Many companies start to realize as they grow that they have tons of IT assets they invest in that need to be tracked and managed appropriately. However, it’s common to get confused about what exactly IT asset management (ITAM) entails and how to implement it correctly in a business setting.
To put it simply, asset management in the IT industry is a framework that helps businesses track, manage, and get the most value out of the computer equipment they invest in. This is done by correctly setting up inventories and processes for purchasing, maintaining, and disposing of IT assets.
In this article, we’ll cover what you should know about ITAM and some IT asset management best practices companies can implement to get off to a good start. Read on to learn more.
What Is an Example of IT Asset Management?
To provide an example of how ITAM can help, let’s say two insurance companies are involved in a merger, and Jeff is tasked with managing the process of combining IT processes and data between the two companies.
In Jeff’s position, he finds this quickly gets overwhelming. Not only is he working with different types of computers, servers, and databases from both sides, but he also has to get employees from two different companies on board with new processes and working together.
To help with the process of this new business venture, Jeff and other leaders within the company decided to partner with Multiply to make this process easier.
With Multiply on board, a streamlined process is implemented to help account for and integrate all IT equipment and facilitate communication between employees. This system entails the following:
- Simplified data gathering and forecasting processes using automation and auditing tools.
- Multiply acting as a bridge for communication between the teams from both companies and providing clear expectations.
- Using Multiply’s IT asset management tools to make asset delivery and discovery much more efficient.
Having a new system in place gets IT equipment up and running to make the merger a success and keep everything on schedule.
ITAM is critical to the success of many company operations, even outside of mergers and acquisitions. Let’s take a look at some of the main deliverables.
What Are the 3 Main Deliverables of IT Asset Management Partners?
The three main deliverables of ITAM partnerships are:
- Manage finances: The main goal of ITAM is to get the most value out of the computer equipment you invest in. That starts by managing finances through budgeting and negotiating to purchase new equipment and sell old equipment for the best possible prices. ITAM teams can assist in all these aspects.
- Facilitate communication: It’s essential that teams throughout a company communicate effectively. You’ll have HR, financial professionals, IT technicians, and more who all have to work together in this process. Systems need to be in place so everyone can communicate and be informed of key decisions.
- Organization: ITAM provides a more organized system to alleviate common headaches and frustrations with managing IT equipment. IT asset management roles and responsibilities will be assigned to team members, and inventory and IT asset management software can be implemented to track all the equipment in one place.
Overall, IT Asset Management processes deliver a complete system that facilitates a happier and more productive work environment.
What Are the Types of IT Asset Management?
There are several types of IT asset management that focus on different equipment a company invests in. The main types of ITAM are:
- Hardware asset management (HAM): HAM typically involves more physical processes, maintenance, and planning for floor plans since these assets take up physical space. Common hardware assets are personal computers, switches, hubs, and SIM cards.
- Software asset management (SAM): SAM involves many digital processes and updates. Typical software assets are all digital business software, licenses, and maintenance agreements.
- Fixed asset management: Fixed assets like server rooms and storage cabinets also must be accounted for in ITAM. They are integral to planning systems effectively throughout the process.
- Cloud-based assets: Most modern businesses use some form of cloud storage systems in their processes. That data needs to be managed appropriately in the ITAM process.
While all these types of ITAM are important, HAM is typically the most crucial to the success of a business. After all, your hardware is what runs many core business processes, so you won’t be able to access things like software and cloud storage without it operating effectively.
At Multiply, we focus on hardware asset management to ensure your systems for tracking, acquiring, maintaining, and disposing of computer hardware are all in check and complying with regulations.
What Is an IT Asset Management System?
An ITAM system involves the core processes that help you accurately track and manage all the equipment you have on hand. The system creates a framework for every aspect of the asset lifecycle, including:
- Creating and updating inventories.
- Purchasing new equipment as your business needs to grow or to replace old equipment.
- Deploying new equipment and ensuring it is functional.
- Continuously maintaining equipment to ensure it stays at top performance.
- Disposing of or selling old equipment once it no longer servers usefulness within the business.
There are detailed processes for each of these steps that are defined in the system. Team members throughout the business will be assigned roles and responsibilities to help with each one and keep the process organized.
If you’d like help in this process, Multiply can be your partner throughout to help you implement an effective ITAM system.
How Multiply Can Help
Multiply is a team of IT consultants and senior service technicians. We partner with companies to create more effective systems for success in managing IT equipment. We do that through audits for compliance, helping with asset discovery and setting up inventories, and bridging communication with team members throughout the company.
With Multiply on your side, you can rest assured that your IT asset management processes will be implemented successfully.
Contact us today to learn more about how Multiply helps with ITAM!
