IT Asset Management Example
IT asset management (ITAM) is a critical aspect for businesses to implement into an IT system. You spend a lot of money on computer equipment, so IT assets should be tracked and managed appropriately to get the most value out of them.
That said, many business leaders are unsure of what asset management means or how it’s used in companies. This article will go over IT asset management examples and the different levels of ITAM throughout computer equipment lifecycles. Read on to get all the details.
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What is IT Asset Management?
IT Asset Management or ITAM is a system that tracks and manages IT equipment from the beginning to the end of its life and usefulness within a company. The ultimate goal is to help companies get the most value from assets and ensure compliance with regulations while maintaining a good team and working environment throughout.
How Do You Keep Track of IT Assets?
One of the first steps of the IT asset management process is taking inventory of all assets on hand within a company. The inventory is crucial because it will help facilitate an organized system throughout. You’ll always know what assets are on hand, their value, and where they are being used.
To create an inventory and track assets, there are several methods that may be used. You can manually input them into programs like Excel spreadsheets or use more complex systems that allow you to see more comprehensive data about the equipment you have on hand.
However, the above methods can present some challenges when teams are unfamiliar with the processes of ITAM. Partnering with a team like Multiply can help get you on the right track when setting up an inventory and implementing a complete ITAM system.
Multiply has IT asset management tools that can be used to help with asset discovery and create methods of tracking that are much easier for anyone to manage.
What Are Considered IT Assets?
To properly set up an IT asset inventory, you’ll want to know what IT assets in a business are and how to identify them. This section will provide a list of IT assets to help you out.
IT Asset Examples
Some examples of IT assets are:
- Hardware assets: Hardware IT assets are physical and tangible pieces of computer equipment. This equipment is important since it is the backbone involved in running key business operations. Common hardware assets are laptops, desktops, hard drives, switches, SIM cards, and hubs.
- Software assets: Software IT assets are digital programs that you likely use in many business operations. Common software assets are cybersecurity software, CRM software, ERP software, accounting software, and associated licensing and agreements that come with each program.
- Cloud-based assets: Many businesses use some form of cloud storage to free up space on their hard drives. Cloud-based assets include cloud storage programs, SaaS software, and PaaS software.
- Fixed assets: ITAM can also help you track fixed assets. These are physical parts of the business and property, such as server rooms, storage cabinets, and available floor space.
- Peripheral assets: Some will combine these with hardware assets since they often contribute to the use of hardware, or they can be their own separate category. Common peripherals are monitors, projectors, mice, and keyboards.
- Networking assets: Networking assets usually contribute to internet connectivity and server functionality. Common networking assets are routers, modems, video conferencing tools, and LAN ports.
Out of the assets that companies have on hand, the most integral to the success of the business is often the hardware assets. That’s why our team at Multiply chooses to focus on managing hardware efficiently. After all, if your computer doesn’t work right, you can’t access cloud storage or key business software in the first place.
If you need help managing hardware assets, Multiply can help you identify them in your business using discovery tools, perform audits to make sure you’re managing them in compliance with regulations, and help your team visualize your hardware assets lifecycle effectively.
What Is an Example of IT Asset Management?
Now that we’ve covered different types of IT assets, let’s look at some examples of how IT asset management can be used.
Example #1 - Compliance
Every company should have compliance systems in place to ensure that assets are being managed correctly. For this example, let’s say that Jill is in charge of managing compliance and conducting audits for her company’s IT assets.
At first, Jill thinks this process will be easy, but suddenly she finds that she’s running into several hurdles along the way. Jill’s company has several locations across the U.S., so communicating with teams in each one quickly becomes a key challenge in the process.
Additionally, many of the members of the IT team are reporting they’re having trouble with the discovery of hardware assets and peripherals. The hardware assets are scattered throughout the company, and some are even switching hands constantly. It’s difficult to track and manage everything all at once while keeping up with the daily needs of business operations.
Jill decides that she needs a partner in this process to make managing everything easier, so she contacts Multiply to get assistance.
Upon partnering with Multiply, a new system is put in place to help manage the auditing process, and regulations are implemented to ensure compliance. The new system involves:
- Creating a streamlined audit schedule across locations, technicians, and auditors. This ensures that everyone is aware of when the next audit is coming up so they can plan time for it.
- Capturing findings from audits in real-time to replace spreadsheets that can easily become disorganized. Instead, the company now gets real insights on how it can improve the asset management system.
- Automating device remediation and reporting to help continuously keep track of everything that happens with assets on hand.
By partnering with Multiply and putting this system in place, Jill is able to streamline the auditing and compliance system while taking a lot of work off of her busy schedule.
Example #2 - Upgrading Laptops
After completing some routine maintenance and updates on the customer service team’s laptops, the IT asset specialist, Craig, identifies that many of their laptops aren’t performing as they once were. Many of them load slowly and experience occasional bugs due to not being able to keep up with the needs of complex software programs.
The slow performance of the laptops is affecting the customer service team’s productivity, hurting the company’s bottom line and customer experience. Craig goes to management to request a much-needed upgrade.
Upon having his request approved, Craig is given a budget for what he can spend on new laptops. He then begins negotiation processes with vendors to buy a set of new laptops at the most economical price and sell the old laptops to get value back from them.
Once purchased, Craig directs IT technicians to schedule the set up of the new computers during a slow time in business hours. The team then sets them up and ensures they are functioning properly before replacing the old laptops with the new ones.
The new laptops are then added to the inventory and become a part of routine maintenance and other common ITAM processes to ensure they function well and last as long as possible.
As you can see, having an ITAM system in place to upgrade laptops helps. It provides a clear path for getting approval for new equipment, buying it and setting it up with minimal or no disruption to daily operations.
What Are the Types of IT Asset Management?
There are several different types of ITAM that a business may implement. The main ones are meant to help manage the different types of IT assets that companies commonly invest in. They are:
- Hardware asset management: All physical computer hardware needs to be managed and maintained regularly since it is the backbone of operations. You don’t want any computers malfunctioning or going down where all business processes could be interrupted.
- Software asset management: Software asset management involves tracking and updating software programs the company uses. In addition, licenses and maintenance agreements need to be tracked to ensure they are updated and followed accordingly.
- Fixed asset management: All fixed assets should be managed, and floor plans should be planned to ensure the best use of all IT equipment. Your company doesn’t have unlimited space, but you can make the most out of what you have available with the right strategies.
- Cloud-based asset management: All cloud programs and storage systems need to be managed and updated regularly. You likely store a lot of key data on these programs, so you always need access to them to ensure your business continues running smoothly.
As mentioned earlier, managing hardware assets is a key piece of this puzzle. Multiply can help with all your hardware asset management needs, which will ultimately contribute to being able to get the most out of the software, cloud-based, and fixed assets you have available for use.
What Are the 5 Stages in an IT Asset Lifecycle Management Process?
When managing the lifecycle of assets from beginning to end, there are five key steps in the process. They go as follows:
- Creating and updating an inventory of all IT assets you have on hand.
- Purchasing new assets when the company’s needs grow, or old assets need to be replaced.
- Deploying newly purchased assets while ensuring they are functional and performing at their best.
- Regular maintenance and updates of assets to ensure they maintain top performance and don’t have any unnecessary malfunctions.
- Disposing of old assets that no longer function how they should or don’t serve a use in the company anymore.
By following this five-step process, you can ensure that your entire asset management system is deployed correctly. If you’d like help in this process, Multiply will be an excellent resource for your needs.
How Multiply Can Help
Multiply is a team of senior service technicians and IT consultants who partner with companies to help with ITAM. When you partner with Multiply, you get a blend of consulting, managed services, and software solutions. We aim to help you with asset management on every level to alleviate stress and bridge connections between all teams involved.
Contact us today to learn more about how Multiply can help with all your ITAM needs!