Have you heard about the importance of an IT asset management (ITAM) policy but aren’t sure where to start? Many business owners and IT decision-makers with growing companies can find themselves in this position.
Fortunately, our team of asset and data management pros and Multiply can help with all your needs. In this article, we’ll break down what an asset management policy and procedures are and what you should include in yours. We’ll also outline some additional resources that can help and why partnering with our team at Multiply may be a good solution for your needs.
What Is an Asset Management Policy?
When you write an IT asset management policy, it’s essentially a way for you to provide a detailed outline of how you’ll implement ITAM systems into your company to achieve your main business objectives.
Many companies create an asset policy for employees that they can review to know how their roles fit into the equation and what the proper procedures are for various situations they’ll run into while on the job. It creates a nice system for success for everyone involved
What Is the Purpose of Asset Management Policy?
The asset management policy purpose will typically have two parts. The first will be optimizing your use and spending on IT equipment to get the most value from it. The second is to make your business operations more organized, which creates a more effective working environment to help achieve company goals.
Essentially, both parts of an asset policy for company success work together to help you get the most out of ITAM.
What Does an Asset Management Policy Cover?
A good asset management policy document can cover a broad range of topics because there are several layers that can go into an ITAM system. Typically, you’ll see employee roles and responsibilities, organizational goals, how inventory records will be maintained, and laws and regulations included as some of the main pillars within a policy.
Let’s take a deeper look at what should be included within your policy and why.
What Should Be in an Asset Management Policy?
Typically, there are seven core categories that should be included in an effective asset management policy. There may be more layers to it than this, and the steps for each one can differ a bit for each specific company, so take this as a very basic outline.
1. Scope
The first part of your policy should define the scope, or define to which assets this asset management policy applies. What assets will be managed under the policy? Which departments will be affected by the policy? Both questions should be answered in detail within this section.
2. Objectives
Next, you’ll want to review company objectives and the individual objectives for why you’re establishing the policy in the first place. This can include the mission your company wants to achieve or how you want to create a more organized work environment.
3. Responsibilities
Your policy should also outline who is responsible for what—who will be managing assets. For instance, what the asset manager does, who negotiates with vendors, and who performs maintenance.
4. Procedures
This section will outline what procedural processes should be done at different stages of the asset lifecycle. That may include how the inventory is updated, processes for asset deployment, and how to recycle old assets and remove data from hard drives.
5. Security and Compliance
A sound asset policy should also include security and compliance measures for how data will be managed and important laws and regulations that must be followed in a business environment while managing IT equipment. This should include a risk assessment.
6. Training and Awareness
Policies should also outline employee training procedures and how you’ll create awareness of any changes to the policy as it is updated. This ensures everyone retains knowledge of the asset management system.
7. Policy Review
You should also designate how often the policy will be reviewed and how any changes after review will be integrated into business systems.
How Do You Develop an Asset Management Policy?
Now that you have the core parts of the policy down, you’re probably wondering how to develop your policy effectively. Ideally, you want your asset management policies and procedures manual to appear as a clear framework for success when employees review it.
Oftentimes, integrating elements like step-by-step guidelines written in a way that’s easy to understand will work the best. It shouldn’t have language that is too complex or will be overwhelming for those who are unfamiliar with ITAM.
How Do You Write an Asset Management Policy?
When you first begin working on your policy, you should create a brief outline of everything you want it to cover to give it a cohesive feel. Start by defining clear sections like scope, purpose, employee responsibilities, and core procedures.
Once you have some core sections laid out, you can go through each one and define the core processes that will apply to company operations. For instance, one section may cover how to get approval for purchasing new IT equipment, such as what forms should be filled out, management personnel who will make the decision, and how the budget will be determined. You might also want to include an asset inventory as well.
Who Is Responsible for Asset Management Policy Template?
Generally, asset owners and IT department leaders are responsible for creating, documenting, and enforcing the asset management policy. In larger corporations, the IT department leaders or asset managers at each company location may ensure their respective teams are following all policies and procedures.
If you need help with all the various aspects of creating, managing, and communicating an asset management policy, our team at Multiply will be a great partner for your needs.
How Multiply Can Help with Your Asset Management System
An asset management policy can help senior management when it comes to asset management decision-making. Getting the most out of your digital and physical assets can save you time, money, and effort. At Multiply, we can help. Multiply is a highly-experienced team of IT consultants and senior service technicians. We have helped several companies complete successful audits, create consistent policies, and set up systems for success with ITAM that are much easier to manage.
With our team as your partner, you’ll have support each step of the way. Contact us today to learn more about how Multiply can help!
