Managing assets for the IT or non-IT organization is essential to keep up with the technologically dependent era. Irrespective of the size of the enterprise, managing assets is more complex than ever. With the asset management solution tool, an enterprise can quickly process the developing, operating, maintaining, and disposing of needless assets.

Almost all organizations have come to the belief that when they do not update assets on time, they cannot track or manage them, resulting in a loss of productivity and efficiency. This is when asset management solutions can take the lead.

Asset management software supports enterprises in tracking IT as well as non-IT assets by including assets throughout the lifecycle to identify the potential risk from ownership or use of assets. In addition, these solutions help eliminate annoying “Ghost assets” from inventory. Asset management removes all the non-existent items and provides a real-time and accurate view of truly existing assets.

Let’s discuss IT asset management in detail here.

IT Asset Management

IT Asset management is a group of business practices that includes financial, inventory, and contractual functions to optimize spending and support asset lifecycle management and strategic decision-making within the organization.

An Asset refers to information like software or hardware owned by an enterprise for business activities. This includes gathering a detailed inventory of an organization’s hardware, software, and network assets for business decisions to purchase and redistribute IT-related assets.

Enterprises even hire a person to keep an eye on IT assets. However, no single person owns things, and no single tool collects centralized information. By adopting IT asset management software enterprise doesn’t need to hire an observer.

7 Ways an IT Asset Management Solution Helps Enterprises Save Cost & Improve ROI:

1. Centralized Management System: A centralized system is a system that stores all the data in one place for easy access. It allows the IT teams to retrieve information more quickly than the old paper-based systems. Eliminating this ancient method decreases the time between two jobs, saving money and resources.
   IT Asset Management helps the IT team gather all the information regarding assets. Information includes the date of purchase, location, serial number, warranty details, operational status, Device model no., ID tags, and many more, which can be recorded and viewed while using asset management software.
2. Boost Mindful spending: As Asset Management software provides all the information about an asset, the IT Team can use it to reduce wasteful spending. The IT team should keep a tight watch on all assets and dispose of static and needless assets. It saves by preventing balancing on buying new assets when spares are available.
   IT asset management lets managers know the total volume and types of licenses. This helps to prevent the over-purchasing of licenses. When companies see the duration and expiration date, they take measures accordingly to renew them. Renewing on time helps to save from paying penalties. Sometimes these fines can be more costly than the actual price of the software. IT Asset Management helps to prevent such a situation from arising in the first place.
3. Vital inventory management: As discussed, IT Asset Management helps to centralize all the asset-related information. Therefore, the IT Team can use the information to track assets in their inventory. Knowing the location, purchase details and depreciation value, method of acquisition, and operational status help a company accurately assess its IT assets’ total value.
   The total value of assets helps to determine expenses and maintenance costs and provides a clear picture of asset status. Eventually, an enterprise can develop a better strategy after knowing the total value of assets.
4. Use ITAM policies at the right place: ITAM policies define the rules of asset management in an enterprise and help manage the purchase, usage, deployment, retirement, and discarding of assets.
   With ITAM policy, enterprises can break down the end-user responsibilities, software usage policies, standard hardware configuration, asset deployment policies, and other asset-related processes. Finally, an ITAM policy will save an organization’s money by eliminating redundancy and pulling out more value from their assets.
5. Automation to save time: Now is the time for enterprises to make intelligent choices and adopt automation to ease their workload. IT departments can take a sigh of relief with an IT asset management solution because it automates tasks and reduces manual working hours.
   Instead of exhausting the manual procedures, an asset management solution automates the process, including technology. As a result, IT personnel can automatically track the assets digitally and manually.
   They can use digitally stored data records and search capabilities to seek assets. Asset managers can physically use barcode scanners, RFID readers, etc. Scan and save the asset information in the system. Enterprise gets notified if any asset expires. Overall, an ITAM solution helps to prevent asset depreciation and financial loss.
6. Replace physical space with cloud space: A cloud-enabled IT Asset Management solution can considerably reduce physical space as the need for servers and mainframe is minimized.
   ITAM solution supports users with cost management, vendor management, asset tracking, lifecycle management, inventory management, automated software upgrades, and more. In addition, the exceptional ITAM modules ensure that an enterprise can manage assets with minimal intervention.
7. Boost Security to boost saving: ITAM system manages inspection and maintenance histories, detailed checklists, and status reports of all assets. This information helps smoothen the company’s task with correct actions and prevents inefficiencies and accidents. Also, you can avoid paying heavy penalties with automated reminders.

Conclusion

Tracking assets in real-time improves the enterprise’s efficiency and productivity and saves cost and time. With an asset management solution, enterprises can closely monitor every asset’s usage, maintenance, upgradation, and disposal.

In addition, real-time tracking enables enterprises to identify and respond quickly to theft or loss, minimizing the impact on operations. Therefore, a robust asset management solution with real-time tracking capabilities is crucial for enterprises looking to streamline processes, reduce costs, and improve the bottom line. This article helped you with some good ways an IT asset management solution saves costs and improves ROI.

– by Hailly Ved