and will the software you chose to integrate with the other systems you use. Considering these factors, you should contact a few vendors for the price of the software.
The price of every software available in the market varies depending on its features. The vendors of identity management software offer a variety of plans, and usually, it would be the price per month per user. However, some vendors also offer customization for their plans, where they give access to some major functionalities based on your company needs. Usually, this price can range from $35/user/month. Some vendors offer unbundled pricing options that allow you to buy certain functionalities such as multi-factor authentication for specific users. Most of the vendors offer free trails for buyers to understand how their product works for them.
» Conclusion
Identity management software helps businesses to manage the increasing number of user accounts in a better way. Though all the software vendors offer most of the common features, the most important feature you need to look for in any software product is SSO. You should also consider your budget and your company size before investing in one product for your company.