Organizations grow to increase customer base and achieve greater profitability. However, this growth may bring them growth-related challenges as they expand locations, hire more employees, or invest majorly in IT assets. Due to the adoption of IT assets and services, the global IT asset management industry is expected to grow at a CAGR of 6.1% from 2024 to 2034.
The evolving landscape of IT assets requires continuous monitoring to ensure assets are used efficiently with minimum risks of downtime or security threats, all of which is not possible without a competent IT asset manager. These days, the role of the IT asset manager is no longer a support function rather it is classified as a key business driver.
Organizations require robust IT infrastructure for smooth business operations and any IT roadblock can hinder productivity and business processes. Governance of IT assets is therefore quite crucial. One way to achieve this is by redefining the roles and responsibilities of an IT asset manager to help run streamlined business operations.
Who is an IT asset manager?
An IT asset manager is responsible for managing hardware, software, and other IT devices of an organization. They develop and maintain plans and policies to manage IT asset portfolios while predicting and minimizing risks associated with IT assets to stay up to date with changing market conditions.
What does an IT asset manager achieve for an organization?
The role of an IT asset manager is multifaceted. They aim to manage IT assets strategically, operationally, and financially.
Firstly, they are required to keep IT asset practices in line with the organization’s strategic goals. Most organizations intend to achieve sustainable yet profitable growth. Keeping this as a strategic goal, IT managers can focus on optimizing asset value while minimizing risks and meeting regulatory requirements.
Secondly, the day-to-day operations such as IT asset tracking, asset maintenance, and upgrades are also crucial parts of the manager’s operational role to ensure IT assets are always up and running.
Lastly, they are also required to forecast and budget IT-related costs and provide analysis and insights on where organizations can save money and achieve higher returns in IT asset management.
Top 5 strategic roles of IT asset manager
The primary focus of IT asset management is real-time visibility. When organizations grow, IT assets multiply manifolds and IT asset managers have to keep track of a wider array of devices. To analyze how the assets are performing, it is also important for managers to stay updated with detailed reports on device utilization and effectiveness.
IT asset managers need to adopt a proactive approach to govern how each device is utilized in the network. Here’s a list of roles that they should adopt:
1. Establish and communicate policies
Classification of items as IT or non-IT assets is the first step towards building a successful IT strategy. Each device is tagged with a unique identifier that is a combination of company, IT department, device category, and device model number. At the time of onboarding and offboarding, these identifiers are scanned to provision devices accordingly.
Additionally, all IT-related policies should be communicated to the end-users and considered when stating job duties for IT employees. These defined roles and duties must align with and accomplish the end goals of the organization.
Each department requires constant collaboration with other departments to effectively perform its functions. Cross-communication between departments is necessary for efficient management, for example, if finance has to release a cheque for IT procurement then they would ask for details about the vendor and amount, etc. from the IT department.
This is why a central communication channel can be built for effective communication and smooth operations. Any IT policies must be communicated to all departments for streamlined processes and feedback.
2. Analyze for correct implementation
The role of an IT asset manager continues after communicating policies. The next step is monitoring whether the processes defined are implemented correctly.
They need to ensure that a set of standard practices and guidelines are followed, for example, employees can only use or update the list of software provided and avoid using freemium or pirated versions. It is also important to monitor device activities to know which assets are deployed, who is using them, and where.
Real-time reporting via license tracking software can help get detailed insights on each IT asset. Managers can create custom reports with specific filters applied, for example, they can view which software versions are currently installed on devices and unlicensed versions can be filtered for quick actions to communicate with users and remove them.
3. Assess risks associated with IT infrastructure
One of the challenges that most organizations face is assessing risks related to IT asset management. IT asset managers need to keep a keen eye on every major and minor risk that can hinder IT operations.
They can set rules to create a list of possible risks and threats associated with IT infrastructure. First, examine risks based on their level of potential impact on the business and prioritize risks that have the highest risk factor. Second, analyze which IT assets are most vulnerable to malware, viruses, or external threats.
Once rules are set, devise solutions to mitigate these risks. For example, if aging hardware systems are used that are prone to malware attacks then it can be replaced with upgraded models to ensure continuous asset performance.
4. Build IT teams and assign roles
It is quite challenging for one IT asset manager to manage and track thousands of IT assets so building an IT asset management team is crucial for scaling businesses. Assigning specific roles and responsibilities to every team member is necessary, where workflows are divided among each member.
Member roles can be delegated per their designation, location, or workflows. Senior resources can overlook major workflows such as data security and license compliance. If the organization operates from multiple locations, a small IT team can be designated at each location to expedite IT workflows.
In the end, all IT teams and their workflow requests must be reviewed by IT managers to ensure accountability and control.
5. Comply with organizational policies
Organizations need positive and increased outcomes whenever policies and workflows are implemented. IT asset managers would be responsible for explaining how strategies and processes have resulted in efficient IT asset management.
They can use IT asset performance reports for deeper insights and analysis. Charts and graphs can be extracted to highlight trends and improvements in asset utilization, performance, and maintenance.
With the help of real-time dashboard metrics, IT managers can track operations at a glance. This way, they can quickly take a look at important KPIs, present how well their department is performing, and ensure compliance with quick decision-making.
Which key workflows is an IT asset manager responsible for?
IT operations involve various day-to-day tasks and workflows that require the IT asset manager’s attention. They need to ensure that these workflows are executed properly and completed within time so there is less downtime and operational issues. Here are a few of the workflows they overlook:
- Compile and maintain an organization’s hardware and software assets inventory to track IT assets throughout their lifecycle. Each life cycle stage is closely monitored before making any procurement to avoid duplication and make the right purchase decisions.
- Manage vendor relationships from negotiating contracts, adhering to legally binding, to staying alert on renewals and expirations.
- Develop and communicate IT procurement strategies and processes across the company to avoid unlicensed installations and optimize technology spending.
- Detailed research and analysis of industry trends to incorporate within organizational practices and ensure quality control throughout the lifecycle of all company IT assets.
Future of IT asset manager in the evolving ITAM landscape
Changing business needs and technological advancements have transformed the role of IT asset managers.
It is highly demanded for managers to adopt IT asset management strategies that involve on-premise and cloud-based assets, incorporate AI tools for asset tracking, and stay updated on the latest technology that can help organizations succeed.
For robust implementation of IT asset management, the role of IT asset manager is crucial. Their roles and responsibilities include establishing core policies and supervising their successful implementation. Their core focus would be to align IT operations to support organizational needs and objectives and contribute to its success with the help of a streamlined IT infrastructure.
