Navigating the complexities of IT Asset Management (ITAM) requires a strategic approach. This article delves into the challenges businesses face and offers practical solutions to optimize your ITAM strategy.
Like other strategic frameworks, an IT asset management strategy is a comprehensive document that articulates the key objectives of IT asset management within an organization and the roadmap for achieving these objectives. The defining characteristic of a strategy is its long-term focus, typically spanning 1 to 5, or even 10 years.
Unlike an ITAM strategy, an ITAM policy acts as a guide that sets the rules, practices, and responsibilities needed to support the bigger goal.
An ITAM plan turns the strategy into concrete actions, which often includes timelines and resource needs. While a strategy outlines the expected overall asset situation with broad strokes.
While the ITAM strategy focuses on the long-term vision, it’s not engraved in stone. It can and should be regularly revisited and updated to adapt to changes.
IT asset management (ITAM) involves overseeing and managing both physical and virtual assets within an organization. Yes, your software assets and licenses are also assets! Software is a type of IT asset, and Software Asset Management (SAM) is a subset of ITAM.
IT asset tracking is a process within ITAM where we create and maintain a database of IT assets.
A Configuration Management Database (CMDB) is another database that stores information about hardware, software, services, and, most importantly, the relationships between them.
Network Inventory is a tool that automatically populates the CMDB. The processes of Discovery and Audit are essential parts of filling the CMDB:
Alloy’s powerful workflows in IT asset management make our product stand out in the market. Connect with us if you want to learn more!
The word “strategy” itself suggests a global, long-term focus. But do you need to plan that far ahead?
If you’re just starting a business or setting up a new IT asset management department, diving into strategy might not be the best use of your time. Instead, focus on getting things up and running.
On the other hand, once you have some established processes and a system in place for managing different assets, it makes more sense to revisit the idea of strategy. At that point, developing a strategy will feel more like “documenting” what’s already working rather than building it from scratch, as many critical workflows are already in place to drive efficiency.
In a broader sense, a strategy is simply a vision for the future, which can be as informal as a plan you carry in your mind.
So, while it’s important to dream and set long-term goals, don’t feel pressured to rigidly adhere to formal ITAM strategies when you’re just starting out. Focus first on getting your operations up and running smoothly, and let the strategy evolve naturally as your business grows and your processes mature.
Business leaders often start considering an IT asset management strategy when things go south, like when operational costs are rising without clear reasons.
However, there are subtler signs that indicate it’s time to take a strategic approach rather than just going with the flow:
Set clear goals: Identify what you want to achieve with your ITAM strategy, such as improving asset trackingmechanics, reducing costs – or all together! Naturally, a good ITAM strategy helps business to achieve its goals. Agood starting point for formulating your ITAM goals would be to think of IT assets as a business resource. What value do they currently bring? What is lacking?
Inventory your assets to understand what you have at hand. Group assets by type, location, department to streamline management.
Look at your assets from a lifecycle management point of view. The overall goal of IT asset lifecycle management is to increase organizational productivity by providing accurate information about assets, such as knowledge of their location, age, and condition, and when they are due for replacement and utilisation. Thus, better purchasing decisions can be made, and IT budgets can remain under control. This is accomplished by managing and tracking the entire lifecycle of every asset from cradle to grave.
Select a software platform that supports your asset management needs, and integrates more or less seamlessly with your existing software stack. I say “more or less seamlessly” because it is probably impossible to find a new solution that would 100% suit your existing tech stack. Hence, you should aim not at the perfect integration, but at the integration that creates the least problems.
If the company has implemented an effective IT Asset Management tool, executives and leaders will see the following:
There are many more benefits to IT asset tracking – book a demo with Alloy Software to learn more about our ITAM solution.
Educate employees on ITAM policies and procedures, emphasizing the importance of compliance and security.
Use your ITAM system to monitor asset usage, performance, and location in real-time. Schedule periodic audits to verify that all assets are accounted for and that records are up-to-date.
Regularly review your ITAM strategy’s effectiveness and make adjustments as needed to address new challenges or opportunities. Gather feedback from stakeholders, including IT staff and end-users, to identify areas for improvement.
While the steps above may sound straightforward, they only give us an outline, while thousands of practical details and hiccups remain unaddressed.
Let’s explore some of the current ITAM challenges and how companies can address them.
The shift to remote work has fundamentally changed how IT assets are managed. With employees spread across various locations, tracking and maintaining IT assets has become more complex. A simple task like returning equipment from a remote employee has become a headache.
With Alloy’s solutions, you can collect info even from devices of remote workers, through agent-based network inventory. Just install an agent file to the needed device, and you’ll be able to collect asset information even when it’snot physically within the LAN.
Large companies with thousands of remote workers solve this problem by issuing standardized devices and software packages to all remote employees to simplify support, reduce compatibility issues, and make it easier to manage updates.
Another solution to this challenge could be virtualization. Virtualization allows IT teams to manage virtual machines (VMs) centrally, regardless of where the physical devices are located. This not only lowers costs related to procurement, but also enables the isolation of work environments from personal devices, reducing the risk of security breaches.
With the increase in remote work, the growing number of connected devices, and the increasing usage of internet apps for all tasks in our life from ordering food to meditation, cybersecurity risks are higher than ever.
Not a month goes by without cyber incidents that expose user data to malicious actors. Think of the NPD data breach that occurred in August 2024, or Microsoft’s employees’ passwords leakage in April 2024.
At Alloy Software, we’re used to saying it like a mantra: not even the biggest players are immune to cyber risks. How about you?
A solid ITAM strategy must include strong security measures to protect sensitive data and IT assets from cyber threats.
For example, Alloy Software is committed to keeping you informed and secure. Wondering if your software and hardware fleet is up-to-date? Check out our network inventory solution–proudly and honestly one of the best on the market.
The proliferation of new and diverse devices—such as augmented reality glasses, asset tags, smartwatches, temperature and humidity sensors, wireless headphones, microphones and video cameras for content creation, wireless charging devices, power banks, and projectors—adds another layer of complexity to IT asset management (ITAM).
Companies must not only adapt their asset management strategies to ensure these emerging technologies are tracked, maintained, and secured like traditional IT assets, but also focus on sourcing, pricing, and purchasing them under favorable terms.
Sometimes, the introduction of these devices even necessitates the creation of new workflows. For instance, incorporating augmented reality glasses into a company’s operations might require setting up specialized support teams and training programs, as well as developing protocols for software updates and security measures specific to these devices.
Economic pressures, including rising costs for devices and a global microchip shortage, have made it more difficult for companies to acquire and maintain IT assets. An effective ITAM strategy should include plans for extending the lifecycle of existing assets, negotiating better terms with suppliers, and exploring alternative sourcing options. Additionally, companies can consider leasing or renting IT equipment as a way to mitigate the impact of these challenges.
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Here are some best practices on how to approach your IT asset management strategy in 2024:
