From laptops and servers to software licences and network equipment, the modern business has a wide range of IT assets to keep track of. Staying on top of everything can feel like a juggling act – and that’s where IT asset management comes in.
IT asset management (ITAM) is all about keeping an organised system to manage your company’s IT assets. But it’s about more than just keeping an inventory; it’s about saving money, improving security and making smarter decisions about your tech.
In this article, we’ll cover what IT asset management is, why it’s so important and 5 best practices for effective IT asset management.
What is IT asset management (ITAM)?
IT asset management (ITAM) is the process of managing and optimising the lifecycle of an organisation’s IT assets. IT assets include both hardware and software, network infrastructure and other tech-related resources within an organisation.
The purpose of ITAM is to help the organisation track, monitor and manage these assets, keep their costs down and make sure they’re used efficiently and in compliance with licencing requirements.
Key components of IT asset management include:
- Asset tracking and inventory: IT asset management involves keeping a clear record of every IT asset, including when it was bought, where it’s located, how it’s used, its maintenance history and when it’ll be retired.
- Lifecycle management: From purchase and setup to maintenance and retirement, every IT asset goes through different stages in its life. ITAM makes sure everything’s running smoothly throughout these stages.
- Licence management: Keeping track of software licences is an important part of IT asset management. It ensures licences are used properly, allocated where needed and renewed or removed when necessary.
- Cost optimisation: ITAM helps companies keep an eye on how much they’re actually spending on their IT assets. It also helps them spot opportunities for saving money, like cutting assets that aren’t being used or making sure they’re getting the most value out of their software licences.
- Security and compliance: By keeping all assets updated and in line with regulations, ITAM helps protect security and compliance. It also helps spot outdated equipment or software that might pose a security risk.
- Vendor management: Part of IT asset management is managing relationships with vendors. It’s about making sure contracts are cost effective, service is good and warranties or service agreements are tracked.
- Disposal and recycling: When IT assets are no longer useful, ITAM makes sure they’re disposed of securely and responsibly. This often includes using recycling programmes or certified data destruction to protect sensitive information.
The benefits: Why IT asset management is important for your company
As you can probably tell by the list above, IT asset management covers a wide range of areas that are essential to businesses across industries.
It’s important to note that ITAM isn’t a project. You can’t do it once and expect it to be over and done with. It’s a process that should be executed on a regular basis, or as your assets, goals and tools change.
The good news is that with the effort comes a lot of advantages that’ll benefit your company, including:
- Cost savings: ITAM helps you keep track of how much you’re spending on tech and find opportunities for saving money. You won’t end up buying more than you need, and you’ll get the most out of the assets you already have.
- Improved efficiency: Life is much easier for your IT team when they know exactly what tech you have, where it is and how it’s doing. They can fix issues faster, stay on top of maintenance and keep things running smoothly without unnecessary downtime.
- Better budgeting and planning: With ITAM, you’ll know when your assets need to be replaced or upgraded. That helps you budget more accurately – no more surprise costs because your software becomes outdated or a server suddenly dies.
- Stronger security: ITAM ensures all your devices and software are up to date. That means fewer security holes, plus, you can quickly see which devices and apps are vulnerable and fix potential issues before they escalate.
- Compliance and risk reduction: ITAM helps you stay on the right side of software licencing and regulation. It ensures you’re not using unlicensed software or breaking any rules, and that helps you avoid fines and legal penalties.
- Data-driven decision making: With all the info on your IT assets in one place, you can make better choices about what to upgrade, what to replace and what you can get rid of – you’ll have the data to back up your decisions.
In short, effective IT asset management makes your technology management smoother, more secure and more cost effective – and that benefits your entire organisation.
You might also be interested in: ‘IT governance: What is it, and why does it matter?’
5 best practices for effective IT asset management
To get the most out of IT asset management, you need to do it right – and we’re here to help you make sure you do. We’ve compiled a list of five best practices for effective IT asset management to help you get the most out of your ITAM. Let’s get into it.
1. Keep an updated inventory
One of the most important aspects of ITAM is to always know what assets you have. Make sure your inventory of hardware, software and other IT assets is always up to date. This makes it easier to track everything, find what you need and avoid unpleasant surprises.
2. Centralise your asset data
Storing all information – like purchase dates, licences and warranties – together helps keep everything clear and accessible. Whether you keep it in a dedicated ITAM software or a well-organised spreadsheet, store all your IT asset data in one place. It’ll make it much easier to stay on top of your assets.
3. Automate where you can
Don’t try to manually track every asset – it’s far too time consuming. Instead, use tools that automate tasks like tracking software licences, flagging outdated equipment or sending reminders for renewals. This saves time and reduces human error.
4. Run regular audits
Set aside time to run regular audits of your assets. This helps ensure everything matches up with your records and that things like expired licences or missing devices don’t slip through the cracks. Licences especially are a big deal – keep an eye on them to make sure you’re not using more licences than you’ve paid for.
5. Involve multiple teams
IT asset management isn’t just an IT thing. Make sure departments like finance, procurement and security are kept in the loop. Each team has a different piece of the puzzle, and involving everyone helps ensure nothing is missed.
Wrapping up
Effective IT asset management is an essential part of running a successful company. By staying on top of your IT assets, you’re not just keeping track of what you own – you’re optimising costs, boosting security and making sure your business is running smoothly.
With the best practices above, you’ll be able to stay on top of your assets, avoid surprises and get the most out of your tech investments.
