If you’ve been researching IT asset management (ITAM), you may have come across the Information Technology Infrastructure Library (ITIL) or heard it referred to in ITAM guides. So what is asset management in ITIL? How do these two systems relate? We’ll have all the answers you need in this article. Keep reading for all the details.
Is Asset Management Part of ITIL?
Asset management is part of ITIL V4, the latest version of ITIL’s guidelines for IT equipment management in businesses. ITIL asset management guidelines define ITAM as a way for companies to track, manage, and optimize the performance of all the computer equipment they own.
The ITAM system helps optimize spending and productive efficiency to get the most value out of the equipment you own. It’s an essential process for any business that wants to optimize for long-term success.
Is IT Asset Management Part of ITSM?
ITAM is partially included in IT service management (ITSM). ITSM is how IT teams deliver services, updates, and maintenance for computer equipment across an organization. It differs a bit from ITAM, which involves organizing information about the equipment itself.
While ITAM isn’t completely at the core of ITSM, they both work together to help a business be more successful. When IT teams have readily available and accurate information about assets owned by the company, it makes their working processes easier. They can easily identify where problems are occurring and stay on top of deadlines with detailed scheduling.
IT teams working within ITSM processes may also contribute to the ITAM system. Part of their core processes may be writing what kind of maintenance they performed in the recorded asset inventory history or being involved in the deployment or disposition of assets in accordance with ITAM structural processes.
ITSM vs. ITIL
As you can tell, ITSM and ITIL have different purposes. The ITIL is an informational resource that is mainly used to help optimize business processes and data about IT equipment.
On the other hand, ITSM is about optimizing the processes IT teams use to deliver services in an efficient way during daily business operations.
Ultimately, both work together to an extent, and they’re both essential to optimize equipment performance, maintenance, and value.
What Is the Objective of Asset Management in ITIL?
The objective of asset management under ITIL guidelines is to help companies get the most value out of the IT assets they invest in. Efforts to get the most value from assets happen at each stage of equipment lifecycles.
When you look at the ITIL asset management process flow chart, you’ll see it represents different phases of the ITAM process. Those include:
- Creating inventories and asset discovery
- Procurement of new equipment
- Deployment of newly purchased equipment
- Maintenance and audits
- Disposition of old assets
Ultimately each of these phases has a number of steps and processes that are optimized within ITAM. It keeps your business functions organized and running smoothly throughout.
What Are the Areas of IT Asset Management?
ITIL IT asset management is involved in several areas of core business operations. Areas involved in ITAM include:
- IT asset lifecycle management: As mentioned, assets must be managed throughout their lifecycle from beginning to end to ensure you get the most value from them at each phase. It’s one of the core parts of the full asset management system.
- IT asset inventory management: When you set up an inventory, the process isn’t done there. It also must be updated and reviewed regularly to ensure accuracy and data compliance. Many companies can benefit from audits, especially when they have multiple locations, to ensure regulations are being followed.
- IT asset vendor management: One of the big factors of ITAM is building relationships with vendors and negotiating the best possible prices for equipment when buying and selling it. This is a key piece of the puzzle when trying to get the most value from the equipment you invest in.
Overall, there are several areas and subsections involved in the ITAM process. It’s an ongoing management system that should be followed each step of the way.
What Are the 3 Main Deliverables of IT Asset Management?
The three primary deliverables you’ll achieve through ITAM are:
- A more organized system: ITAM helps establish roles, responsibilities, and core processes for everyone involved to keep your business operations on track for success.
- A better working environment: Employees working within an ITAM framework feel more satisfied with their jobs. They’ll feel more connected to their roles and like they can communicate effectively with other teams involved.
- An improved bottom line: When you get the most value from your assets, you’ll see it in your bottom line. Your profits will be higher due to better productive efficiency and optimized spending on computer equipment within your given budgetary needs.
If you’re not sure where to start, our team at Multiply can help you achieve each of these deliverables.
How Multiply Can Help
Multiply is a team of senior service technicians and IT consultants who have years of experience with IT asset and data management. We can help you throughout the IT asset management process, from setting up inventories to performing audits and more.
When you partner with us, you get more than guidelines and a system for success. Multiply will be a team at your side every step of the way to understand how to implement processes and optimize successfully based on your company’s specific needs.
To learn more about optimizing your ITAM system with Multiply, contact us today!
