IT Asset Management and its Impact on Business Growth
An IT Asset Management strategy can positively impact a company’s business growth if within the strategy, a comprehensive IT cost management plan is implemented. This strategy can lead to reduced risk and better agility for the overall business operations. IT asset management keeps track of the costs and risks associated with technology assets throughout its lifecycle, allowing a business to generate maximum value from its technology strategy, architecture, finance, contractual, and sourcing decisions.
IT asset management, also known as ITAM is the method that ensures that an organization’s resources and capabilities are recorded, installed, maintained, improved, and disposed when necessary. Simply put, it is ensuring that your organization’s important assets, both actual and intangible, are tracked and managed effectively.
Why is IT Asset Management Essential for an Emerging Organization?
IT Asset Management’s goal is to find, manage, and maintain assets across the corporation; as such, it is a proactive business approach aimed at optimizing operations and minimizing expenditures.
Here are some important benefits that ITAM provides:
- Helps Avoid duplicate IT purchases.
- Assists in Reducing service interruptions and downtime.
- Provides clients with outstanding service.
- Prevents hackers from accessing your network.
One of the most important advantages of ITAM is the ability to manage your assets centrally through a single window. Centralized asset management informs and helps better align business decisions and budgets, improves security standards, and lowers downtime costs. Using an ITAM solution to track assets, will transform IT team and give it more time to focus on higher-impact initiatives.
Following is a checklist on how IT Asset Management can best be used for your organization:
Prepare for compliance: Before purchasing additional assets, ensure that your organization’s installation and usage of any licenses is compliant and legal. This will help prevent any costs or more serious problems that emerge with a vendor audit.
Create standards for both automatic and manual ITAM: While manual versions of ITAM are time consuming and may appear to be a pointless exercise, they can nevertheless be effective in reducing company costs in the long term. Automated methods can be quicker and more scalable, but they may not be appropriate in all scenarios. A blend of human and automated ITAM may assist both large and small enterprises.
Selecting IT Asset Management Tools and Software
There are several solutions available to help enhance a company’s ITAM systems and procedures. Distinct ITAM tools provide different benefits, such as:
Tools for automated inventory and discovery are used to identify the various hardware and software components that exist in your ecosystem.
License Management solutions safeguard your firm by ensuring assets comply with and satisfy the requirements of the various licenses in use.
Patch and Version Management systems are intended to keep assets like as software and computers up to date.
Product/Service Catalogue tools may be used to create a master list of which assets and resources are allowed for usage and in accordance with business policies.
Digital Asset Management technologies are developed to assist in the management of media assets, as well as associated digital rights and licenses. Copyright material, stock photos etc.
How Can Asset Management Software Benefit IT Teams?
A complete asset inventory makes it simpler to budget for IT spend, improve the audit process, and eliminate the risks associated with missing equipment. Because ITAM manages support contracts and licencing agreements, your IT staff will not have to deal with customer complaints about not being able to use your goods or services owing to expiring digital certificates.
ITAM may considerably lower the risk of asset exposure throughout your organization. However, if an asset is compromised, ITAM will assist your IT staff in effectively identifying the web of assets associated with the susceptible device in order to quickly neutralize an attack.
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