With servers, firewalls, routers, software, and so many other bits and bytes that help an IT department function at any company, have you ever wondered how its valuable staff keeps everything in harmony? IT asset management (ITAM) works to oversee the entire IT infrastructure and makes sure they’re being used optimally and deliver good value to the business.
From Flexera’s State of ITAM Report, the results from 500 IT executives worldwide reveal that there’s an estimated wasted spend of 32% – 36% across desktop software, SaaS, data center software, and IaaS/PaaS. That level of wastage makes things crystal clear – that IT departments need ITAM software to minimize waste and foster a more productive and efficient department.
In this post, we’ll be looking at what IT asset management is exactly, why every business should use ITAM software, and its benefits on time and money.
What is IT Asset Management?
ITAM concerns any business processes that are designed to help manage your business’s IT assets. These processes overlook the entire asset management lifecycle for physical components like servers and laptops and intangible items such as software licenses and data. The goal of ITAM is for any IT investments made to provide value and a return on investment, all while decreasing any potential risks associated with the IT environment.
Although this may just sound like inventory management, ITAM is different as it is constantly evolving and moving, making sure every nook and cranny in the tech infrastructure is analyzed at a granular level.
IT asset management is an often overlooked aspect of an organization’s IT infrastructure. It’s not overlooked because it’s not important but because it’s an in-the-background operation that doesn’t take the spotlight as other exciting tech developments might. Especially in small to mid-sized businesses, there may not be a designated team to handle ITAM, and these tasks can slip through the cracks.
Why is IT Asset Management Important to Business?
At its core, ITAM exists so that all the moving parts in a company’s IT department interlock correctly. From the moment a new laptop and access credentials are handed over to an employee to when it becomes obsolete, ITAM equips you for this asset management lifecycle for a variety of reasons.
To stay fiscally fit
ITAM reduces the existence of assets that are either lost and still accounted for or underutilized or unused resources. Rather than allocate an IT budget to equipment that won’t serve a useful purpose to the organization, you can free up plenty of resources by optimizing your inventory.
With a proper strategy, businesses can then recalibrate operations and track everything and their worth. Especially for businesses that operate on a hybrid or remote basis, ITAM becomes truly essential. Onboarding remote employees often involves allocating hardware and software – and no business wants the trouble of dealing with redundant copies of software or an excess of expensive hardware.
To support ITIL processes and stay compliant
Part of ITAM is supporting Information Technology Infrastructure Library (ITIL) processes, which is all about managing IT services to align them with business needs. ITAM provides the relevant and timely data needed to pinpoint new, retired, or simply modified services and how they’re doing.
With that, companies can quickly respond to issues or make necessary changes, which minimizes any unexpected downtime. It also ensures you’re not breaking any rules by owning any unlicensed software or potentially even over-licensed in the sense that you’re throwing money away.
To reduce risk and prevent waste
ITAM software is the eyes and ears of an organization’s IT assets. It knows exactly what assets you have in the first place, where they’re located, their operational status, and whether they’re up-to-date and valuable. It’ll help uncover answers to all sorts of questions, such as whether data is adequately protected or certain resources are even necessary to have. Instead of investing their budget on redundant assets or resources that will likely be underused, companies can use the data from ITAM software, avoid waste, and transform their IT infrastructure for the better.
To increase productivity
With remote teams and remote work becoming the new norm, ITAM’s key role of boosting productivity takes a step up in priority. Many companies don’t have all their employees in one central location anymore, so with team members scattered around the world, tracking your tech infrastructure using ITAM is the only way to make sure everyone has what they need.
An ITAM strategy ensures that employees have the necessary equipment they need to be productive, no matter where they are in the world. This way, tasks won’t be delayed, technical difficulties won’t be a constricting factor, and remote onboarding doesn’t have to be more complicated than it should be.
How You Can Streamline the ITAM Process Using Dots
The ITAM process might sound like a lot of work – and it certainly can be without the power of automation. Dots is an end-to-end, cloud-based IT asset management solution that lets your business track, monitor, and purchase equipment through one user-friendly dashboard. The admin dashboard gives you an overview of every single one of your assets, their status, the person assigned to them, and where they’re located, so you’re in the know 24/7. For remote companies, you can also make the onboarding and offboarding process a breeze by connecting your workers with the IT infrastructure they need, fast delivery included. So, why not see what the future of IT asset management looks like? Connect the Dots within your IT infrastructure with a free demo today!
