IT asset management is a key process in business operations to track and manage the lifecycle of computer equipment your company owns. The primary goal of asset management is to help you get the best value out of the assets you invest in. That can be done by: 

• Extending the lifecycle of equipment with routine maintenance. 
• Buying assets at the best prices.
• Selling old assets to get the most value back from them. 

Putting an asset management framework in place will help organize all those processes effectively. 

This article will cover everything you should know about asset management frameworks. We’ll dive into what a framework is, guidelines from top IT organizations, and how to implement these processes into your business operations. Keep reading to learn more. 

What Is a Framework in Asset Management?

An IT asset management framework includes the key supporting details and processes that facilitate the strategic asset plan. Typically, frameworks are outlined in documents, and core company functions to make sure everything is executed correctly. 

Why Is Asset Management Framework Important?

An asset management framework is important because it keeps everyone in a company on the same page. Everyone will know their role and how to execute it properly. It’s simply the best way to ensure success in this process. 

At Multiply, we know the importance of creating successful asset management systems and ensuring everyone in a company communicates effectively. We partner with companies to help with those aspects. 

We can conduct IT asset audits that discover vital information and help bridge communications between all teams involved, even across global organizations. When you partner with us, we ensure you have a systematic framework that makes this process much more manageable. 

NIST Guidelines for Asset Management

When creating a framework for asset management, some of the top organizations in the IT space have developed guidelines for what will be successful. Following these recommendations is one of the best ways to implement the right processes. One of those significant organizations is the NIST (National Institute of Standards and Technology). 

When creating a framework for asset management, the NIST has put together some guidelines to help organize the process and protect companies from outside threats like cyber attacks. Guidelines the NIST has put in place include:

• Create a document or asset portfolio that tracks everything in one place. This is one of the main steps in the asset management system. You need to create an organized inventory of all assets you have on hand. That way, you know which pieces of equipment are in different areas of a business and can quickly identify any issues that arise. 

• Continuously audit and maintain assets throughout their lifecycle. The NIST recommends continuously auditing and maintaining your assets. You want to stay on top of this to keep equipment running smoothly and prevent outside threats like cyber attacks, which a company can be more vulnerable to if its equipment is outdated. 

• Assign roles and ensure team members understand processes to communicate effectively. The NIST emphasizes organizing systems across departments and different types of workers in a business. Anyone who will be part of the management system should know their role and the steps they need to take in any situation. 

As you can see from the NIST’s guidelines, there are several aspects that go into an asset management framework. Even in just one of the steps, like creating an asset portfolio, it can be challenging to account for all assets across large organizations. 

Multiply can help with that, and we have successfully completed audits for Fortune 500 companies. We know we can do the same for you. 

ITIL Framework for Asset Management

Another top organization in the IT space, the ITIL (Information Technology Infrastructure Library), also uses frameworks that make asset management more successful. Guidelines from the ITIL consist of:

• Creating an inventory: The ITIL recommends creating an inventory using multiple discovery resources. You need to be thorough in this portion to make sure everything is accounted for appropriately. This step goes along with what the NIST recommends in creating a document or portfolio of assets on hand. 

• Track the complete lifecycle of assets: After an inventory is set up, you need to track the entire asset lifecycle. This involves everything from when assets are purchased to the point where old assets are retired and disposed of. Ideally, you want to replace assets on time before they have any issues that interrupt business functions. 

• Track important metrics: The ITIL recommends keeping tabs on important metrics like total asset spending, the current value of all assets owned, and average cost per workstation. All of these metrics contribute to the success and strategy that goes into the full asset management process. 

• Conduct self-audits: Auditing isn’t just about tracking assets and their value. It also involves making sure you’re complying with proper regulations. You want to ensure your accounting processes are in check and all assets are disposed of using proper regulatory guidelines. 

There’s a lot that goes into each of these steps. It’s common for businesses to get confused about where to start. After all, several key metrics must be tracked, and many daily processes need to be in place to stay on top of it all. 

Multiply aims to make all of that easier through streamlined systems that are easy to manage. We help educate companies we partner with as we work through these processes. That way, everyone’s on the same page, and there aren’t the common headaches and frustration that can come up when dealing with IT equipment. 

What Are the Benefits of Asset Framework?

Knowing the different aspects that go into an asset framework is great, but you’re probably still wondering what the benefits of all of these processes are. There are actually several benefits of putting an asset management framework in place. The main benefits are:

• It saves companies money: Properly managing assets using systematic frameworks will save companies money in the long run. You will see results like your equipment lasting longer, performing better, and being bought and sold for the best value. It’s one of the best ways to improve the efficiency of your entire company. 

• Increased employee happiness and reduced stress: Managing IT equipment can be stressful. That’s especially true when there are malfunctions or things aren’t working right. Having a framework in place reduces that since team members know what they need to do and can take action quickly. 

• Improved security: Assets that aren’t up to date can be a security threat. Businesses need equipment to be updated regularly and replaced when it is no longer functioning as it should be. Your framework will organize this process to ensure everything happens on time. That way, your systems are secure from cyber threats.

• Gain a competitive edge: Every business wants to outperform competitors. An excellent way to do that is to make sure the computer equipment that runs your operations is performing the best it can be. Any malfunctions can slow a business down, so a framework that prevents that is highly valuable. 

As you can see, a framework has many benefits that can lead to positive company-wide effects. Your IT assets are a key investment and an integral part of your operations. You must treat them as such and take every step possible to ensure they are performing at their best and giving you the best value at each point in the asset lifecycle. 

What Are the Types of IT Asset Management?

Asset management is typically broken down into five different types of assets. Those types of assets are:

• Hardware assets: Personal computers, hard drives, and SIM cards.

• Software assets: Accounting software, CRM software, and cyber security software.

• Cloud-based assets: Cloud storage systems and SaaS programs operating on cloud-based servers.

• Peripherals: Computer monitors, projectors, mice, and keyboards.

• Fixed assets: Servers rooms, cabinets, and office space. 

Each of these different types of assetsrequires very different management processes. For instance, hardware asset management requires more physical processes since those assets occupy physical space. On the other hand, software asset management is mainly a digital process to make sure those assets are operating effectively. 

Importance of Hardware Asset Management

Of the different types of assets in your business that need to be managed, hardware asset management is among the most crucial. Your hardware assets, like personal computers and hard drives that store critical information, are likely the backbone of your operations. 

If they aren’t working correctly, other assets like software and cloud-based systems can’t even be accessed. That means managing hardware should be at the top of your mind. 

If you’d like help with hardware asset management, Multiply will be an excellent resource for your needs. At Multiply, we understand how hard it can be to keep track of every piece of hardware throughout operations. When we partner with companies, we make sure you have a framework that takes the stress of the day to day operations of an asset management framework off your team’s plate.. 

How Multiply Can Help Create an Asset Management Framework

Multiply is a team of IT consultants and senior service technicians. We have years of experience and are dedicated to helping companies we partner with get the best results from IT asset management when using our systems. 

We can help with everything, including conducting full IT asset audits to ensure compliance and bridging communication between team members to ensure everyone is on the same page. All of this is done with time-tested frameworks that we have used successfully for companies like Salesforce, Terminus, and many more. . 

To learn more about how Multiply helps with IT asset management, contact us today!