Picking up the proper IT Asset Management (ITAM) tool can help business enterprises get the most out of their IT assets. A perfect ITAM software can help you get up to 30% cost savings in the initial year and 5% cost savings in the following years. According to Coherent Market Insights (CMI), a market research company, the global ITAM software market was valued at USD 955.6 million in 2019. The same market is estimated to increase at a CAGR of 6.9% globally over the forecasted period 2019-27. This data shows the growing utility of investment in ITAM tools. The ITAM consists of practices and strategies for monitoring, managing, and optimizing company-owned IT systems, hardware, processes, and data. Read here how the ServiceNow ITAM app helps you integrate and manage your IT assets.
Optimizing Hardware, Software, and Cloud Costs
Primarily, IT assets include software, hardware, networks, employees, and user workstations. Some business technology assets include company-owned devices, infrastructure hardware, lease agreements, in-house developed software, digital data, and software licenses. IT departments of any business entity can track, implement, and maintain IT assets as part of ITAM planning. It also enables you to assess if your IT assets need optimization, replacement, and upgrade as per changing technologies.
The ITAM is a set of business tools and practices for strategic planning for the IT ecosystem and optimally supporting lifecycle management of IT assets. The prime goal of an IT practice is to assist business organizations in controlling and managing inventory (software and hardware) in an efficient manner. The ITAM also helps in avoiding unnecessary asset purchases. ITAM encompasses:
- Asset audit management
- Asset governance, control, and compliance
- Asset provisioning
- Change Management
- Contract/Service Level Agreement (SLA) management
- Inventory management
Business Benefits of IATM
- Modernize and automate IT
- Actionable insight into asset use and costs
- Simplify processes and workflows
- Minimize waste by reducing IT costs
Summing Up
When it comes to extracting the most out of IT Asset Management through the ServiceNow ITAM module, ServiceNow experts help you automate asset workflow actions from a central system. Moreover, they help you bring teams together for seamless collaboration and ensure lower IT compliance.
Taking guidance from the right IT automation experts can help you get lower IT costs and risk and optimize hardware, software, procurement, and maintenance.
Frequently Asked Questions
ServiceNow IT Asset Management (ITAM) is a solution that helps organizations track, manage, and optimize hardware, software, and cloud assets throughout their lifecycle. It improves visibility, reduces costs, and ensures better asset utilization.
ServiceNow ITAM centralizes asset data from multiple sources, enabling organizations to manage procurement, inventory, software licenses, contracts, and asset lifecycles through a single platform for improved efficiency and control.
ServiceNow ITAM helps enterprises reduce operational costs, improve compliance, eliminate redundant assets, streamline audits, and gain real-time visibility into their IT infrastructure for better decision-making.
ServiceNow ITAM provides automated license tracking and usage monitoring, helping organizations identify underutilized licenses, avoid compliance risks, and optimize software spending across the enterprise.
Professional ServiceNow ITAM implementation services help businesses accelerate deployment, customize workflows, improve asset visibility, and maximize ROI through effective asset management strategies and ongoing support.
