IT-reliant companies are now realizing the importance of documenting and managing their IT assets. While this is a step forward for ITAM awareness, IT asset management is much more than just managing an inventory database.
It’s about using the captured data to maximize returns, reduce risks, and increase business value.
Carefully designed asset management processes improve business performance while lowering costs and risks. Gartner clients achieved 30% cost savings in the first year after setting up their IT asset management. Later, they achieved at least 5% cost savings in each of the following five years.
What is an ITAM process?
An IT asset management process is a sequence of activities that enables you to manage the financial or physical aspects of your IT assets.
The need for ITAM processes
One of the mistakes organizations make is to treat IT assets like other business assets. You cannot ignore updating data for IT equipment as you do for furniture and fixtures.
Without complete visibility into hardware, software license compliance becomes challenging. Failure to do so may result in legal repercussions and loss of important data.
Real-time data management is also critical for regular upgrades. This applies to both hardware and software. Devices that aren’t up to the mark, impact the routine business workflows. They become obsolete and lower workplace productivity.
To overcome such roadblocks, companies choose a cloud-based solution for running IT operations. It allows them to collect real-time data without compromising on accuracy.
Key activities involved in IT asset management processes
Streamlined IT asset management processes to improve efficiency and productivity. Such processes are well-defined, enforced, and automated in a supporting tool. They are the foundation for IT asset management success.
Organizations should select a tool that supports their IT asset management processes. There are about four core capabilities an effective ITAM solution must provide:
- An ITAM repository
- Hardware and software inventory and usage information
- Integration with relevant IT and business solutions
- Data Import
A good IT asset management process requires you to run some activities — the right way using a solution. Let’s delve into some of the activities for effective IT asset management processes.
1. Strengthen your database through asset discovery
Manually adding assets to your database can be time-consuming and prone to human errors. To encounter this, organizations invest in an automated tracking system for data entry.
Using a dedicated solution, firms can install and run an asset discovery agent. The agent scans devices with all hardware and software details across your organization. This comes in handy for complex hardware assets that have many components.
The agent also enables you to track different software apps installed on the devices. Discovering such details lets you avoid risks related to unlicensed software.
2. Track hardware and software metrics
The next step is to decide which metrics to track for your IT assets. Depending on the count and type of assets you own, you can set KPIs that matter to your business.
Some of the most used hardware and software metrics include:
- Underused/Overused Software Licenses
- Number of IT assets
- Expired Warranties
- Cost of Maintaining an IT Asset
- Licensed vs unlicensed software
Defining metrics and keeping track of them lets you improve the assets’ performances. It also allows you to reduce the costs associated with equipment downtime and repair.
How? You can record these metrics to make adjustments to each asset’s maintenance duration.
3. Track the complete asset lifecycle
Companies often struggle with tracking metrics for different types of IT assets. These include both — hardware and software assets.
What helps? Comprehensive ITAM processes for generating depreciation reports! You can run these reports for laptops, printers, and even projectors.
An IT asset tracking software enables you to track an asset’s lifecycle. You can track activities involving an asset’s acquisition through retirement. Right from procurement, there’s an entry for every asset in the database. Companies then use this information to schedule stock renewals and maintenance events.
You can also enable alerts for assets near retirement. This lets you dispose of IT equipment at its salvage value.
4. Track usage of IT assets
The type of equipment a company maintains depends on the type of industry it operates in.
For instance, in the education sector, schools stock up on LCDs, projectors, and screens. It becomes important to track the usage of these assets over time. Companies also tend to upgrade both their hardware and software with changing trends.
You can track an asset’s usage by deploying IT asset management software. Using it, companies can identify the usage trends of an asset. They can even generate reports to simplify the process. Having such data lets you plan your inventory better — downsize and upsize. It helps you reduce the loss of resources.
5. Manage software licenses and warranties
Without asset discovery capabilities, it’s impossible to support certain ITAM processes. It is challenging to follow best practices such as tracking warranties and licenses.
Implementing an ITAM solution enables you to manage and track details relevant to your IT assets.
For instance, you should start tracking hardware warranties right after the procurement process. Validation of warranties ensures hassle-free maintenance of IT equipment by the manufacturers.
Compliance is another major concern for IT-intensive companies. Tracking licenses enables companies to stay compliant and audit-ready. They can identify under and overused software applications with a simple scan.
Proactive warranty and license management help firms stay compliant and minimize risks.
Read more: Do you need to track Software Licenses?
Why having streamlined IT asset management processes is necessary for your organization?
Running a robust IT asset management solution ensures increased productivity and accountability. You can track key metrics and boost ROI with error-free information.
Let’s take a look at some of the benefits of implementing effective ITAM processes:
- Control your IT environment. Using the asset discovery agent, you can analyze every machine within your network. This is useful when you are working with third-party contractors. Lack of visibility into third-party devices can bring inefficiency at work.
- Effective deployment of IT assets. Routine activities such as tracking warranties and licenses ensure regular maintenance of devices.
- Improved governance. Increased visibility means in-depth insights into what’s going on with IT assets. You can control access to assets and reduce the chances of theft or misplacement.
Run efficient IT asset management processes with AssetSonar
IT assets are diverse and need monitoring with robust ITAM software. IT asset management software, like AssetSonar, is best suited for IT-intensive companies. It offers rich features that best complement IT workflows and automate processes.
With the help of this program, you can enhance your workplace productivity. It features asset discovery that enables you to scan and build a database of your IT assets. It lets you track asset events with continuous lifecycle management.
Real-time data means you can draft business decisions and strategies with accuracy. You can generate valuable insights into usage history and customize inventory as needed.
Opt for AssetSonar to maximize ROI on your IT equipment with minimized risks.
AssetSonar is a leading IT asset management software with asset discovery, software license management, and integrations for better asset tracking. It allows companies to track their devices by putting in place a complete solution.
Sign up for your 15-day trial today!