You’re taking an excellent first step by researching and/or beginning to invest in IT asset management (ITAM). It’s the best way to optimize the value you get from all the computer equipment you use in your business.
However, many business owners or IT managers wonder what should be included in IT asset management and how to implement this system successfully. Our team at Multiply has years of experience in ITAM and the resources you need to be successful. Let’s dive in and learn more about deploying ITAM correctly.
What Is IT Assets Management?
First, suppose you’re wondering what ITAM does or its purpose. In that case, it’s essentially an organized way for you to track data and make easy decisions about the computer equipment you own throughout its lifecycle. This system simplifies things so you don’t have to scramble for information or figure out what the best processes are when hectic times arise in your business.
What Does IT Asset Management Include?
An IT asset management framework can include a variety of steps and processes. Some of its functions can vary depending on the type of business and how they operate. However, some key aspects are typically implemented in every ITAM system. Let’s take a look at some of the main ones:
- Asset identification, inventory, and data tracking: One of the staples of ITAM is the inventory and data tracking systems. This provides accessible data about each piece of equipment for easy decision-making. The system starts with asset discovery to identify all equipment in your business and continues with regular inventory updates.
- Processes and procedures: ITAM also facilitates processes and procedures that systemize aspects like purchasing new equipment, selling old equipment, data compliance, and recycling equipment. It keeps business spending within budget and creates better working environments where everyone knows their roles.
- Resource planning: All assets have a lifecycle of usefulness. You must optimize their use when they’re at their peak and plan for necessary expenses to replace every piece of equipment in the future. You don’t want a situation where equipment breaks down and you have no plan in place to fix it or a budget available to replace it.
- Scheduling: Your inventory and data tracking system will help schedule regular maintenance, updates, audits, and other core processes that keep the business running smoothly. That way, no key details go missed, and preventative measures can be put in place to reduce the chances of equipment malfunctions.
There are tons of aspects in ITAM that go much further beyond these four main points. It’s why it’s so essential for businesses, but also why it can become overwhelming. If you need a partner in that process, our team at Multiply can help you with each of these aspects along the way.
IT Asset Management Example
Jen is in charge of integrating and transferring IT assets during a big company merger.
While she possesses excellent IT asset management skills, she quickly becomes overwhelmed with all the aspects involved. She has to integrate different types of equipment, identify it across several company locations, and get all employees on board with the process.
When Jen decides she can’t manage all of this alone, she talks with company decision-makers, and they collectively decide to partner with Multiply.
With Multiply on board, a new system is implemented to organize everything during this big M&A operation. It includes:
- Simplified data gathering and forecasting through automation and auditing tools.
- Implementing scalable processes for asset delivery and discovery with Multiply’s tools.
- Multiply providing controlled communication between teams and offering all users control to empower them in their roles.
Multiply’s new system can organize operations to facilitate a successful merger between the two companies.
What Should an Asset Management Policy Include?
A policy should be implemented so everyone involved in ITAM knows the core processes and procedures they must follow. Your policy can include:
- IT asset management roles and responsibilities: Clear roles and responsibilities should be defined for everyone on IT teams. You should have a dedicated IT asset manager in charge, technicians who perform maintenance and setup, and employees dedicated to inventory management.
- Data compliance and storage: One of the worst things that can happen to companies is data leaks or records that aren’t compliant with regulations. Your policy should outline processes for recording information, where data is stored, who has access, and how hard drives will be erased during asset disposition.
- Intent and core principles: Your ITAM policy should outline how each aspect will help you achieve your primary business objectives. This often involves optimizing the bottom line, creating a more organized working environment, and facilitating team communication.
With the right policies and procedures in place, you can achieve the primary deliverables of ITAM.
What Are the 3 Main Deliverables of IT Asset Management?
Now you may be wondering, what does ITAM deliver? Is it worth my time and effort? It is worth the time and investment in it. When done right, the three main deliverables of ITAM are:
- Getting the most value out of IT assets, using them in the most effective ways, and improving the bottom line.
- Creating organized systems throughout the company’s IT practices so everyone knows their role and can achieve their responsibilities successfully.
- Facilitating communication between all teams involved for better collaboration throughout the workplace.
When you achieve these main deliverables, you end up with a business that is optimized for success and employees who are happy to be involved in the process.
What Are the Key Activities Involved in IT Asset Management?
The key activities of ITAM operate around the IT asset management lifecycle. It covers five key stages:
- Asset discovery, inventory creation, and inventory updates
- Budgeting and procedures to purchase new equipment
- Processes to deploy new equipment successfully
- Regular maintenance, updates, and self-audits
- Asset disposition processes to sell old equipment, recycle it, and clear memory from hard drives
When you cover these five stages, the entire asset journey is much easier to manage. If you’re confused about where to start, Multiply can help.
How Multiply Can Help
Our team at Multiply can be your partner for success in IT asset and data management. We’re a team of IT senior service technicians and consultants with years of experience in the field.
When you partner with us, we aim to create systems that are easy to manage and help your team be successful each step of the way. We can take work off your plate by facilitating asset discovery, creating inventories, conducting audits, and providing controlled communication between all teams involved.
If partnering with Multiply sounds like the solution for your team, contact us today to learn more!
