What is basic IT asset management for your organization?
A successful IT asset management policy clearly defines a set of practices incorporating different IT devices deployed within the organization. It mainly involves gathering detailed Asset data which is then used to gauge overall business performance. Having a streamlined IT strategy enables companies to effectively allocate resources and lower risks associated with the misuse.
In addition to the above, reliable metadata and electronic records help firms to track and categorize IT equipment. Let’s take a look at some various types of IT Assets owned by businesses:
- Hardware: This is composed of any inventory like laptops, printers, copiers and other similar tools used for IT data management.
- Digital: All business records like photos, videos, website content form part of this category.
- Software: One of the most crucial categories of ITAM, this includes numerous sorts of software Assets installed on the business network. Due to license and compliance control issues, companies need to be vigilant when it comes to software utilization.
- Mobile: A rise in off-site business projects means an increase in investment in mobile devices. Small portable tools, cellphones, and tablets fall within this criterion. In order to prevent any security breach, such Assets should be constantly monitored. All employees should get administrative approval before downloading business applications on mobile tools. This way all data can be registered on the system.
- Cloud: The latest and most popular amongst IT Assets is cloud components. While this may sound vague, but it is actually very feasible and creates an accessible database. A cloud-based program eliminates the need for extra servers and manual labor.
Tracking all IT resources provides you with comprehensive data, which needs to be properly classified. Understanding how Assets work enables firms to improve productivity and operational efficiency. Without visibility into hardware and software Asset functions, it becomes difficult to ensure compliance.
For simplicity, organizations can divide the ITAM data into three categories:
- Physical inventory: This information is collected through automated features and depicts exactly which Assets are currently deployed. To make things easier, firms also track storeroom equipment, which may not yet be installed or scheduled for retirement. However, the stockroom data is gathered manually by Barcode readers or RFID systems.
- Financial statements: Pertaining to the procurement section, this type of data is usually gathered from Purchase Orders. For this, companies mainly record the order number, vendor name, model and depreciation among other attributes which provide financial visibility. Having up-to-date accounting statements enables corporations to estimate total ownership cost and return on investment.
- Contractual information: For IT software Assets, contractual data is obtained from vendor or suppliers. It mostly includes the final negotiated version of the agreement, terms of license, service and maintenance levels.
How does an ITAM software solution help your business?
After laying down a basic agenda for IT asset management, the next important task is to choose a software program to develop and implement tasks. A cloud-based solution works best for all companies across industries. With the ability to automate daily operations, an ITAM software program lets you boost performance levels.
Here are three key benefits of deploying a software solution for your business:
A. Highly accurate data through Auto Asset discovery
Particularly designed for IT Assets, this feature enables firms to scan all hardware devices registered on the network. In addition to this, companies can also record the number of installed software on different computers. Basically, this is an advanced way to conduct an Inventory check and ensure all Assets are being utilized in the correct way. By using ITAM software, organizations can schedule regular scans to update both the hardware and software directory. Such practices eliminate the need for manual labor and structures tasks in an organized manner.
Read more: What is Auto Discovery?
An accurate representation of the actual IT stock enables companies to minimize expenditures. Running a detailed scan reveals the number of unused Assets. These can be both hardware tools or software. This way, organizations can cut down on extra Procurement Orders. Such data can also be used to set optimal stock quantities. Doing so helps to create purchase receipts and alert vendors before an outage occurs.
B. License compliance with increased transparency
When it comes to IT Assets, license management is a critical factor. Expired contracts or even overuse of license can result in termination of services and heavy penalties. An IT software system enables companies to track software and hardware to ensure compliance with regulations. By using this feature, organizations can schedule audits reviews to monitor the ownership and utilization of IT Assets. Automated audits are much more efficient as they reduce the chances of human error.
An IT software lets you centralize how you control large scale compliance scans. A great advantage is that automated audits leave a trail which allows you to verify the process itself to maintain transparency. Instant findings through this procedure show the current status of IT software. Here you can easily check which agreements are about to expire and when license renewals need to be scheduled.
C. Lower downtime through recurring maintenance
Maintenance for IT Assets is not just limited to hardware devices but includes software programs as well. Failure to service Assets in a timely manner can result in poor performance levels and unprecedented delays in workflows. For this reason, a software solution allows organizations to check-in tools for maintenance as soon as they are acquired.
An automated system also keeps a track of warranties. This way companies can send in devices to manufacturers for a suitable diagnosis. A software solution lets companies carry out the following maintenance procedures:
- Generate service tickets
- Track service history
- Send out maintenance alerts
Creating a proactive maintenance routine for IT Assets reduces breakdowns and lowers chances of malware in case of software programs. Preplanned sessions mean all devices get serviced regularly by following the manufacturer’s guidelines. This prolongs the useful Asset life and increases the productivity span as well.
Recent advancements in the technology industry have made ITAM quite complex for small and medium businesses. To make the management process simpler, many organizations opt for an IT software solution. Equipped with a variety of features to facilitate daily functions, a software system automates business tasks. In addition to this, companies can organize regular internal audits to monitor license and warranties.
A cloud-based software program enables business corporations to run data analytics. Companies can also schedule customized reports to get comprehensive insights into ITAM workflows. Such documents provide a baseline for self-assessment. A careful examination of Asset performance data marks out future prospects as well.
AssetSonar is a leading IT asset tracking software with auto-discovery 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!