What is IT Asset Management (ITAM)?

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IT Asset Management (ITAM) is the process of keeping track of, deploying, maintaining, upgrading, and eventually discarding an organization’s IT resources. It is the method of verifying that your company’s most important assets, both tangible and intangible, are correctly documented and utilized.
IT Asset Management is now an ever more crucial component of an organization’s overall strategy as different teams compete to operate with the technologies that are most appropriate for their specific requirements.

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An IT asset can be defined as any piece of hardware, software, or data that a company considers valuable. The IT asset lifecycle can be proactively managed to optimize the value a business can earn from them. Each company’s lifetime stages may be defined differently, but they commonly comprise planning, procurement, deployment, maintenance, and retirement. For IT asset management to be successful, it is critical to apply processes throughout the whole lifecycle of an IT asset.

It was formerly possible for IT departments to manage their own assets. A company’s IT asset management strategy now goes beyond the gear that has been approved by IT. New IT  asset management problems are presented by subscription-based software and employees’ expectations to customize the tools they use through marketplaces and app stores. Because of the way modern teams function, IT departments must be adaptable in how they manage IT assets in order to effectively serve the business.

Why is IT Asset Management (ITAM) important?

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Providing a centralized source of truth

It is all too common for IT assets to be traced by numerous parties in numerous locations. Nothing is owned by a single person, and there is no single technology that gathers and centralizes data. Inevitably, turmoil and inaccuracy ensue. Choosing wisely might be a challenge. There are even companies that employ employees solely for the purpose of tracking down IT assets. In an ideal world, computers would handle all of this automatically. IT workers can devote more time and effort to the things that matter most to the organization without having to spend time and effort maintaining assets, monitoring usage, and understanding dependencies. There is a single source of truth for IT teams, management, and ultimately entire businesses when it comes to asset management.

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Providing support for ITSM processes

IT asset management is essential for supporting ITIL processes, such as incident, problem, and change management, as well as other ITSM activities. The information technology team helps the entire organization to be more inventive and to create value more quickly than ever before. Teams can move quickly and accurately when they have the proper data at their fingertips. They can also forecast the impact of changes before they occur. Because insights are made more accessible to everyone, the business has a competitive advantage and is able to produce value more quickly. Any organization attempting to stay up with the pace of current innovation will need to become more strategic in its approach to regulating, tracking, and mastering information technology (IT) data.

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Increasing productivity without jeopardizing dependability

Modern asset management extends much beyond the simple tracking of laptops and mice, especially in light of the way digital transformation is transforming the way businesses operate. The principles of DevOps and SRE are being adopted by teams, and asset management techniques and technologies are required in order to efficiently deliver new features and services while maintaining high reliability. As stated in Gartner’s study, “Prepare Your IT Asset Management for 2020,” good asset management can help enterprises to manage their consumption of “on-demand services,” given the rising reliance on platform and infrastructure services. Teams can reduce excess consumption, such as overprovisioning and idle instances, by increasing control, visibility, and assigning responsibility. As a result, teams can avoid incurring needless costs.

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Improving utilization and reducing waste

Asset management keeps information up to date, allowing teams to reduce waste and increase efficiency. It saves money by assisting in the avoidance of unneeded purchases as well as the reduction of license and support fees. Increased control also helps to ensure that security and legal policies are followed, as well as to limit hazards. The beneficial effects on costs and productivity have a positive impact on the entire organization.

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Why do you need IT Asset Management software?

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You’re looking to save money

As companies’ reliance on software, infrastructure, and platform services continues to grow, one of the most effective ways to reduce expenses is to optimize their expenditures on these services via automated solutions. Take for example Software Licenses their cost and also the cost of renewal and upgrades. Research conducted by Gartner found that “many firms can reduce spending on software by as much as 30 percent” by using best practices for optimizing software licenses.  According to Gartner,  “A SAM tool can automate, accelerate and improve manual processes. It can pay dividends over manual alternatives, and can often pay for itself.”

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You’re relying on spreadsheets to get things done

Spreadsheets are still one of the most popular tools for businesses to use to begin managing their possessions and inventory. Do you believe they will be accurate for a long time? No way. They soon become unwieldy and, as a result, inaccurate. On the other hand, the modern ITAM (IT Service Management )  software will allow you to always have accurate data in a convenient and visual form.

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It’s challenging to keep up with the rapid rate of change in your organization

IT Asset Management  is evolving in response to the continued evolution of IT, the increasing reliance on SaaS vendors for vital services, and the requirement to track changes in increasingly dynamic cloud environments. If you want to improve collaboration and support your service management approach, it’s critical that you select the right IT Asset Management (ITAM) solution.

There is no such thing as a standard organization. Perhaps you’re responsible for mapping complex dependencies across an organization. A record of intangible assets like software licenses, contracts  and compliance documents may be necessary in order to mitigate risk. Perhaps your requirements are more straightforward and involve keeping track of a computer-related stock inventory.

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Expand service management processes across organization

As service management best practices spread outside of IT,  IT Asset Management is becoming increasingly important to a wide range of departments. Everything from fleets to fish to insurance to musical instruments — and we’ve heard of many more — have been managed with IT Asset Management software.

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Fortunately, IT Asset Management (ITAM) software is available in a variety of forms, ranging from simple and affordable solutions to complex systems, and performs a variety of other tasks and functions. Whether you choose a lightweight Inventory system (like Alloy Navigator Express) or a high-end enterprise-level system, the most critical aspect is determining which solution would work best for your specific use case and budget.

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