IT Asset Management: What is it and Why does your Business Need it?

Looking into How to Implement IT asset management and making sure assets are handled correctly? Study IT asset management techniques now.
streamline company asset monitoring with it asset management | Binmile

Performing the task of IT asset management in a multinational corporation or a large-scale organization is not a cakewalk. An IT asset manager has to be dynamic in performing various activities in a company that involves maintaining software-related license agreements, keeping up to date with the company’s hardware, and controlling the extra expenses of the organization. With the ITAM software market estimated to reach USD 2853.54 billion by 2030, the market is most likely to expand at a CAGR of 27.3%, projecting an exceptional demand among asset managers in leading IT firms. By utilizing such IT asset management tools, an IT asset manager can attract multiple benefits for a business.

For looking after a company’s multiple asset management services, an intelligent and modern platform that will manage the assets of a company is necessary. With the help of a standardized platform, it will be easier for a company to manage its assets and eliminate potential troublesome scenarios related to organizational assets.

What is IT Asset Management?

IT asset management (ITAM) is a collection of business processes and practices to ensure that the organization’s assets are properly recorded, deployed, maintained, updated, and discharged. In short, the IT Asset Management framework assists companies in using tangible and intangible assets to their full capacity. It acts as a support system to run a successful business.

For instance, the hardware such as laptops and related equipment, software such as various applications and Cloud services, or any other digital and media content.

However, IT assets cannot be used forever. It has a definite period of use. Another integral part of the IT Asset Management team is assessing a particular asset’s life and using it accordingly. After its full utilization, it has to be disposed of. The life cycle of any asset can be derived from the IT Asset Management process that includes procuring, deploying, planning, maintaining, and retiring a particular asset.

IT Asset Management Services focus on an asset’s risk factor and financial value. It is a combination of various processes that must be dealt with tactfully. It increases the overall decision-making ability of a company.

Why do Businesses Need IT Asset Management?

Various organizations face the problem of not knowing about the number of assets they possess and the condition of their assets. So, what is the solution in such a scenario? IT Asset Management System. An asset management system keeps track of all the company’s assets and records related asset information. Regular monitoring of the IT assets of the organization is an absolute necessity.

Also Read: Maximize the Potential of ServiceNow IT Operations Management with Binmile 

Here are the prominent benefits of having an IT Asset Management System in any business:

Improve the Visibility of the IT Resources

Each asset of a company performs a unique and separate function. As a company expands, it accumulates more and more assets. As a result, it becomes challenging to manually keep a tab on all a company’s assets.

There comes the functionality of IT Asset Management software. An asset maintenance management system performs all the tasks needed to ensure the assets and resources of an organization can be searched and viewed as and when required. The Asset Management tools minutely perform the monitoring of assets.

An asset register is maintained in a database where all the information about the assets is updated regularly. Every detail about the IT assets is found in the daily upgraded repository. It includes vital information such as:

  • The purchase price of the IT asset.
  • Date of the purchase.
  • The place from where the purchase has taken place.
  • The currently available number of units of a particular asset.
  • Unique ID numbers are assigned to all the assets.

Real-time Data Access from the Cloud

In today’s world, no business is unfamiliar with the existence of Cloud services. With changing market dynamics and economic conditions, Cloud services allow business organizations to work from different locations remotely and also increase operational efficiency.

So, having an asset management system and integrating it with Cloud services is important to seek the best performance from top IT Asset Management software. Cloud-based Asset Management systems allow employees staying in any location to access the IT Asset Management system and work accordingly without any location barrier. The Cloud services enable the users to upgrade, modify, and make additions to the database without them being on site.

Take out Cybersecurity Concerns, Theft Hazards, and Ghost Assets

Ghost assets are the ones present in the records of the repository but cannot be physically taken out. They just exist on the records. These are assets that have been disposed of or got damaged but somehow still exist in the repository. A custom IT asset management software works on a real-time basis to remove these assets from the records.

The problem of Cyber threats and vulnerabilities in this digital world is another great concern that companies are dealing with. An efficient IT asset management framework also protects a company from being the target of Cyber threats. It strengthens digital barriers to eliminate system vulnerabilities and improve asset protection within the digital troves of an organization.

Another issue that the IT Asset Management system solves is the problem of stolen or damaged resources. As all of the company’s assets are under constant supervision of the Asset Management system, there is no scope for them to be lost or damaged.

Assess Service Impact with Accuracy

With most practices being automated under the IT Asset Management software, it is easier for companies to accurately assess the impact of all the services. Keeping track of the influence that every service draws is essential, as inconsistencies can be easily spotted under a heavily monitored system.

On the other hand, if there is any service constantly creating a positive impact on the assets of a company, then focus should be made on enhancing and promoting the same so that it can yield positive results in future endeavors.

Enhance the Lifecycle Management of the IT Assets

To know all about the purchase, management, and maintenance of an asset, it is crucial to know the life cycle management of the same. The life cycle of the IT assets can be categorized as follows:

  • Proper planning of acquiring a particular IT asset that can add value to a company.
  • Allocation of an asset after its acquisition.
  • Calculating the life cycle of an IT asset before its disposal. This includes looking after its operations and maintenance.
  • Finally, discarding or disposing of a particular IT asset after its complete usage.

Whenever an organization is looking to acquire IT asset tracking software, checking the life cycle of the same is an integral feature. The tracking software should be customized in a way that is best suited to meet the needs of the company.

Eliminate the Need for Laborious Excel Sheets

The most notable advantage of acquiring an automated IT asset management system is that it does away with the manual system of recording assets such as notebooks and spreadsheets. Excel sheets are a mundane option for performing asset management due to the following reasons:

  • It leads to the occurrence of human errors.
  • Recorded data is not easily shareable.
  • The data records may overlap or be destroyed.
  • The technological factor in manual record keeping is missing.

Companies can easily download Excel sheets on their computers and work accordingly with the asset management software. A digital IT asset management system is far more beneficial over time, as evidenced by the lack of features, inability to track IT assets promptly, and Cloud-based restrictions.

Cost-Effective

Companies often fail to update their asset status. They can sometimes delay checking the actual IT asset position that differs from the recorded one. An effective asset monitoring software will give the company a clearer vision of the accuracy of an asset’s lifecycle and other requirements for optimum asset utilization. This also guides the company in making better business decisions.

By knowing the current availability of assets, businesses can protect and make precise decisions on how they should approach other hardware or software companies. Also, with accuracy in assessing an organization’s IT assets, the concerned team can identify unutilized resources or those ready to be disposed of. This eventually helps in cost reduction.

Budget Projections, Trend Analysis, and Efficiency

An effective IT Asset Management process enables companies to make budget projections and analyze the trend of the existing assets. This is a significant feature when acquiring new assets. Budget planning also depends on how much to spend on buying new assets and how much money should be allocated to maintain the existing ones.

Trend analysis also becomes easier when a firm has an automatic process of maintaining and recording IT assets. When a company wishes to avoid disrupting its operation process, it looks forward to incorporating an effective IT asset management system. It helps to improve the functionality of the whole process and makes it even more effective for the companies that require the system.

In the Media: Binmile helping IT Asset Management Business with Digital Transformation

Conclusion

Binmile is a one-stop service providing knowledgeable assistance to analyze and enhance any automated application testing process. Leveraging the power of ServiceNow ITAM development, Binmile helps companies understand the importance of an automated system that assists organizations in delivering better performances.

Whether a large or small enterprise, asset management systems have proven efficient in both industries. With such a system, everything will fall into place, and asset management will be streamlined.

Author
Binmile Technologies
Elias Michael
Content Contributor

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