T assets are vital to the infrastructure of many businesses’ operations. Those who rely on technology should consider using IT asset management (ITAM) solutions to track assets across all departments in a business. ITAM bridges financial, inventory, contractual and risk management factors.
In this article, we’ll discuss IT asset management and the benefits of using this type of software.
IT Asset Management Defined
An IT asset can be any hardware or software you use in your business, including operating systems, computers, servers and more. This means IT assets can be “tangible” (devices) or “intangible” (software). IT asset management is the practice of identifying each asset, marking it in a tracking system, and maintaining that asset through regular troubleshooting or updates. The term can also refer to any software services you may use to manage these assets.
Another significant element of effective management is to ensure that IT assets are replaced or upgraded when they become obsolete or too old to receive security updates. If a company holds on to its IT assets beyond this stage, it risks hampering productivity and receiving cyberattacks.
Previously, ITAM’s main focus was in-house hardware, but that has been expanded to include software. While you can jot down and try to remember all your update dates, ITAM software solutions will automatically remind you to renew your subscriptions. This is especially helpful for teams juggling multiple platforms at once.
Benefits of IT Asset Management
You cannot understate the importance of how your tech workflows affect the health of your business. Thus, it is vital to roll out an ITAM strategy to ensure they are safe and maintained. ITAMs can utilize software solutions to ensure less room for human error.
Let’s examine several substantial benefits of utilizing ITAM solutions at your company.
A Single Source of Data
As a business grows it becomes increasingly difficult to monitor multiple assets, as paperwork tends to get lost. This causes headaches and inaccuracies, resulting in poor performance and taking up precious time from the IT department. Seeing all aspects of your tech setup from a centralized application helps your team keep track of all of these moving parts quickly and easily.
Streamlines Processes Without Wastage
Using ITAM practices and systems can automate many tasks and reminders, freeing up wasted time and effort. This includes everything from necessary software updates to reminders on hardware maintenance and results in fewer missed deadlines. You can also avoid purchasing unnecessary assets and cut out specific licensing and support costs.
Other Types of Asset Management
Modern companies have a major dependence on IT assets. This rapid technological development has widened the scope of what asset management practices need to cover.
Digital Asset Management (DAM)
One popular subset of ITAM is digital asset management (DAM), which is responsible for efficiently managing digital media and content and storing and processing data. By utilizing DAM, you can control access to all intellectual property, sensitive information and meeting minutes on site and off site (as it is stored on a cloud). Keeping remote records allows information to be shared instantly, accountability checks to be made, more accessible search functions and more.
Fixed Asset Management
Fixed asset management is a business practice where the data about fixed assets is listed in a company’s accounting ledger. They include property, plants and equipment. All companies of various sizes can benefit from keeping track of their fixed assets. Just like IT assets, holding on to a fixed asset for too long will mean a cost to the company due to high maintenance costs and lost employee productivity.
Enterprise Asset Management
Another genre of asset management is enterprise asset management. This business practice is all about integrating and optimizing all physical assets or infrastructure that the company owns. This is considered a holistic approach to organization and tracking.
Courtesy- https://www.forbes.com/advisor/business/it-asset-management/