What is IT Asset Management?
IT Asset Management is a business management investment that provides substantial and measurable benefits for optimised spending and supports strategic decision making in relation to technology assets. It joins the financial, inventory, contractual and risk management responsibilities to manage the overall lifecycle of these assets including tactical and strategic decision making.
IT asset management put simply involves gathering detailed hardware and software information which is then used to make decisions about purchases and how assets are used. Additionally, managers get a better overview of:
- Total business value
- IT hardware and software utilisation
- Procurement routines
- Maintenance procedures
Benefits of having an accurate IT asset management database
- Use their assets more effectively
- Avoid unnecessary asset purchases by re-using existing resources
- Lower the risk of unknowingly building new IT projects on outdated/unknown infrastructure foundations
- Leverage resources
- Boost bottom line
- Reduce losses due to theft
- Improve maintenance outcomes
- Maximising business assets
Gartner defines a ‘technology asset’ as one that can generate, receive or process digital information to support business activity,” explains Stephen White, research director at Gartner. “Things like ownership, subscription status or location are not important anymore. What matters is that all assets are governed and managed according to ITAM principles and best practices.
- Hardware and software
- Network and communications infrastructure
- Servers and applications
- Mobile devices
- Cloud assets
- Purchase and disposal information
- Parent-child associations
- Asset financials
- Ownership and location of assets
- Identification of critical assets
- Contract expiry dates
- Hardware maintenance
- Software licencing
Allow for change implementation
Information technology is an ever-changing industry and a key factor of success is agility. IT asset management is a continuous process and updating your asset database regularly is essential. It’s not enough to track and measure metrics, your organisation needs to be able to respond to changes accordingly.
Unscheduled downtime is costly for any business. It’s not just inaccessibility that you’re looking at – downtime could also lead to data loss and client communication problems that could cost your business significantly.
Major objectives in IT asset management
The top priority in IT asset management is to establish a centralised asset database that keeps an accurate account of all the hardware and software inventory owned by a business. Tracking an organisation’s entire networking inventory and technology services.
IT asset management software applications offer a diversity of features that can help companies better handle their technology-related processes and functions. Some important features that a standard solution should have are:
- Single, web-based interface for all hardware and software inventory and IT asset management processes
- A centralised database for tracking and managing hardware and software assets, so that the details of each asset and inventory are accessible from anywhere, and at any time
- Information about the physical location, deployment, and status of each asset
- Detailed history tracking to monitor any changes made to assets in the centralised database system
- Track financial depreciation on assets for meaningful insights on an asset’s useful life
- Monitoring and management of asset life-cycle from procurement to disposal
- Customisable reports that provide actionable data on key pre-defined organisational goals
- Integration with service desk/help desk and IT operations and maintenance processes
Full visibility of IT assets
Full visibility is understanding the condition of your business’ assets as well as tracking location, utilisation and ownership throughout an asset’s lifecycle.
- Assess vendor performance and easily audit your vendors
- Track products by specific vendors; compare and contrast vendor’s servicing and maintenance outcomes
- Enhance compliance; tracking how each asset performs and comparing it to expected standards
- Optimise licensing costs by ascertaining how much each asset is being used
- Be proactive with preventative maintenance to minimise overall maintenance and repair costs
- Asset utilisation data provides smarter procurement decisions when it comes to buying, leasing, or otherwise procuring future assets.
- Increase accountability through up-to-date records of asset assignments
- Easy check-ins and checkouts (issue and return) and reservations
The master plan here is to be confident that the use of IT assets in your organisation generates business value and to ensure that IT risks are mitigated. Remember, ITAM is a process, not a project. True success lies in buy-in from your leadership and IT team, and a commitment to stick with it.https://www.cio.com/article/3095256/it-asset-management-how-to-be-efficient.html
IT Asset Mangement Integration
Combining IT asset management with preventative maintenance and help desk/service desk provides enhanced knowledge and control. Incorporate procurement and purchasing and asset depreciation in the mix and you have a comprehensive IT asset management solution.
Hardcat IT Asset Management
Hardcat asset management software products protect your business against financial and reputational loss and give you the intelligence to make decisions with certainty.
IT asset management software controls the financial and custodianship aspects of IT asset management. The necessary tracking, monitoring and control elements to competently maintain these assets.
- Asset depreciation and procurement and purchasing
- Asset tracking using mobile technology
- Geo-mapping or visualising your assets on a map
- Doorway RFID asset and people tracking
- RFID Asset tracking
- Cloud-hosted Hardcat
- Hardcat software and services
- Preventative maintenance
- Help desk / Service desk
When it comes to IT assets, success is all in the preparation and planning. Something we take very seriously with every client. Our experience has developed over 32 years of working on critical projects with organisations from a range of industries that have the highest requirement for governance and reliability.
When it comes to asset management services, we offer you a proven methodology to help you establish solid processes and ensure your success, from beginning to end.