Starting point: What is in your current contract?
To start, you need to understand what licences you have purchased and which products and features are included in them. Many customers don’t realise that the products mentioned in their bill of materials (BoM) are often actually a bundle of products and features that they are entitled to use, rather than a single product. Not knowing the exact details of what you are entitled to use might lead to overestimating the gap between actual usage and your entitlements. In other words: you might conclude that you need to buy more than you really need.
Anything that is underutilised could be the basis for cost savings. But, counter-intuitively, anything that is seeing more use than expected, and is contracted for, could be the basis for better-scaled pricing too.
This is also a good moment to rationalise your existing IT estate. Cloud services and wider procurement privileges mean that IT departments have less of a stranglehold on IT procurement than in the past. For instance, we see many customers who discover that every department has purchased a different project management tool. Making a strategic decision to standardise on just one offers savings in licencing, and in time spent negotiating and manageing those licences. And it likely provides security benefits as well.