IT asset management (ITAM) is a critical component of IT management and budgeting to help track and identify priority expenditures at organizations. As the process of managing a growing organization's assets becomes more complex and time-consuming — ITAM solutions can help ensure that all assets are procured, deployed, maintained, and disposed of as necessary. The primary function of ITAM is to provide centralized asset tracking and management of both physical assets, such as servers, laptops, and equipment, as well as service-based items, such as support contracts, licensing, and entitlements.
According to Statista, "The global market for asset management software is forecast to grow from 3 billion US dollars in 2019 to 5.2 billion US dollars in 2024."
As businesses grow, it's essential to continually meet the needs of operational expansion. This involves monitoring, tracking, and managing all onboarded assets. Many companies employ limited IT resources, whose priority is the onboarding and offboarding of personnel. This resource allocation results in a lack of implementation of an asset management program. IT asset management (ITAM) solutions can provide companies with the resources that help address the management of assets - from deployment to decommission.
How Does IT Asset Management Work?
Integrated asset management solutions help organizations track asset distribution, manage procurement orders, product warranties, licensing agreements, ownership, entitlements, support contracts, and end-of-life decommissioning.
ITAM solutions help control an asset's entire lifecycle by:
Protecting against company loss
Managing unpredictable IT spending
Managing service interruptions
As a comprehensive asset tracking tool—ITAM offers a holistic approach to organizational accountability and resource strategy. ITAM offers high-level risk management through the tracking and maintenance of:
Compliance policy notifications
Insurance coverage renewals
Software licensing agreements
Equipment inventory logs
Why is IT Asset Management Important for a Growing Business?
The purpose of ITAM is to discover, track, and maintain assets across the enterprise; thus, it is a proactive business strategy geared toward streamlining processes and managing expenditures.
Here are some key advantages to ITAM:
- Avoid redundant IT purchases
- Minimize service disruptions and downtime
- Provide superior service to clients
- Thwart hackers from gaining access to your network
One of the significant benefits of ITAM is the ability to centrally manage your assets through a single pane of glass. Centralized control over company assets informs business decisions and budgets, enhances security protocols and reduces costs related to outages. Using an ITAM solution to track assets frees up IT employees to better focus on more high-impact projects. Integrated Asset Management works as a centralized tool that helps to establish order and fiscal responsibility within a business.
How Can Asset Management Solutions help IT Teams?
Any organization can see the benefits of ITAM. Having a detailed inventory of assets means it’s easier to: budget for the IT spend, streamline the audit process, and remove the risks associated with lost assets. Because ITAM tracks support contracts and licensing agreements, your IT team won’t have to field client complaints of lack of access to your products or services due to expired digital certificates.
ITAM can significantly reduce the risk of asset vulnerability across your enterprise. But, if an asset is compromised, ITAM will help your IT team efficiently identify the web of assets related to the vulnerable device to take steps to quickly mitigate an attack.
“Businesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them.”
How TBC Can Help Your Business
TBConsulting is a Managed Service Provider (MSP) devoted to helping organizations solve IT issues affecting their business. We have solutions designed to manage and secure IT environments during the entire lifecycle of your valuable assets.
Our certified ServiceNow developers have created an Integrated Asset Management solution that provides best practice guidance on asset procurement and management. Our tools and experts will help your business organize, protect, and manage your entire IT portfolio of hardware and software assets.