Asset Management
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IT asset management (ITAM) is a set of business processes that integrates financial, inventory, and contractual operations to optimize spending and support IT asset lifecycle management and strategic decision-making. ITAM is frequently considered a part of IT service management (ITSM).
Any company-owned information, system, or hardware used in business activities is defined as an IT asset. The IT asset management process usually begins with a thorough inventory of an organization’s hardware, software, and network assets, followed by informed business decisions about IT purchases and redistribution.
Organizations can use ITAM applications to help with the ITAM process. These apps can detect all of an organization’s hardware, software, and network assets, then capture, record, and make the data available. Some of these programs combine ITAM with the service desk, allowing incidents and requests to be kept together with user and access information.
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ITAM is much more than just keeping track of assets. It’s all about making the most of the asset data you’ve collected in order to maximize profits, reduce risk, and boost your company’s worth. IT asset managers can reduce software license and support costs, remove waste, and increase efficiency by avoiding unnecessary asset purchases and making the greatest use of existing resources.
ITAM also aids in increasing the company’s overall understanding of IT’s business value, improving communications and understanding between IT and other departments, enforcing compliance with cybersecurity policies and regulatory requirements, increasing productivity through technical support, and lowering IT overhead costs.
Asset management for hardware and software
IT has a platform that focuses primarily on managing IT hardware such as endpoint devices, mobile devices, servers, workstations, and any software in use in this type of strategy.
Asset management in the cloud
A cloud asset management application is designed to help you manage cloud asset services from Amazon, Microsoft, Google, and other providers.
Management of digital assets
Organizations that manage digital content employ asset management solutions to track licenses, formats, metadata, and other properties. Other products lack the capabilities and functionality that these tools offer.
Asset management for fixed assets
These solutions keep track of fixed IT assets such as workstations, printers, networking cabinets, server room AC units, and any other IT assets in the environment.
The following are some of the advantages of adopting an ITAM tool for IT assets:
- Keeping a centralized location for all IT asset information; having better visibility into where assets are and detailed information on them;
- Lowering risks;
- Staying organized with all the different asset categories and reporting on them;
- Eliminating waste with repeated asset purchases
ITAM’s successful implementation is dependent on careful planning and a few other factors, including the following:
- Considering what kind of instrument would best meet the existing asset management requirements;
- Establishing standard operating procedures for asset tracking, system documentation, and system usage;
- Establishing a standardized tracking system to ensure that all essential assets are tracked;
- Having the capacity to track key data such as expiration dates, purchase dates, vendor contact information, and other relevant facts;
- Executing frequent asset management audits by examining and updating existing assets on a schedule.