IT assets consist of all things that are directly related to an organization’s IT infrastructure. These items include computers, printers, routers, servers, software, and applications.
With an IT asset management solution, companies are able to effectively optimize their IT-related processes.
They can make crucial IT-related decisions. These include purchasing new computers or scheduling software updates based on reliable information stored in their database.
As IT asset management grew in importance, IT asset management companies began to sprout all over the place as well. The rapid and steady growth of the IT asset management software market is an obvious indication of this.
According to a 2019 forecast of IT asset management software, the sector’s global market value in 2018 was $861.1 million. By 2026, its value is projected to reach $1.49 billion.
IT asset management is going to be a core component of business operations in the future. Right now, 4 industries are already reaping in the benefits of streamlined IT processes.
1. IT and Telecommunications Industry
IT and telecommunications industry is the biggest user of IT equipment. Hence, it benefits the most from IT asset management software.
This industry uses IT equipment for daily operations and also for customer consumption such as phones and routers for residential deployment.
A significant part of its operational expenses stems from the purchase, maintenance, and management of IT products. This makes the use of IT asset management systems integral to operations and overall business strategies.
AT&T, one of the leading internet and telecom companies in the United States, has nearly 160 million wireless service subscribers. This includes 341,000 prepaid and 72,000 postpaid phone subscribers added this year, according to a 2019 FierceWireless article.
Suffice to say, AT&T will need more than plain asset management software to make sure it provides high-quality service to its customers. The same goes for other players in the IT and telecom industries around the world.
2. Media, News, and Entertainment Industry
News outlets, media companies, production studios all have a massive collection of IT assets.
Managing IT equipment and software like laptops, cameras, printers, photo editing applications, and movie editing tools can be tough. It only gets harder if a company opts to do it in a traditional manner.
Technologies utilized by the media and entertainment industry progress at a very rapid pace. Thus, their IT assets need to keep up. Media and entertainment companies that fail to remain abreast of progress will be blown away by the competition.
Most media companies tend to compete with each other when it comes to breaking a relevant story, to be the first to get the news out so to speak.
Imagine how furious a journalist will be if the laptop he is writing his story on suddenly dies out because of a faulty battery that should have been replaced months ago?
Or a writer who submitted an article with several typos because his recently updated grammar checking tool now contains a bug?
IT asset management solves all these issues from tracking and locating media equipment in real-time to detecting potential software issues and resolving them.
3. Healthcare Industry
Hospitals, clinics, and other healthcare facilities are increasing their spending on IT assets. According to research conducted by Global Market Insights, the electronic health record (EHR) software will experience massive adoption and use in the future.
EHR software helps medical organizations and healthcare facilities centralize patient information. It provides parties with coherent data about their patients’ history, treatments, observations, billing, and insurance.
Last year’s value of the global EHR software market was $12.5 billion. Research indicates this market will grow over $38 billion by 2025.
Many hospitals all over the world have now invested in high-end medical equipment with cloud readiness and internet-connectivity capabilities. MRI machines can automatically upload MRI images to the cloud and CT scanners generate 3D and 4D reconstructions.
Not to mention the computers, software, tablets, and applications designed for healthcare-specific purposes.
With a comprehensive IT asset management solution, managing and maintaining all the medical IT equipment, devices, and systems become less daunting.
4. Manufacturing Industry
The manufacturing industry invests in a wide array of assets, from industrial facilities to transportation and more. It is not surprising that manufacturing companies own a huge collection of IT assets.
These range from applications designed for manufacturing purposes to computers and communication equipment for basic use. It is crucial for manufacturing corporations to be on top of all their IT assets.
Considering the scale of their operations, IT asset management software with specific manufacturing capabilities like RFID tracking and tagging, IoT (Internet of Things), and GPS (Global Positioning System) is a must-have.
In the manufacturing sector, companies strive to get the most out of their assets. Inefficient use of assets, including those used for IT operations, can be extremely costly. Poor asset management can lead to quick deterioration and shorter asset lifecycles.
With an inadequate asset management strategy in place, manufacturers will likely suffer catastrophic consequences. These range from lapses in health and safety to financial losses. Manufacturing businesses can also explore other solutions from these inventory management systems.
IT Asset Management is here to stay
IT asset management software simplifies the management of all IT assets. Back in the old days, companies and organizations used spreadsheets to keep track of all their IT assets.
But manually updating these spreadsheets on a regular basis was time-intensive and exhausting, not to mention extremely prone to human errors.
To combat these inefficiencies, most businesses and organizations now rely on an IT infrastructure to function at an optimal level. Thus, it is imperative that companies today have a clear picture of all their IT assets, their status, warranties, issues, and more.
Other sectors too, are joining the fray, investing in IT asset management systems to help them maximize their IT assets and get the most value possible. These industries include transportation, education, banking, and financial services, law enforcement, and retail to mention a few.
There’s more to asset management than just prolonging the service lives of assets. A good asset management strategy strikes a balance of security, risk, and performance. Neglecting one of these areas can lead to disruption of operations, if not total failure.
A robust IT asset management software solution allows a business to cover all areas more effectively, reduce risks to a minimum, and optimize performance while lowering operational expenses.