The three principles of IT asset management all aims to maximize the value of your organization’s IT assets over their entire lifecycle.
What Is IT Asset Management?
At its core, ITAM is meant to be a way for businesses to organize how they track and manage assets throughout their lifecycle and get the most value from them. ITAM systems typically consist of:
- Creating inventories.
- Managing processes for purchasing new equipment and selling old equipment.
- Creating regular maintenance schedules.
- Facilitating better communication between teams.
- Managing finances and other needs associated with the company’s IT equipment.
While there are several steps and functions of ITAM, a few basic principles and help from teams like Multiply can go a long way toward making it a success.
What Are Asset Management Principles?
The asset management principles are core fundamentals that can be followed to make your ITAM system more successful. Having principles in place is valuable for your company and employees to both be successful with ITAM. It helps define core roles and responsibilities so everyone is on the same page.
What Are the Principles of Asset Management?
The three core principles of asset management go as follows:
- All IT assets go through a lifecycle that should be managed appropriately at each distinct stage.
- Not all assets progress through the lifecycle in the same way.
- Organization and systematic processes are key to staying on top of each stage of an asset’s lifecycle.
The following sections will go into more detail about each of these principles.
What Are the Fundamental Principles of Asset Management?
Here is some additional guidance about each of the fundamental principles of ITAM.
1. Asset Management Life Cycle
The primary principle of asset management is the lifecycle. The process of lifecycle management has five distinct stages, which are:
- Creating an inventory
- Asset procurement
- Asset deployment
- Routine maintenance
- Asset disposition
Most IT asset management systems begin with creating a detailed inventory of all computer equipment on hand. You’ll typically see asset discovery systems deployed to locate all assets in a business and across different company locations.
After that, you’ll see processes implemented to purchase assets for the most economical price in your budget whenever necessary. You want to ensure you buy high-quality equipment to keep your business functioning at top capacity.
Next, you have the deployment of newly purchased assets and routine maintenance. These processes ensure assets are functioning correctly from the get-go and keep running smoothly long-term.
Lastly, asset disposition involves disposing of or selling old assets when they lose usefulness with age. ITAM professionals can help sell assets for the best possible prices, clear all data from storage, or dispose of them using proper regulations.
2. Assets Progress Differently Through Lifecycles
The second principle of ITAM is being aware that not all assets will go through the lifecycle at the same pace or in the same ways.
For instance, if you have desktop computers and monitors set up in offices for employee use, you may have aging desktops no longer functioning as they once did. However, the monitors could still be operating effectively. ITAM will help evaluate this drop off in usability and potentially save your company money if the assets can continue to be used much longer than other components.
Another aspect of asset progression through lifecycles is that not all assets will fail in the same way.
For example, a laptop could fail in different ways than desktops do. You may notice that the keyboard on your laptop starts having malfunctions that require the whole computer to be replaced, whereas that wouldn’t be an issue with a desktop since the keyboard in use could simply be swapped out.
This reason is why each piece of equipment needs to have its specific components inspected and maintained according to its own requirements.
3. Organization and Systematic Processes
The final principle of asset management is having an organized system. Organization for how reporting will be done, who is responsible for what, and how the inventory will be implemented and updated keeps everyone on the same page and working effectively together.
If you’re looking for help implementing all three principles, partnering with a team like Multiply is an excellent idea. We can help create a system that is organized and easy to manage, and you get a knowledgeable team on your side that knows about the intricacies of each type of computer hardware your business may be using.
What Are the Basics of Asset Management?
When setting up an ITAM system, the basics will involve going over both your company’s financial and IT needs and finding a balance between the two. ITAM teams can help manage both the budgetary aspects and get the most value from IT equipment.
Typically, those processes will involve buying and selling assets for the best possible prices, planning to ensure all your technological needs to perform business functions are met, and creating organized systems to stay on top of everything.
What Are the 4 Elements of Asset Management?
Along with the principles and basics of ITAM, there are four additional elements to implementing this system effectively. They go as follows:
- Objectives for implementation: This is the planning stage before any systems are put in place to figure out a good mix of managing business needs and budgetary considerations to get you the best results from ITAM.
- Defining key decision makers: ITAM does require individuals to be in charge, so defining who will make key decisions at each stage is an essential step.
- Planning and targets: A thorough plan should be implemented with goals you want to achieve from your ITAM system. It’ll help provide metrics you can check in on to see how your company is performing.
- Smooth integration: A process should be put in place to smoothly transition into a new systematic process. It’s often best to start slow so all team members can adjust to new requirements put in place.
If you’d like help with all the elements of ITAM, Multiply can be an excellent partner in the process.
How Multiply Can Help with IT Asset Management
Multiply is a team of IT consultants and senior service technicians. We’ve been partnering with companies for years to create more streamlined systems for managing computer equipment while taking the stress and hassle out of the process.
We can assist in elements like creating inventories, doing company-wide IT audits, facilitating communication between teams, helping you plan budgets, and making educated decisions about your assets.
If you’re interested in partnering with our team at Multiply, contact us today to learn more about how we can help!
