What is IT Asset Management?

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Originally Posted On: https://www.teqtivity.com/what-is-it-asset-management

With the ever-changing landscape of the IT industry, IT assets have become ubiquitous across industries and organizations. Regardless of their core services, organizations now recognize the importance of having IT assets in their possession, whether through an in-house IT department or by outsourcing IT services to specialized organizations.

It is, therefore, crucial for businesses to effectively manage and leverage IT assets to stay competitive in today’s digital age. We delve deeper into IT Asset Management, or ITAM, and what it can truly bring to any business.

What qualifies as IT assets?

1. Hardware such as laptops, desktops, mobile phones, tablets etc.
2. Software such as saas subscriptions, application licenses etc.

It is a certainty that every organization will possess some form of IT assets in their operations. This global surge in demand and utilization of IT assets has underscored the significance of ITAM.

What is IT Asset Management?

In simple terms, ITAM is a systematic approach to closely monitor and manage an organization’s assets. Every company typically has an IT department, and it is their responsibility to maintain a comprehensive record of all IT assets, from the moment of procurement to their eventual disposal or replacement.

These responsibilities include:

• Identifying the company’s IT assets
• Keeping count of all specific IT assets on hand
• Keeping track of the status of new assets that have been ordered
• Keeping track of what device is assigned to whom
• Knowing where idle or unassigned assets are being stored
• Deploying assets to new hires
• Retrieving assets from terminated employees
• Keeping track of assets to end of life

ITAM plays a crucial role in ensuring efficient workforce management, allowing for streamlined handling of all IT-related matters without any disruptions or chaos. With a good ITAM program in place, organizations can effectively manage their IT assets, resulting in a well-organized and productive work environment where IT operations run smoothly.

What is covered in IT Asset Management?

According to Gartner, IT Asset Management is a collection of procedures used to take technology lifecycle costs and hazards into account.

The primary objective of ITAM is to systematically address and manage the financial, contractual, and licensing aspects of IT assets. The value of technology investments can be increased with effective ITAM, which can also influence IT architecture, spending, and sourcing.

The major features of ITAM include:

• Hardware asset management: Overseeing and improving business equipment such as workstations, laptops, servers, peripherals, and more.
• Software asset management: Controlling and enhancing the acquisition, use, maintenance, and eventual disposal of all software owned by the business.
• Licensing & Compliance: Ensuring that the licensing of hardware and software assets poses no risk and complies with the company’s regulations.

With so much going on in everyday operations and so many changes happening in the tech space in light of the development of cloud computing and the widespread use of SaaS platforms., it’s now more difficult than ever to keep track of and manage all hardware and software assets.

Why is ITAM important?

Investing in assets alone is not enough. True asset value is realized when they are utilized productively and efficiently. The solution to achieving this lies in proper ITAM. The primary objective of ITAM is to track the lifecycle of all company IT assets, from their origin to eventual disposal or replacement.

To break it down, first let us look at the simple steps you can adopt to optimize your IT costs and requirements:

1. Plan the purchase of all your IT assets.
2. Keep an active lifecycle track of every IT asset purchased.
3. Record the efficiency of the IT assets put in use.
4. Identify the Total Cost of Ownership of IT assets.
5. Create an analytical dataset that will provide insight into your IT environment.
6. Look for double purchases and get rid of unnecessary ones, and also implement methods to avoid such situations in the future.

Implementing an effective ITAM system consolidates all the mentioned points and offers a concise solution for optimizing IT asset management in your organization.

ITAM’s significance necessitates the adoption of a reliable IT Asset Management system or tool. A good ITAM tool, tailored to the company’s requirements, enables the creation and tracking of the lifecycle of each IT asset in the organization.

The tool ensures consistent documentation and real-time updates of asset information, which are stored centrally for easy access by all stakeholders. This helps to make it easier and possible for the company to attain maximum returns from the investment they have made.

Steps in ITAM

The typical steps/process of an ITAM involves the following:

• Asset Identification: Creating an inventory of all assets, allowing for accurate tracking and management. This step helps keep track of the number of assets in use, identify idle assets, and determine if additional purchases are needed.
• Tracking: Continuous monitoring of assets, capturing information such as costs, warranties, agreements, storage details, current health or physical condition, and any upcoming upgrade or repair requirements. This information enables informed decision-making regarding asset management.
• Maintenance: Ensuring proper maintenance of IT assets, including software updates and hardware repairs. ITAM maintains a record of the asset’s life history, facilitating the assessment of performance levels and informing future purchasing decisions.

What are the benefits of IT asset management?

Implementing ITAM solutions in your organization offers several significant advantages, including:

Centralized Source of Data

As a company grows, it becomes more challenging to keep track of multiple assets, as paperwork tends to be misplaced. This leads to problems and inaccuracies, impacting performance and consuming valuable time for the IT department. Having a centralized application that displays all components of your tech setup allows your team to efficiently and easily monitor these moving parts.

Saves Time and Money

Many tasks and reminders can be automated using ITAM practices and systems, saving time and effort. This covers anything from required software upgrades to hardware maintenance reminders, resulting in fewer missed deadlines. This way, you can also prevent unnecessary asset purchases and reduce expenses on licensing and support, resulting in cost savings.

Complete Visibility

A thorough IT inventory that provides organizations with an accurate picture of every IT asset within the company is required for a successful ITAM strategy. Data centers, software, hardware, mobile and cloud assets, networks, employee or user workstations, and any other company technology are all included.

Creates a bridge between Technology and Business goals

The power of ITAM lies in its ability to provide deeper insights into an organization’s IT assets. This, in turn, enables IT executives to visualize the ROI of IT assets and present data to other key stakeholders, showcasing how these assets directly support the company’s business goals.

Employees are considered IT asset management clients, and an effective ITAM strategy will connect the gap between technological demands and business needs, assuring everyone in the organization is working towards the same goals.

Maximum Optimization of IT Assets

IT asset management results in more efficient resource utilization, reduced risk, waste, and cost. An organization may make educated decisions about asset utilization by developing an ITAM process, which provides real-time data on the state of all its assets.

Software License Compliance

Organizations that license third-party software are frequently subjected to software audits by software vendors who want to ensure that the license terms and conditions are followed. Non-compliance can lead to substantial fines.

To mitigate this risk, organizations employ ITAM software to automatically monitor software installations across their network and ensure compliance with relevant license agreements. This proactive approach helps organizations maintain compliance, avoid penalties, and effectively manage their software assets.

The best practices for successful ITAM

Implementing best practices for successful ITAM is essential for optimizing IT asset management and maximizing organizational efficiency. Here are some practices to follow for organizations to effectively track, manage, and leverage their IT assets to drive business success.

Prepare for the long haul

ITAM is a dynamic and ongoing process that requires regular evaluation to ensure its effectiveness. To adapt to the evolving IT landscape and changing company needs, it is crucial to update your ITAM process. By reviewing your ITAM strategy on a regular basis, you can guarantee that your IT assets are being used to their greatest capacity while also minimizing waste, enhancing security, and saving money.

Apply close and immediate monitoring

In IT asset management, close and immediate monitoring is critical. All assets, both current and new, must be entered into the system and tracked continually from the time of acquisition. This strategy guarantees that potential difficulties are discovered and addressed as soon as possible, preventing problems from becoming costly or time-consuming.

Implement an ITAM tool/software

A powerful ITAM platform, such as Teqtivity, may generate unique reports depending on specific requirements. These reports provide customers with a deeper understanding of their company’s IT asset structure, empowering them to make informed decisions. By leveraging this tool, businesses can identify cost-saving opportunities and enhance operational efficiency, leading to improved financial outcomes and optimized resource utilization.

What makes Teqtivity the perfect choice as your ITAM tool?

Teqtivity is an innovative asset-tracking solution designed for businesses of all sizes.

With features such as lifecycle management, inventory tracking, financial reporting, security, automation, and cost savings, Teqtivity offers a comprehensive set of benefits for effective IT asset management.

By leveraging Teqtivity’s ITAM tool, businesses can experience hassle-free and automated asset management, alleviating the burden typically associated with this process. The software by Teqivity promises everything a good ITAM system needs to possess and more.

Major advantages of using Teqtivity’s ITAM tool include:

Cost saving

Teqtivity streamlines operational processes, resulting in time and cost savings. By consolidating inventory tracking, reporting, and other related tasks onto a single platform, Teqtivity helps organizations reduce costs associated with managing and monitoring their assets.

With this all-in-one solution, asset management is simplified, eliminating the need for multiple tools or systems, and improves overall efficiency.

Real-time control

Cloud-based systems provide real-time and accurate updates. The data is automatically synchronized and updated on a daily basis, ensuring that you have the most up-to-date information available.

With cloud-based ITAM solutions, you can access the required data whenever you need it, enabling timely decision-making and enhancing overall operational efficiency.

Automation

Developing a user-friendly and automated tracking solution simplifies and expedites the distribution of assets. By leveraging such a solution, organizations can streamline the process, making it more efficient and time-saving.

The automated tracking system ensures accurate monitoring and record-keeping of asset distribution, reducing manual efforts and potential errors. Meanwhile, the user-friendly approach enhances overall productivity and improves asset management processes within the organization.

Completely customizable

Understanding all businesses have their individual internal policies, the software tool by Teqitivity is customizable as per the specific company to align with their operations, specific assets, and even integration with their third-party systems.

Teqitivity ensures that its software can be seamlessly incorporated into the existing workflows and processes of any company, maximizing its effectiveness and relevance for individual business environments.

Key Features of Teqtivity

The features of Teqtivity are meticulously designed to address the diverse needs and challenges of IT asset management. Each feature is well thought out and crafted to provide maximum value and effectiveness.

Here’s a closer look at how Teqtivity’s key features stand out:

API Integration

Teqtivity’s ITAM tool offers seamless integration with third-party APIs, enabling organizations to save time, effort, and costs while streamlining their IT asset management processes.

Receipt and set up

With its user-friendly interface, Teqtivity’s tool allows users to add assets in bulk or individually as needed effortlessly. Easy integration with vendors/suppliers helps in creating the asset profile right from the moment an order is placed.

User and location management

Users and locations can be imported via CSV upload or by connecting to HR tools. The feature of assignment and installation enables tracking the assets’ location (warehouse/locker) or user.

Storage/warehouse management

Tracking an asset’s lifecycle involves conducting regular inventory counts, assessing the asset’s age, and monitoring its current condition. This comprehensive approach facilitates accurate forecasting, helping organizations determine when new orders need to be placed and identify assets that may require upgrades or repairs.

Bulk accessories and consumables

Every single asset counts, even simple accessories such as cables, chargers, keyboards, mice etc. While these items may not require serialized tracking, Teqitvity ensures they are accounted for in the system, tracking which device is connected to each computer or laptop and assigning them to specific users.

Complete and accurate tracking

Teqtivity’s ITAM tool enables seamless tracking of asset movements, including deliveries, returns, and transfers to different storage locations. With real-time visibility, organizations can efficiently monitor and manage asset logistics throughout their lifecycle.

Mobile number management

Teqtivity ITAM tool can create parent-child relationships between assets. Since many devices now come with mobile numbers, this feature can be used to associate mobile numbers with their specific devices.

Secure

Teqtivity software is hosted on the AWS cloud, which provides great backup consistency, thus reducing the chances of data loss and increasing data security.

Customization

Teqtivity’s ITAM tool aims to provide maximum ease and comfort to its users. Hence the tool is completely customizable to the company’s specific policies, standards, and operation methods.

In summary

It is critical to remember that IT asset management is an ongoing process and that the ITAM system must be revisited and updated on a frequent basis to keep up with changing rules and operations. By implementing these best practices and leveraging a reliable ITAM tool like Teqtivity, organizations can achieve hassle-free IT asset management and optimize their overall operations. This combination ensures efficient tracking, effective utilization of IT assets, and streamlined processes, leading to improved productivity and cost savings.