Asset Intelligence and Management

Asset Intelligence and Management

EZOfficeInventory Blogs Itam Solution

ITAM Solution: The Need Of The Hour For IT-reliant Companies


Combat business challenges with ITAM

All modern companies know that IT assets play a chief role in meeting business targets. These assets include the many software programs used to streamline business tasks, and the main server that stores critical internal data. With technology so deeply inter-woven within company tasks, survival without a robust management structure is extremely difficult.

Mishandling IT assets has dire consequences for companies and can lead to business failure. Here’s how that happens:

  1. Poor data security puts sensitive company data at risk.
  2. Lack of a centralized activity log creates chaotic workflows and hinders collaboration.
  3. Non-compliance with licenses leads to hefty penalties and a smeared reputation.
  4. Insufficient data leads to uninformed decision making, resulting in losses.

This isn’t all. Things get worse if you’ve deployed hundreds of different IT assets for various tasks. You need to renew several licenses, upgrade old programs, and cut down on dormant software. None of this is possible without monitoring software usage.

Tracking usage is a sure way of optimizing asset usage in addition to knowing which licenses to renew, which programs to upgrade based on usage, and which programs to do away with. A comprehensive usage analysis enables companies to use updated software, cut down on costs, meet compliance requirements, and avoid unnecessary fines.

The backbone of an ITAM strategy

ITAM solution components

A dedicated ITAM strategy helps track usage, provides security, aids collaboration, and enables accurate forecasting. ITAM on the cloud can be divided into 3 basic divisions:

  1. Hardware asset management: Comprises of practices that monitor finances and inventory of all hardware devices owned by a business. These include data centers, physical servers, and end devices like computers and printers. This strategy aims toward optimal resource utilization.  
  2. Digital asset management: Forms a part of the company’s intellectual property management and includes electronic media spanning over photos, videos and other forms of digital documents.
  3. Software and license management: Monitors and protects software applications and manages licenses to ensure tight security. It covers both company-owned and third-party software.

An ITAM solution combines these three different routines to create a comprehensive management strategy.

Why do businesses opt for ITAM?

ITAM software provides a reliable backup system for companies to house all of their data. This safeguards critical information and also helps track target fulfillment. Additionally, it enables companies to deploy and configure all programs in the correct manner so they can get the most out of their investments. All of this boils down to better productivity and organization.

1. Scalable business structure

Most firms originate at a small scale, but that doesn’t mean they have to limit themselves to the same scope. If you’re looking to expand in the coming years, you should carefully select your internal management system. An ITAM tool grows with you so you can expand without having to shift systems.

ITAM software implements an automated tracking system that requires tagging assets through barcodes at the very initial stage. This allows tracking and recording all kinds of data for your IT assets into your database. Since this database is on the cloud, you can add however many assets you want. This means that as you acquire more assets, you don’t need to overthrow the previous tagging system.

Additionally, you can also add in customized fields for any new kinds of assets that you add to your inventory. The ITAM system is extremely adaptable.

Moreover, an automated program also lets businesses choose the type and variety of functions it needs. This comes in extremely handy as you don’t have to pay for predetermined packages that might not even be used in the end.  

2. Secure inventory repository

all devices on cloud with ITAM solution

Determining optimal stock levels can get quite challenging. Low-value goods are purchased in bulk like wires, mousepads and USBs. Since high-value items like 3D printers, laptops and tablets are expensive, most firms cannot afford to overstock such assets.

To cut down on costs and save up storage space, an ITAM system lets companies maintain a secure inventory repository. With clearly defined barcode labels, employees can easily check in and out the devices that they need for work tasks.

Such practices enable usage tracking and help develop a history log for all your resources. If you notice that an old company printer isn’t being used frequently, it probably isn’t wise to get it serviced. Upgrade it instead!

Unlike manual IT system, an automated program lets you track locations for every item. Through barcode labels, users can log the purpose of checking out an asset and where it will be used. Such practices help curb theft and loss IT devices.  

3. Custom reports on demand

IT asset management systems enable accurate data collection. Document asset activities without having to worry about the typing errors that your employees commit or the times when they forget to log an activity. The software also backs up critical data at regular intervals so you always have access to real-time data.

The application then uses this data to perform impact analysis across systems, applications, users and services. You can run reports on various aspects of your inventory and extract in-depth performance insights. This helps gauge how well your assets are performing so you can make alterations as needed.

You can also schedule custom reports to be sent out to specific team members at regular intervals. Say, there is a monthly business review meeting coming up. For this, you have to assess how a newly installed projector performed during the previous month. All you have to do is send out email alerts to the concerned team so they can export the required data for you.

Comprehensive data feedback reports enable informed decision making which leads to a proactive working environment.  

4. Work order management

Tracking asset utilization has many benefits but optimal business performance requires watertight work order management.

You need to know if your assets are being used the right way and, more importantly, that your employees are aware of this. Switching to an ITAM software lets companies lay down a precise team management protocol. Use this to assign tasks to employees across different departments.

A central access system also lets you create and delete work orders depending on the pace of the staff. In this way, employees update the database as soon as they complete an assigned task so they can receive the next one. This encourages organization and boosts employee efficiency.

Running ITAM on cloud offers the following work order management features:

  1. Processing work requests
  2. Checking resource availability
  3. Scheduling jobs and specifying details and frequency.
  4. Creating scheduled and non-scheduled work orders
  5. Enabling extensive data mining

5. Access control for secure data

access control with an ITAM solution

Can you account for all the users that sign into your database? If the answer is no, it’s time to migrate to ITAM on the cloud.

Security is a major concern when it comes to IT assets. An ITAM tool offers a wide range of security features so companies can implement them based on their own requirements. While companies of all sizes own classified company data, large-scale organizations particularly run the risk of security breaches since there are a greater number of users accessing their data. Access control helps limit data visibility by location or groups for these companies. This means that you can either define departments or offices eligible to access certain business information.

In addition to this, companies can also enable admin approval for third-party access. Strict security measures let you minimize risks associated with unauthorized users and data breaches.  

The sure way to success: An ITAM solution and well-defined business goals

Setting up a rock-solid IT asset management structure means laying out your business targets first and foremost. While an ITAM system can help iron out your workflows, it cannot guarantee success alone. Without concrete goals in mind, any and all strategies will collapse. Moreover, broad goals are just not enough; you need to know precisely what you want and how you plan to achieve it.

Listing down specific needs will enable you to track the right data points and help you analyze your progress. While doing this, it is critical to keep high priority projects in mind and not lose focus while you’re dealing with your daily tasks.

Plan out your goals and let an ITAM system provide you with all the support you need to excel!

About EZOfficeInventory

EZOfficeInventory is the IT asset tracking system used by businesses all over the world. It allows you to track, maintain and report on all your IT assets at any time. 

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