What Is IT Asset Management and Why Is It Important?

IT Assets are one of the important parts of an organization. Especially now when everything is digital! In simple words, IT asset is the backbone of the company.

However, IT asset management has not received as much attention it should be. As a result, not much implemented as it should be! Therefore, in this blog, we will discover answers to a few important questions. Let us begin!

What is IT Asset Management and why it is crucial for business?

According to Techopedia:

“IT asset management maintains and develops standards, policies, processes, measurements and systems which enable the organization to properly manage its IT assets with respect to risk, control, governance, costs and business compliance and the performance objectives that have been set by the organization.”

IT asset management is a procedure of inventorying all of the assets in the organizations which are also correct answers however still not a complete answer! ITAM is more than just making an asset inventory.

ITAM is helpful in financial, contractual and risk management responsibilities to manage the life cycle of each asset and the most important strategic decision making. Assets include all elements of software and hardware that are found in the business environment.

It is crucial for business growth in many ways. As there are various advantages of asset management software for organizations. Moreover, several potential issues can be detected and avoided by the IT asset management procedure.

Also Read: Fixed Asset Tracking & Asset Management: Are They Both Same?

Why IT asset management is critical?

Few important reasons are given below:

1. Find obsolete assets

When you do not know which assets are available for your employees. Then it can impact the workflow of your company. Obsolete assets which are not useful for a company they are an extra burden on an organization.

Hence, in your organization's network, there should not be any obsolete asset if there are you can identify them with IT asset management. Once identified you should replace them, upgrade them which increases your business efficiency and workflow.

2. Account & track incoming asset properly

In a regular period of time, new assets are introduced in the organization as per the requirement. If one does not keep the records or tracks assets, they might just become obsolete, miss or theft deterrence can occur.

It will also lead to inaccurate tax declaration. Therefore, assets should be accurately tracked and accounted for & IT asset management can help you avoid these problems.

3. Regulatory Compliance

Following industry regulation will be a tough task without IT asset management. When you don't know all the information about your assets including employee information.

Then how will you ensure that you have removed all the information about your ex-employee?

That will a very complicated task. Because there might be back up at some workstation which has the information. You will be able to find it with the proper audit process.

4. Improved Assets Management

If you are not keeping track of your asset, then obviously it's a big mistake and causes you a lot of money spent on the maintenance of assets. Neglecting asset management decreases your business productivity.

Therefore, IT asset management is very important for your business and you will see improved asset management.

Also Read: The Definitive Guide to Fixed Asset Tracking & Management

How to begin with IT Asset Management?

IT asset management takes a lot of people and a lot of things to do. Also, it takes the effort of two types:

IT & Non-IT Assets

An IT & Non-IT Assets asset are physical devices used in business activities. The only difference between them is IT Assets are the responsibility of IT. Some of the examples of IT Assets are computers, servers, routers, scanners, printers, etc. Non- IT Assets examples are sofas, chairs, furniture, etc.

Software Asset

A software asset is any software application within an organization. It needs to be purchased legally with the software license.

What are the best IT Asset Management (ITAM) practices?

Here are the few best IT Asset Management practices:

IT Asset Management is a persisting activity

This practice is an ongoing process it should never stop. In order to keep your assets in good condition, efficient, tracked, these practices shall never be abandoned.  It is helpful in ITAM such as auditing.

Be proactive. Not reactive.

When we talk about asset management it is really important to follow proactive rather than reactive. Because the daily operation depends on machines, equipment & assets.

If an asset is broken, then it will affect the daily operation of the company.  When this practice is followed your organization will always be ready for audits, inventory checks, etc. It will save precious time of yours.

Get feedback from other business teams

Involving a different team of your business organizations and take their feedback in the ITAM implementing process. The feedback will help you in improving the whole process and the company.

Track complete asset life cycle

Life cycle management practice is an essential part to increases the return on investment for IT assets. There are various stages in the asset life cycle includes requisition, procurement, deployment, maintenance, and disposal.

Several organizations believe that the asset life begins when they receive assets, but it actually begins with the requisition stage.

Conclusion

IT asset management software helps your organization in audits and one of the important tools for your business growth. It also assists in increasing the asset life cycle and keeps tracks of it. When you implement IT asset management you will notice its effect. It has the potential to take your business to a new level.