As defined by the International Association of IT Asset Managers,

IT Asset Management is a set of business practices that incorporates IT assets across the business units within the organization. It joins the financial, inventory, contractual, and risk management responsibilities to manage the overall life cycle of these assets including tactical and strategic decision making.

The main goal of an IT Asset Management system is to be able to scan all the assets in your organization’s network. Only after these assets have been discovered you efficiently monitor and manage them.

Nowadays, IT departments manage a large share of a company’s total asset footprint. Since IT assets are expensive and not easy to maintain, asset management plays an important role in helping IT teams to ensure efficient use of the organization’s resources in supporting the needs of users and business functions.

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Key Features

Every day, the number of devices used by companies is continually growing, thus demanding the increase of the IT department’s responsibilities.

Tracking the custody of the assets is becoming more and more complicated since these devices are used by multiple people. Thus, a new approach to asset management using the newest technologies is required. Today, all companies from the smallest business to the largest corporation use asset inventory management and IT asset management systems to manage and control their assets.

In general, IT asset management systems can provide both necessary and helpful features. Depending on your company’s size and business industry, you should look for the ones that will best fit your business needs. A good IT asset management system will make a difference as:

  • It provides real-time information about the asset: serial number, model, manufacturer, location, and so on;
  • It provides the asset’s contractual details, including lease and software agreements;
  • It enables tracking the depreciation on fixed assets;
  • It provides an alert on a maintenance schedule;
  • It records the asset costs and physical information;
  • It provides automatic updates and records about people having custody of the asset;
  • It provides asset custody throughout its life;
  • It provides the asset disposal options: reuse, redeployment, resell and recycle;
  • It covers software management, including tracking software licenses, usage, and compliance;
  • It provides reconciling with the asset inventory database;
  • It provides a connection with mobile devices;
  • It provides customized reports, including disposal asset reports;
  • It integrates with other software solutions used by the company, including accounting systems and inventory control.

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Benefits of IT Asset Management

#1. It provides control over your IT inventory

With ITAM you will have clear visibility across all your IT assets, including hardware and software components, servers, or other network infrastructure, thus gaining better IT administration control and responsibility.

#2. It manages the lifecycle of your assets

When it comes to hardware and software components, you should be aware of the limitations with their disposal or replacement date. An IT asset management system will help you manage hardware asset purchases, their useful period, as well as deciding whether or not it needs to be replaced, uninstalled, or updated.

#3. It planes strategic inventory

When you track the inventory in an organization’s IT infrastructure, it becomes easier to plan the future amount you’re willing to spend on assets. A centralized asset management system allows you to scan your organization’s entire network, hardware, and software, and see inventory data with storage capacity for future utilization and budget planning.

#4. It increases accountability

Keeping a regular track of your IT asset inventory and its automatic updates through an asset management system helps to monitor hardware and software of computer networks and be alerted if harmful software/hardware is installed. Allowing system administrators to remove damaging or outdated software and unapproved downloads makes it easier for the ITAM system to prevent potential risks before major issues kick in.

#5. It automates asset discovery and tracking

Until recently, IT assets inventories were manually managed, using spreadsheets that were subject to inaccuracies, or manual entry or updates were required. With IT Asset management software solutions, the IT asset inventory process has been made simpler, faster, and, most importantly, automated.

To sum it up, if you wish to achieve IT operational efficiency, financial accountability of asset purchase, simple auditing and compliance, and long-term asset management and maintenance, I strongly suggest implementing an IT Asset Management system. The proper management of IT assets is one of the elements that can help you mitigate them and enhance the (cyber)security of your company.

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