what is it asset management? what are the best it asset management practices?

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why it companies use asset management systems for managing it assets? what are the best practices of this it asset management.

Asset management is not a one-time activity it a long continuous process in order to make improvements in current operations. For that, you need to keep sharp eye on all your assets.  

Without a strong arrangement and a smoothed out measure stream, it is hard to track monitor, and manage all your assets, equipment, machines from one location. Hence, carrying out an IT Asset Management (ITAM) measure is the correct activity. It additionally brings you a plethora of advantages. It can help you cut down unnecessary maintenance costs, use licenses ideally, brining unused resources into use and minimize security hazards, assist in reviews, enhancing effectiveness. In this blog, we will know what are the best practices for IT Asset Management! But first, let us cover the basics first! So, without any further ado let us begin  

What is IT Asset Management?  

IT Asset Management keeps track of all the assets and equipment in a network. You can know exactly how many assets you have! Keeping them updated is also part of IT Asset Management. Furthermore, this software ensures assets and equipment are safe and protected and you are aware of their locations all the time or who is using them, and when they will be returned.  

IT Asset Management keeps you organized and updated about the task and schedules as well. It can help in completing work and deliver it on time.  

According to Mordor Intelligence “The IT Asset Management market was valued at USD 1091.76 million in 2020 and is expected to reach USD 2086.59 million by 2026, at a CAGR of 11.4% over the forecast period 2021 - 2026”.  


What are the best practices of IT Asset Management?  

The best practices of IT Asset Management are as follow:  

Managing asset life – Asset life is a very important practice that every organization must utilize. However, many organizations do not take care of assets properly. When they are not taken care of properly their productive life decreases. It impacts the productivity of the organization. With IT Asset Management 

Focusing on reducing bills – With IT Asset Management managers can focus on reducing maintenance bills. When you have IT Asset Management you can plan maintenance and schedule & execute maintenance. Because when maintenance is given on time it only makes assets more reliable but their productivity is also increased. When assets are maintained then sudden failure chances are minimized. As we know sudden asset failure is expensive when failure is decreased maintenance bill will be reduced automatically.  

Identify misplaced & theft assets – When the organization is huge assets such as pen drives, laptops & computers are sent from one place to another. Sometimes employees used them and forget to return especially devices such as mouses, pen drives, keyboards, etc. With IT Asset Management you can know exactly which employee has taken which assets. So, it saves assets from theft or misplacement. Furthermore, you can identify misplaced and theft assets with IT Asset Management.  

Ensure compliance with rules & regulations – There are industry-specific rules and regulations that need to be followed If that is not done you will end up paying huge fines and penalties. For instance, An IT company using software that is expired if that is found during an external audit that will be a rule violation, and the company will have to pay a huge amount of fine, they also might face legal issues. But IT Asset Management saves from these types of problems.  

Conduct Audit regularly – Audit shall be conducted at regular intervals. It helps in identifying issues and helpful in the physical verification process. All the documents are also cross-checked so that no problem during an external audit. When assets are counted regularly their chances of misplacement are minimized. An audit can be a long process but with the software, you can quickly wrap up the process and save the time of your and auditors.  


What are the benefits of IT Asset Management?  

The benefit of IT Asset Management are as follows:  

  1. Provide control over your assets, equipment  

  1. Increasing efficiency and effectiveness of equipment  

  1. Complete information of each asset  

  1. Better Compliance  

  1. Eliminating obsolete assets  

 Conclusion - Today data is one of the most valuable assets that an organization has. Data related to assets are helpful in generating crucial information. This information assists in making an informed decision about assets. IT Asset Management can be very helpful in managing not only assets but also help in providing great details that can help businesses in growing, saving expenses, and discover unnecessary assets.  

Asset management software can help businesses in various ways however you need to implement best practices so that outcome is optimized. After that, you need to ensure that accuracy is not compromised because accuracy is very important for effective IT Asset Management.  

Submitted: April 03, 2021

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