How Do You Keep Track of IT Assets?

how do you keep track of IT assets?

IT asset management is important for businesses to get the most value from equipment and keep daily operations running smoothly. However, a common question is, how do you keep track of IT assets? This article will outline the IT asset tracking process to give you a better idea of how it works. Keep reading to get all the asset tracking details. 

What Is an Asset Tracking System?

An asset tracking system is the systems and processes that go into keeping track of IT equipment and managing it. 

The asset tracking system will often be run through different types of software that help organize all the information. However, some companies also use an asset-tracking barcode system to keep track of all physical computer equipment in use. 

The best software and asset tracking system will vary from business to business based on daily processes. 

What Is the Process of Asset Tracking?

Most companies will use a general process to meet the goal of tracking all assets they have on hand. It goes as follows:

  1. Hiring or assigning IT professionals to manage asset tracking. 

  2. Implement systems for who will manage what and how asset tracking will be recorded. 

  3. Taking inventory of all assets on hand in a business. Discovery systems may be used for software assets, and physical assets must also be manually recorded. 

  4. Updating inventory records regularly to track assets as they go through their lifecycle from beginning to end. 

 Implementing each of these steps helps accurately track assets and manage the daily processes associated with them. If you’re confused about where to start with asset tracking, Multiply is a team of IT consultants that can help. We work with businesses to create streamlined systems for asset management. We’ll help get you on the right track each step of the way!

What Technology Is Used in Asset Tracking?

The typical asset tracking software and technology used in asset tracking will be spreadsheets or open-source software. A comprehensive asset tracking software will provide features that make the process easier to manage, especially if your company has a lot of assets on hand. However, doing manual spreadsheet tracking can also be effective and is also a cheaper option compared to asset tracking software.  

In addition to tracking assets, many companies can also benefit from using asset discovery software. Discovery software can sweep through your databases and technology to find all digital assets in use within your company. At Multiply, we use the information from our in-house discovery process to help create our self-audit tool for your employees. This process gives us real-time information on your IT assets, not just if they were purchased or deployed at one point in time.  It makes the IT asset inventory process a lot easier to accurately manage. However, fixed assets like desks and server rooms will still need to be tracked manually. 

Best Asset Tracking System for Small Business

Many small businesses with lower budgets and fewer assets on hand find that tracking assets manually works well. This can be done through an asset tracking spreadsheet in Google Sheets or Microsoft Excel. 

All you need to do is mark down the current assets on hand when they were purchased, their estimated value, and any maintenance schedules that should be managed. 

 As long as you stay on top of it and update the spreadsheet each time you purchase or dispose of equipment, it’s very manageable for small businesses. It’s also a more affordable method. 

However, as your business grows and the amount of computer equipment needed increases, having the right asset-tracking software will become more necessary. Hiring a team or ITAM partner to help with this process would be very beneficial at that point. 

 Benefits of Asset Tracking

Asset tracking can sound like a lot of effort to some business leaders, but there are many benefits to implementing these processes. The benefits of asset tracking are:

  • You’ll know how many assets you have on hand and their value. It’ll help you better manage your company’s finances in the long run and save money.  

  • Maintenance schedules for IT equipment will stay up to date and run smoothly. Regular maintenance helps prolong the life of computer equipment and keep business operations running without issues. 

  • You’ll be able to identify the need for new equipment or when old assets should be replaced. You don’t want to wait until you start having issues to replace equipment. Replacing computer equipment on an accurate schedule helps your business run well without any problems. 

As you can see, an asset tracking system is highly beneficial for businesses. It keeps everything in an organized system that reduces a lot of common IT-related issues that can occur. 

 What Should Be Tracked for IT Asset Management?

There are several types of assets in a business that should be tracked. The different types of IT assets are:

  • Software assets, such as accounting software, cybersecurity software, and customer relationship management software. 

  • Peripheral assets, which include computer monitors, mice and keyboards, and projectors. 

  • Cloud-based assets, including cloud-based storage and data systems. 

  • Fixed assets, which include desks, server rooms, and storage cabinets. 

 Many more assets fall under each of these categories. Each must be accurately tracked as part of a complete IT asset management system. If you’d like help managing the tracking process for all these different types of assets, our team at Multiply will be a great resource for your business. 

 How Multiply Can Help With Asset Tracking

Multiply is ready to be your partner in IT asset management! We specialize in creating streamlined IT asset and data management systems within companies we partner with to make these processes much easier. Working with Multiply can take a lot of the stress and confusion out of getting started with asset management. We’ll be experts in your corner each step of the way to help find the right asset-tracking solutions for you.  

 To learn more about how Multiply can support your team, contact us today! 

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