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IT Asset Management as a Corporate Investment Optimizer

 

“Managing IT Assets in a Spreadsheet Is Like Flying a Plane Without an Instrument Panel”

                                                        — Virtually Every IT Asset Manager

 

Organizations usually list computers, servers, printers, and scanners as IT assets. These assets can be leased or owned outright. Company-owned, leased, or subscribed to software applications are also member candidates for an IT Asset Management Solution.

What Is IT Asset Management?

IT Asset Management (ITAM) Software centralizes an organization’s hardware and software assets. ITAM helps an organization monitor its tech spending, minimize vulnerabilities, better deploy its resources, and manage the lifecycle of each property. For example, here is an IT Asset Management (ITAM) solution from a US-based company called Genuity.

 

Single-Pane-of-Glass Asset List View

 

Why do Enterprises Need IT Asset Management Software?

  • Productivity Workflows Can Suffer – Machines that are past warranty or outdated can cause workflow slowdowns. In addition, obsolete assets produce inferior results. ITAM assists an organization with its asset tracking when it comes time to replace or upgrade.
  • Identifying Single Point of Failures is Not Rocket Science – Redundancy must be preplanned for inevitable failures. ITAM dashboards provide an accurate view of the tech landscape so assets can be quickly swapped out.
  • IT Asset Upgrades and Disposals Come with the Territory – ITAM makes identifying and scheduling assets for disposal and replacement easy.
  • Industry Regulations Seem to Change Daily – Relying on a spreadsheet to track industry compliance creates an environment that can breed costly mistakes. Spreadsheets are inaccurate, unreliable, and inefficient. As a result, it no longer makes sense to use them to track a company’s IT assets.
  • Complete Accuracy Must Not Be Wishful Thinking – Companies are decentralizing their IT assets to save on costs, convenience and gain a competitive advantage. An IT asset management system makes tracking these remote assets painless
  • Lifecycle Tracking Saves Time, Money, And Leads to Increased Productivity – IT assets typically go through the following stages: Purchased, Available, Received, Repaired, and Disposed of during their lifetime. Leading ITAM software eliminates the need for a static spreadsheet record.
  • Faster Mean Time to Recovery – Time is money in any business. Once a faulty asset is identified, it needs to be taken offline quickly so the production environment can be restored.
  • ITAM Increases Governance – Centralized, secure record-keeping is vital in tracking an organization’s IT assets. Without an ITAM solution, planning becomes impossible, management turns out to be uncontrollable, and support is more complicated. In addition, working-from-home scenarios cause organizations to beef up their governance. ITAM helps make that happen.

In the report Prepare Your IT Asset Management for 2020, Gartner notes that given the increased reliance on platform and infrastructure services, effective asset management can enable organizations to manage their consumption of “on-demand services.” With increased control, visibility, and assigned responsibility, teams can reduce excess consumption including over provisioning and idle instances. This avoids unnecessary costs.

Bridge the gap

Data is king in most modern businesses. It gives enterprise teams the ability to make informed decisions, allowing the company to adapt to changing markets. However, when it comes time to pick the right software, there is no shortage of solutions that range from open-source solutions that are free to use to enterprise offerings that cost thousands of dollars per month. New models are even emerging built on providing value bringing accessibility and transparency to the ITAM market with all-in-one pricing models designed to align interests with customers.  

Businesses are investing more in technology and equipment, and if they don’t track those devices as they come in, it can be difficult to ensure security and compliance down the line. Few organizations today can say they have a complete record of what’s on their network at any given time.

The entire ITAM landscape is shifting to business models that value easy-of-use and affordability, so that companies of all shapes and sizes can onboard, maintain, and keep a healthy record of all their business devices and assets.

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