IT asset management (ITAM) refers to the systematic management of an organization’s IT assets throughout their entire lifecycle. This includes tracking software licenses and hardware in order to ensure regulatory compliance and maximize cost savings. With the growing use of technology in businesses, implementing an ITAM strategy has become critical.
Need for ITAM Software
Managing IT assets manually through excel sheets and documents is a tedious and error-prone process. With increasingly complex IT infrastructures in organizations, it has become nearly impossible to keep track of all assets without a dedicated software solution. Some of the limitations of manual asset management include:
– Limited visibility – It is difficult to get a complete view of all software, hardware and their configurations being used across different departments and locations.
– Non-compliance risks – Without accurate visibility, organizations may unknowingly exceed their software license limits leading to audits and penalties.
– Inefficient spending – Redundant software purchases occur due to lack of visibility into existing assets.
– Underutilization of assets – Underused or idle assets are not identified on time for reallocation or disposal.
– Inventory shortages – Manual tracking leads to delay in ordering replacements when assets go missing or are added.
– Time-consuming audits – Internal and external audits involve a lot of manual effort to gather asset records.
To overcome these challenges, organizations need a centralized IT Asset Management (ITAM) Software that can automate tracking, discovery and monitoring of all IT assets. Automation brings increased visibility, control and audit-readiness.
Key Features of ITAM Software
Hardware and software asset discovery
Automated asset discovery through network scanning saves a lot of time by capturing critical details of all software, hardware including their configurations, capacities, warranty and purchase details. This creates the foundation for centralized and accurate IT asset records.
Software license management
This core capability helps track software installations against procured licenses and alerts on deviations. Features like flexible license configuration, forecasting and true-up make renewals and compliance easier.
Contract and warranty management
Automated tracking of service renewals, warranties, maintenance expiry dates ensures no manufacturer support is missed for hardware assets. It reduces risks of expensive downtime.
Inventory management
Perpetual and periodic physical verification helps optimize inventory levels and spot losses. Features like barcode tagging, RFID integration streamline the process.
Asset lifecycle and configuration management
Capturing changes throughout the asset lifecycle provides full visibility into procurement, allocation, usage, maintenance repairs, upgrades and eventual disposal of assets.
Integration capability
Syncing asset data to accounting, procurement and HR systems enables mapping Capex spending and assets to cost centers. Integration with helpdesk solutions also aids in quicker issue resolution.
Usage tracking and chargeback
Gathering usage data helps analyze asset utilization and allocate technology costs accurately to various departments or projects through chargeback capabilities.
Compliance and auditing
Powerful reporting features facilitate internal and external audits by readily providing consolidated asset information and compliance status. Audit trails also improve records defensibility.
Benefits of ITAM Software
Reduced IT costs
A centralized asset repository helps streamline re-deployments, redistribution and disposal of under-utilized assets, avoiding redundant spend.
Improved compliance
Ongoing visibility into assets and alignment of software installations to procured licenses helps avoid non-compliance penalties during audits.
Informed decision making
actionable insights aid investment decisions on renewal, upgrade prioritization, budget allocation based on asset dependency, risk and utilization metrics.
Smoother audits
Automated audit-ready reports with historical records saves considerable time and effort during internal or external financial, operational and security audits.
Proactive maintenance
Automated tracking of warranty and service contract expiry helps reduce unexpected downtime and costs associated with reactive repairs.
User and cost allocation
Connecting assets to users and projects through integration enables showback cost centers for actual technology cost usage.
24/7 asset visibility
Web and mobile features of modern solutions empower IT teams with round-the-clock access to critical asset information from any location.
The implementation of a robust ITAM solution thus helps organizations derive significant financial and operational efficiencies through optimized lifecycle management of their IT infrastructure investments. It is a necessary investment for any business seeking to streamline their technology assets in today’s complex environment.
Technology dependency continues to increase in businesses, implementing an ITAM strategy and solution has become crucial to gain control over ballooning budgets, justify spend and minimize compliance risks. ITAM software automates previously tedious and error-prone manual processes to deliver a centralized, real-time view of the entire IT estate. This helps optimize asset value while reducing costs through better investments, proactive maintenance and disposal decisions. Leveraging the right ITAM solution thus enables smarter lifecycle management of resources for long term success.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.