IT Asset Management Process Template

Companies starting off their IT asset management (ITAM) journey often wonder if there’s an IT asset management process template they can use to manage everything successfully. After all, ITAM is intended to maximize the total value of and organization’s assets over their lifetime, so having a template to do so properly can save both time and money.

We are here to help

The Benefits are Endless

INCREASE NEW HIRE SATISFACTION

Let Multiply handle the provisioning so no new hire has to contact the IT department on their first day.

DEFINE YOUR REFRESH CYCLE

The best way to maintain your hardware is to know when it is time to replace it. We can help you do that effectively.

EXPAND YOUR IT TEAM'S CAPACITY

Managing hardware assets is time consuming. Let your IT team focus on the bigger picture, we’ll handle the rest.

INCREASE INSIGHT INTO YOUR ASSET INVESTMENTS

Do you know where all your hardware assets are? Or how much they all cost? Multiply can help you make data-backed decisions and track your assets.

LEAD THE WAY IN HARDWARE SUSTAINABILITY

Don’t let old computers end up in landfills. We’ll help you securely remove all company data from your devices so they can be repurposed instead of trashed.

DECREASE EXPENSES RELATED TO REPAIRS

No waiting for customer support to call you back. Turn around requests quickly. Rely on us to coordinate repairs and manage your redeployable stock.

Learn how we can Multiply your team’s success.

While there isn’t one set standard template for the entire process that will work for everyone, since every company is unique, there are still many IT asset management best practices you can deploy to be the most successful.

In this article, we’ll provide some good starter templates for success. So if you’re looking for a good asset management template Excel users can deploy or an asset management template Google Sheets users can use, we’ll have resources available for you.

We’ll also dive into some other helpful resources you can use to get onto the fast track toward success with ITAM. Stick around for all the information.

How Do You Keep Track of Assets?

First off, you’re probably wondering how you should keep track of digital assets in the first place. The system for tracking information about computer equipment is called an IT asset inventory. If you’ve managed product or material inventories before, it’s a similar process, just with the specifications of computer equipment in mind.

Types of Inventory Systems Used to Track IT Assets

IT asset inventories can be managed through several different forms of software and systems. Common forms of asset inventory management are:

Manual systems: A manual inventory system will be what you’ll see in our IT asset management Excel template later in this article. It involves manually creating and inputting data about each of the IT assets you own in a spreadsheet. It’s an affordable option to get started but has its limitations when it comes to scalability.
Open-source: There are several open-source ITAM systems available. These systems come at a cost, but they do allow a lot of customizability for business needs. The one major issue is the lack of support and technical skill needed to set them up effectively.
Complete asset journey platform: This is the system we deploy at Multiply. When you’re looking for the best IT asset management tools, you need to invest in ones that’ll make your efforts easier. Our asset journey platform provides you with data in ways that are easier to understand to help scale your ITAM efforts.

Overall, the method you use to track IT assets matters a lot. Many smaller businesses can get away with manual systems when just starting. However, as you grow and scale, just know that investing in a larger asset journey solution will be necessary to get the best results. Our team at Multiply can help you with all your needs when that time comes.

IT Asset Management Example

Now that you understand the role of inventory in a business and the various types of systems let’s look at an ITAM example to show how this process can benefit a business.

Ensuring Data Compliance

Patrick is in charge of conducting regular audits for his company, which has hundreds of global locations. This process is essential to ensure data compliance and accuracy at every location to optimize asset performance and ensure the company is protected if it’s ever audited.

However, Patrick starts realizing that he’s having trouble keeping the regular audits on track by himself. Every company location is in different time zones and uses different forms of data collection and tracking methods. It becomes a very hectic and disorganized process to manage all the data when audits are finished.

With these ongoing struggles, Patrick meets with company decision-makers, and they decide that partnering with Multiply will be the best solution.

When Multiply is brought on board, a new system is put in place to help streamline self-audits to prevent and reduce all the ongoing confusion. That system includes:

Streamlining audit scheduling across technicians and auditors.
Capturing audit findings in real time to replace complex spreadsheets.
Automating device remediation and reporting.

With these new processes in place, Patrick and his team are able to capture and track data about global company assets much easier. It creates a happier working environment, and business leaders feel assured that they are protected from the harmful effects that can come with data leaks or mismanaged information.

What Is an IT Asset Inventory Checklist?

When creating an IT asset inventory, there are several key pieces of information you’ll want to mark down about the various assets you own. That may include purchase costs, asset lifecycle stages when they were last maintained, their current location, and more. This checklist can help maintain data compliance and keeps operations streamlined across company locations.

Let’s take a look at an example template of what you may include in an IT asset inventory checklist.

IT Asset Inventory Checklist Template

General Information
- Asset ID
- Asset Name
- Description
- Category
- Manufacturer
- Model
- Serial Number

Acquisition Details

- Purchase Date
- Purchase Cost
- Warranty Information
- Supplier/Vendor

Location

- Physical Location
- Department/Division
- Assigned User

Specifications

- Processor
- RAM
- Storage (HDD/SSD)
- Operating System
- Network Connectivity

Software

- Installed Operating System
- Installed Software (including version)

Connectivity

- Network Port
- IP Address

Maintenance and Support

- Maintenance Schedule
- Last Maintenance Date
- Service Provider/Contract

Disposal/Retirement

- Disposal Date
- Disposal Method
- Disposal Documentation

Why an Inventory Checklist Like This Helps

When your inventory team is compiling data from different types of equipment you own, having a checklist can allow them to check off boxes about different stages of the asset lifecycle and maintenance process to ensure they put down all the necessary information. It keeps things streamlined and organized.

However, manually going through checklists and inventory data for every asset you own can become a tedious process that’s hard to manage. As your business grows, investing in streamlined processes like our asset journey platform at Multiply can help you manage your inventory much easier.

Does Excel Have an Inventory Template?

Small businesses that want to get started with manual inventory tracking may wonder if an IT asset management template Excel has to offer will do the trick. Excel does have some asset inventory tables you can use during audits. However, many of these aren’t customized to the exact needs of IT assets.

If you want to quickly create some spreadsheets with the necessary information for IT assets, you can use the following guidelines as a template.

Hardware Asset Management Excel Template

If you were going to create a hardware asset management inventory spreadsheet in Excel, you would want to label the column headers as follows:

Asset ID
Asset Name
Description
Category
Manufacturer
Model
Serial Number
Purchase Date
Purchase Cost
Current Value
Location
Status
Assigned To

Below the designated header, you would simply input the necessary information about each of your hardware assets.

Software Asset Management Excel Template

Just like the hardware asset management template, the software template will be a similar process. You could use the following labels as headers:

Software ID
Software Name
Description
Version
License Type
License Key
Purchase Date
Purchase Cost
Vendor
Assigned To
Installation Location
Support Expiry Date

Once you have the headers down, you would simply input the necessary information about all your business software.

Why Manual a Asset Management Template May Not Be the Best Solution

The above manual templates for Excel can be a good starting point for small companies that don’t have much of a budget for ITAM. However, many business owners may quickly come to realize that regularly updating this information or even getting started quickly gets overwhelming.

That’s why partnering with teams like us at Multiply is a much better long-term solution. We are a team of IT consultants and senior service technicians who have been doing ITAM for over a decade.

With us on your side, we can help you implement the right processes and tools that will make managing all your equipment faster and easier so you can scale these processes across several company locations.

What Are the 3 Main Deliverables of IT Asset Management?

With all the effort that goes into the process of IT asset inventory tracking, you’re probably wondering what the deliverables are that you’ll get out of it. They go as follows:

Getting the most value out of IT assets – ITAM helps maximize the utilization and lifespan of IT assets to optimize return on investment and achieve cost efficiencies.
Creating organized systems – Establishing structured processes and documentation to effectively track, manage, and maintain IT assets, enabling easier accessibility, control, and decision-making.
Creating a better working environment – ITAM contributes to a more productive and efficient work environment by ensuring employees have access to the right assets, minimizing downtime, and enabling smoother workflows.

When you achieve these main deliverables, you get a more profitable and better working environment for everyone involved.

What Are the Key Activities Involved in IT Asset Management?

The key activities of ITAM involve tracking and managing computer equipment throughout its lifecycle. That starts with creating an inventory and inputting information about assets when they’re purchased and finishes when assets reach the end of their life and must be disposed of in accordance with proper regulations.

Let’s take a look at the five key levels that comprise that process.

What Are the 5 Levels in the IT Asset Lifecycle Management?

The five levels of the IT asset management framework for lifecycle management are:

Creating Inventories: Establishing comprehensive records of IT assets to keep specifications, ownership, and locations organized throughout company systems.
Asset Procurement: Planning and executing the acquisition of IT assets, including vendor selection, contract negotiation, and purchase.
Asset Deployment: Efficiently deploying IT assets to designated users or locations, ensuring proper installation, configuration, and integration into the existing infrastructure.
Regular Maintenance: Performing scheduled maintenance activities, including updates, patches, and system checks, to ensure optimal performance and longevity of IT assets.
Disposition: Managing the end-of-life process for IT assets, including secure data removal, environmentally responsible disposal, and documentation of asset retirement or transfer.

There are several processes that go into making this system effective at each level. Let’s take a look at how you can create an asset management system successfully.

How Do You Create an Asset Management System?

Following some core asset lifecycle management best practices will help as you create your asset management system. Those best practices include:

Define IT Asset Management Roles and Responsibilities: Establish clear roles and responsibilities within the organization to ensure accountability for asset management tasks, including asset tracking, maintenance, and compliance.
Conduct Regular Asset Audits and Inventory Verification: Conduct periodic audits and inventory verifications to reconcile asset records, identify discrepancies, and maintain up-to-date asset information.
Implement Robust Change Management Processes: Enforcing processes to track and manage changes to IT assets. That includes approvals, documentation, and testing to minimize risks, ensure compliance, and maintain control over the asset lifecycle.

These IT asset management best practices are a great starting point. However, it can still be immensely beneficial to have a team of pros backing you up each step of the way. If you want additional help, Multiply can be your partner for success in ITAM.

How Multiply Can Help

Our experienced team of IT consultants and senior service technicians at Multiply are dedicated to helping you get the best results from your ITAM system. When you partner with us, we can help you create successful inventories, implement the right tools, conduct audits, and bridge communications between all teams involved.

With Multiply on your side, you’ll create a happier working environment where everyone knows their role and feels accomplished with newfound success.