Managing IT assets effectively is critical for organizations when trying to maintain efficiency, security and overall compliance. This process is called IT asset management, and can be a fairly large undertaking for internal IT organizations. In this article, we’ll discuss the fundamentals of IT asset management, the most critical steps in the ITAM process, and why IT asset management should be important to your organization. We’ll also cover how an ITAM partner, Like Multiply Technology, can be a resource when taking that first step into managing your company’s assets.
What does IT asset management include?
IT Asset Management framework is the systematic approach of tracking, managing, and optimizing your organizations’ assets throughout their use. These assets can include hardware devices such as laptops, servers, peripherals, and software assets such as licenses, applications, and other resources. Having an effective IT asset management plan in place includes processes for procurement, inventory management, tracking and auditing, maintenance and repairs, and the disposal or disposition of IT assets. That is a lot of areas to consider! If your team is daunted by the idea of managing all of this at once on top of their other Technology. An ITAM provider will allow your IT team to focus on the big picture while your partner can align your ITAM practices to help meet those goals.
What are the 3 pillars of asset management?
IT asset management has 3 major components or pillars:
Discovery and Inventory: The initial step involves identifying all IT assets within the organization’s infrastructure. This includes hardware, software, and digital resources. Comprehensive discovery ensures visibility into the entire asset landscape, aiding in subsequent management processes.
Lifecycle Management: Assets undergo a series of stages from procurement to disposal. Lifecycle management involves tracking assets through these stages, optimizing usage, minimizing downtime, and ensuring compliance with regulatory requirements.
Financial Management: IT assets represent a significant investment for organizations. Financial management within ITAM involves tracking costs associated with asset acquisition, maintenance, and disposal. It aims to optimize spending, minimize wastage, and enhance ROI.
What is the first step in asset management?
The first step in any good IT asset management process should be taking inventory of all of your current IT assets. This is a two-step process, the first being the gathering of information from current employees, the discovery phase, about their assets they have at their desks or at their homes. The discovery process should also include a detailed inventory of any assets in storage and/or on site of your company’s office if applicable.
Alongside Discovery comes the inventory process. While it may seem easy to track all of these assets in an Excel document somewhere, that is not considered to be an IT asset management best practice. your inventory management system should be easily updated and connected to a system for collecting data from current employees whenever an audit is necessary.
At Multiply, we provide our clients with a simple Inventory management process that allows us to collect any information necessary from their employees about their current Hardware and store that data for their internal IT teams to access and manipulate as needed. this allows those companies to have a better understanding of what assets they have, what needs to be replaced, and the financial implications involved in both areas.
What are the other steps in asset management?
While discovery and inventory act as the first step in IT asset management, there are many more phases to consider when putting together an ITAM plan.
Classification and Categorization: Assets are classified based on various parameters such as type, criticality, and ownership. Categorization helps prioritize management efforts and allocate resources effectively.
Usage Tracking: Monitoring asset usage and performance provides valuable insights into optimization opportunities, resource allocation, and identifying underutilized or redundant assets.
Maintenance and Updates: Regular maintenance ensures the optimal performance and longevity of IT assets. Sticking to a maintenance schedule can also ensure your assets hit their expected usage, and do not have to be replaced more frequently.
Compliance and Risk Management: IT assets must comply with regulatory requirements and industry standards. Implementing robust compliance and risk management processes helps mitigate potential threats and legal liabilities.
Disposal and Disposition: As assets reach the end of their lifecycle, proper disposal is essential to prevent data breaches and environmental hazards. Secure data wiping and responsible recycling or remarketing practices ensure compliance with privacy regulations and environmental standards.
Multiply Technology and IT asset management
At Multiply Technology, our IT Asset Management framework begins with inventory and discovery. bye gaining visibility into your company’s current IT asset landscape, our team of consultants and senior service technicians can provide the best recommendations for efficiency and operational excellence for your IT organization moving forward. for more information on our IT asset management processes, contact us today!
