Many businesses that are just getting started with IT asset management (ITAM) run into a lot of terminology that sounds confusing. One of the things you may have heard about is the need for an IT asset management policy and procedures.
What is an asset management policy, and how does it affect company success? We’ll break it all down in this article. Read on for all the information
What Is an IT Asset Management Policy?
An IT asset management policy is meant to protect the valuable computer equipment you invest in. It ensures each of the physical, digital, and data-based components of that equipment are managed in a compliant way with standard business regulations.
What Does an Asset Management Policy Cover?
Most ITAM policies cover a broad spectrum of company goals and activities. It will often outline the objectives you want to achieve through ITAM, roles and responsibilities, laws and regulations, and more.
What Are the Objectives of Asset Management Policy?
When looking at the asset management policy purpose, you will typically see it broken down into two parts.
1. Getting the Most Value from IT Assets
The primary concern of asset policies and your overall ITAM system will always be getting the most value out of the computer equipment you invest in. That includes optimizing your company’s use of it and ensuring it is operating at top functionality.
2. Creating Organized Systems
The other key component is organizing systems within the business to achieve efficient and effective operations. Everyone should know their roles and the procedures in place for any daily occurrences or emergency equipment malfunctions that can occur.
What Is the ISO 27001 Asset Management Policy?
ISO systems are process improvement practices that can help businesses operate more efficiently. ISO 27001 covers practices to apply security measures to a company’s IT assets. This is an essential practice in today’s business environment, where cyber and data security are a bigger concern than ever before.
What Should an Asset Management Policy Include?
While there are several sections that may be included in an IT asset management policy, some essential sections that should be detailed in one are:
- Purpose and scope: Your ITAM policy should define essential goals the company wants to achieve and why the system is being put in place. It should also outline what equipment it covers and which departments must follow the guidelines.
- Roles and responsibilities: The roles and respective responsibilities of each employee involved in ITAM should also be outlined. That will often include asset managers, IT technicians, asset coordinators, and relevant stakeholders.
- Asset tracking and monitoring: Your policy should also outline how computer equipment will be tracked and monitored. That can detail the specifics of the inventory system and how often it should be updated or audited.
- Risk management and security: This section will outline aspects like how asset data will be erased or transferred during disposition, systems that should be password protected, and access systems based on authority within the organization.
While all these sections are essential, there is much more that may go into an ITAM policy. It will likely differ based on the specific needs of your business. To further understand how an asset policy works, let’s take a brief look at an IT asset management policy sample.
IT Asset Management Policy Example
Here is a quick example of a policy for clearing hard drives during asset disposition.
Steps for data erasure:
- Use certified service providers with approved data destruction methods like secure erasure or physical destruction.
- Record names of team members in the asset data system who handled final disposition procedures.
- Conduct post-clearance verification and audits.
- Maintain detailed records for erasure dates and disposal certificates.
- Comply with all environmental regulations for equipment recycling.
This is just a very brief example of a policy for this process. A real company policy would include many more details. So if you’re not sure where to start with your own policy, partnering with teams like Multiply to help you get going in the right direction can be a great asset to help you succeed.
What Is Your Role in the Asset Management Process?
If you’re wondering what your role would be in the company asset management process, it ultimately comes down to what your job title would be. Let’s take a look at some of the common ITAM roles and responsibilities.
Asset Management Policy Roles and Responsibilities
Five common asset management roles are:
- IT Asset Manager: Responsible for overseeing the entire IT asset management lifecycle, including acquisition, tracking, maintenance, and disposal. They develop asset management strategies, ensure compliance with policies, and optimize asset utilization.
- Asset Coordinator: Handles day-to-day tasks related to IT assets, such as updating asset records, managing inventory, coordinating asset movements, and responding to user inquiries.
- IT Procurement Specialist: Focuses on acquiring IT assets, negotiating contracts, and working with vendors to ensure cost-effective and timely procurement of hardware and software.
- IT Security Officer: Ensures that IT asset management practices align with security policies and standards. They address security risks, implement access controls, and protect assets from unauthorized access or data breaches.
- IT Financial Analyst: Manages the financial aspects of IT assets, tracking costs, calculating depreciation, and analyzing asset investments to optimize budget allocation and cost-effectiveness.
While these are some of the key roles, there are many other positions employees may hold throughout an organization. Every role at each level should be accounted for in a thorough asset management policy.m
How Do You Write an Asset Management Policy?
When writing an asset management policy, you want to put all your guidelines into an easily accessible document so employees can refer back to it while on the job.
Typically, the best way to write it will be in simple language with easy-to-implement step-by-step procedures for each process employees may need to complete.
If you’re having trouble creating an effective policy or system for ITAM, our team at Multiply can help with all your needs.
How Multiply Can Help
Multiply is a team of IT asset and data management specialists. Our team is composed of IT consultants and senior service technicians who have over a decade of experience in the field.
When you bring us on as a partner, you get more than guidelines and software to help you succeed. We’ll actually get in on the ground floor, learn about your company, and create specific systems to fit your team’s needs. That includes performing audits, asset discovery, setting up an inventory, and bridging communications across your company.
Contact us today to learn more about how Multiply can help!
