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In today’s digital age, IT assets have become a critical component of any organization’s success. Devices and materials can be turned into an asset only if we are able to efficiently utilize their full potential, the same goes for a company’s IT assets as well.

To ensure the proper use of IT assets, it is crucial for companies to have a system in place for accounting, maintenance, repairs, upgrades, and more. This is where IT Asset Management (IATM) comes in. It is an ongoing practice that needs to be carried out for as long as the company is running to reap the benefits of its IT assets. 

Proper IT asset management is a crucial aspect of any company’s operations, and the process typically involves the following steps: 

  • Asset Identification: This entails creating an inventory of all IT assets, which enables organizations to keep track of how many are currently in use, how many are idle, and whether more need to be ordered or purchased. 
  • Tracking: Continuously monitoring all IT assets is necessary to keep track of essential information such as asset costs, warranties, loaner return dates, storage details, current physical condition, and whether upgrades or repairs are required. 
  • Maintenance: This involves performing system software updates and hardware repairs to ensure proper maintenance of all IT assets. ITAM keeps a record of an asset’s life history to help assess its performance level and make informed decisions for future purchases.

Customized to the specific company, an effective ITAM tool will create and track the life cycle of every existing and new IT asset in the company. The information on the asset will be documented and updated consistently, making it real-time and highly accurate; the same will be stored in a central location to make it easily accessible for everyone at any time. This provides the major benefit of making it easier for the company to attain maximum returns from their investment, by increasing the productivity level of all IT assets.

What can we gain from an ITAM process?

To ensure the proper management of IT assets, it falls upon the IT department of every company to maintain a complete record of all assets, starting from procurement and continuing through to disposal or replacement.

Managing a company’s IT assets is a critical responsibility of the IT department. It involves various tasks such as: 

  • Identifying the company’s IT assets, which may include hardware, software, and other equipment. 
  • Keeping a detailed inventory of all IT assets currently in use. 
  • Tracking the status of newly ordered assets to ensure timely delivery. 
  • Assigning devices to employees and keeping track of who is using what. 
  • Monitoring the storage location of idle or unassigned assets. 
  • Keeping track of asset updates, repairs, and replacements to ensure optimal performance.
  • Implementing measures to lock lost or stolen devices to protect sensitive data. 

The main goal of IT Asset Management is to monitor and manage the entire lifecycle of a company’s IT assets, from their initial acquisition to disposal or replacement, ensuring maximum returns on investment and productivity.

The major benefits of having proper IT asset management in place include:

Better Organization

To achieve maximum efficiency, an IT Asset Management system is essential for any company. One of the primary tasks of ITAM is to create an inventory record of all IT assets, which helps to keep track of the lifecycle of each device. This also includes tracking the location and assignment of devices to specific users, which streamlines the allocation process. By implementing ITAM, companies can ensure that their IT assets are properly managed and organized for optimal productivity.

Increased Security

Having increased visibility of all IT assets through IT Asset Management allows for better control over ensuring the security of the assets and the data they contain.

Reducing Possible Waste

By properly maintaining and updating IT assets, the lifespan of these assets can be significantly increased, thus reducing waste. Additionally, forecasting the lifecycle and age of the assets can aid in creating a sustainable disposal plan early on, further reducing potential waste. This not only benefits the environment but also the company’s budget, as it reduces the need for frequent replacements and purchases.

Cost Savings

Poor asset tracking and lack of regular updates and maintenance can lead to increased expenses. With proper ITAM in place, you can create a cost-effective schedule and plan for maintenance and upgrades, avoiding unnecessary expenses associated with sudden device failures or system breakdowns. Additionally, ITAM enables you to identify underutilized assets that can be repurposed within the organization, reducing the need.

Here are a few tips for better ITAM in your organization 

Not a one-time implementation

IT Asset Management is not a one-time task, but an ongoing process that must be revisited regularly to ensure its effectiveness. As your company’s operations and policies change, your ITAM process should be updated to keep up with the evolving IT landscape. By regularly revisiting your ITAM strategy, you can ensure that your IT assets are being utilized to their fullest potential, while also reducing waste, improving security, and saving costs.

Close and immediate monitoring

Close and immediate monitoring is crucial in IT asset management. It is essential to enter all assets, both existing and new, into the system and track them continuously from the moment of purchase. This approach ensures that potential issues are identified and addressed promptly, preventing any problems from escalating into costly or time-consuming problems.

Make use of an ITAM tool/software 

A robust ITAM tool such as Teqtivity ITAM offers the ability to generate custom reports based on specific requirements, allowing users to gain a better understanding of their company’s IT asset structure. This feature enables companies to make informed decisions to save costs and increase efficiency in the future.

In conclusion, IT asset management is a crucial part of any organization’s operations, and a good ITAM tool is essential for streamlining processes and achieving maximum efficiency. By keeping track of all IT assets from procurement to disposal, companies can reduce waste, save costs, increase security, and improve overall productivity. 

The use of ITAM tools such as Teqtivity provides numerous benefits, including real-time updates, accurate reporting, and customized reports. It is important to remember that IT asset management is an ongoing process, and regularly revisiting and updating the ITAM system is necessary to ensure it stays up to date with changing policies and operations. By implementing these best practices and utilizing reliable ITAM tools, organizations can achieve stress-free IT asset management and optimize their overall operations.