For advanced control of your licensing, you should apply a cyclic schema that repeats every year and follows your own planning. Here, you see the principal relationship between tasks in software investment control and the detailed topics that you have to manage to stay optimized and compliant:
In a real-world project situation, you will rarely address all topics when dealing with a specific challenge in your license control. But it helps when you think in three simple concepts:
1) Which are my licenses, do I know what I own?
2) How do I purchase new licenses, do I have access to best tactics and benchmarks?
3) How will I manage software compliance, do I know the licensing rules?