Due to the increased use of technology in organizations, most of which have to deal with a large number of user identities, identity management is now a crucial aspect of any organization. When the usage is increasing in terms of users, applications, and devices for your enterprise, it is high time to consider the proper identity management system that can be strong and cost-efficient at the same time.
Identity management is the practice of planning, implementing and maintaining the user accounts, rights and authentication tools. There are many problems associated with either an ineffective ID management system or an improperly implemented one including security problems, compliance issues, and operational problems, which all ultimately cost a lot of money in terms of lost revenue and company image.
In order to eliminate these risks and have a proper working of your organization, we suggest you adopt a proper identity management solution that is cost effective and user-centered.
Aspects of an Effective Identity Management System for Cost Optimization
A comprehensive and cost-effective identity management system typically consists of several key components:
- Identity Governance and Administration (IGA): This component deals with user control, meaning, authority, and access to systems and applications across your organization.
- Single Sign-On (SSO) and Federation: SSO simplifies the working process as it allows users to work with many applications and resources using the same ID and password. Federation takes this ability across organizations or domains enabling secure sharing of data and cooperative work.
- Multi-Factor Authentication (MFA): MFA increases security by making users enter at least two credentials before they can access a given account, for instance, a password and a fingerprint or a password and a passcode.
- Identity Analytics and Reporting: By using more refined tools of analytics and reporting, one is better placed to understand and avoid the risks and compliance issues that might threaten an organization’s security.
- Identity Lifecycle Management: This component manages users from the time they are created as new employees and are active within the organization, to the time when they leave the organization or are terminated.
Develop a sound and efficient identity management infrastructure that is within the organization’s capability and budget.
Tactics for Implementing Cost-Optimisation in Identity Management
The proper identity management solution in the organization is an effective and cost-effective solution that can be achieved with a strategic approach to the technical and operational processes. Here are some key strategies to consider:
Leverage Cloud-Based Solutions: Solutions that are hosted can be a lot cheaper compared to those that organizations choose to host internally. As the solutions do not require the physical implementation of any hardware and also have reduced maintenance overhead, it gives a flexible and economically viable solution, especially for companies with less or no IT infrastructure.
Implement Automation: Some of the common benefits of identity management include; The use of automated identity management in areas like user provisioning, deprovisioning and access review will lead to reduced manual work and therefore lower costs. Its effect of reducing human interference, also reduces the chances of human errors, thus increasing security and compliance.
Adopt a Modular Approach: Instead of considering a single solution for identity management, think of a system of elements where you can choose only those that meet your requirements and financial capabilities. Thus, this approach offers scalability and adaptability and you can add or eliminate some functionality as you wish.
Consolidate Identity Silos: A number of organizations face the most significant challenge of having numerous identity silos, which leads to duplication of efforts and higher costs of doing business. When implementing identity management solutions, you can integrate diverse systems into one solution, which leads to the decrease of costs needed for administration.
Leverage Existing Infrastructure: Whenever possible, try to use your existing infrastructure and build your identity management solution around it. It also can reduce extra investments and overall implementation costs, which is very important in the current economy.
Implement Role-Based Access Control (RBAC): In RBAC, access control is made more manageable to the administrator by creating aggregates of users in terms of roles and privileges or permissions that many of them are eligible to receive. This approach eliminates the overhead and guarantees consistent access policies throughout the firm, which is both inexpensive and safer.
Foster User Self-Service: Gaining control through self-service, including password changes and account administration has been shown to greatly decrease IT’s workload, hence saving costs and increasing efficiency.
These strategies will help you to enhance your identity management and minimize expenditures making the solution more suitable for your business.
Advantages of Integrating Effective Identity Management System
Implementing an efficient and cost-effective identity management system offers numerous benefits to your organization, including:
Improved Security: With centralized user management and control, strong authentication, and role-based access control, your organization’s security can greatly be improved and the likelihood of data leakage and unauthorized access greatly lessened.
Regulatory Compliance: Compliance with the general data protection regulation, health insurance portability and accountability act, and payment card industry data security standard depends on identity management. A good system helps you keep perfect records of audit trails, apply the necessary access controls, and prove compliance.
Operational Efficiency: Through identity management, you can eliminate manual interventions in the identity process and decrease your workload, as well as avoid mistakes that may occur due to the necessity to complete the routine manually, which means that the productivity of your organization will increase, and you will be able to save money.
Scalability and Flexibility: Solutions that are based on the cloud and designed with a modular approach provide enhanced capability for growth while being relatively inexpensive to change or add to as needed when your business expands.
Enhanced User Experience: Self-service, which is an element of good identity management, cuts the number of interventions from IT support and enhances the user experience by offering Single sign-on (SSO).
Reduced IT Overhead: Some of the ways that you can achieve this include collapsing identity silos, including processes into the IT service catalog and enabling self-service options can help you to offload much of the workload to the users.
Increased Productivity: Since the applications and the resources are easily accessible, it means that the users will complete their tasks effectively hence achieving the intended business results.
When your organization realizes these benefits, you are able to reduce your overall costs, as well as gain a competitive edge by increasing the level of security, efficiency, and staff satisfaction.
Conclusion
New, affordable identity management solutions help meet the demands of dealing with user identities and their access rights and authentication processes while maintaining compliance and improving security.
To begin this process it is important to take a considered and systematic approach to developing the right solution for your institution with the resources that are available. Overall, using the cloud, automation, unification of identity management silos, and encouraging users to solve their problems independently will help you save a lot of money and have a very effective identity management system.
Try it for free today and learn how easy and inexpensive it is to manage the identities of your organization.
