Teqtivity Answers Questions on IT Asset Management

What qualifies as IT assets?

1. Hardware such as laptops, desktops, mobile phones, tablets etc.
2. Software such as saas subscriptions, application licenses etc.

It is a certainty that every organization will possess some form of IT assets in their operations. This global surge in demand and utilization of IT assets has underscored the significance of ITAM.

What is IT Asset Management?

In simple terms, ITAM is a systematic approach to closely monitor and manage an organization’s assets. Every company typically has an IT department, and it is their responsibility to maintain a comprehensive record of all IT assets, from the moment of procurement to their eventual disposal or replacement.

These responsibilities include:

• Identifying the company’s IT assets
• Keeping count of all specific IT assets on hand
• Keeping track of the status of new assets that have been ordered
• Keeping track of what device is assigned to whom
• Knowing where idle or unassigned assets are being stored
• Deploying assets to new hires
• Retrieving assets from terminated employees
• Keeping track of assets to end of life

ITAM plays a crucial role in ensuring efficient workforce management, allowing for streamlined handling of all IT-related matters without any disruptions or chaos. With a good ITAM program in place, organizations can effectively manage their IT assets, resulting in a well-organized and productive work environment where IT operations run smoothly.

What is covered in IT Asset Management?

According to Gartner, IT Asset Management is a collection of procedures used to take technology lifecycle costs and hazards into account.

The primary objective of ITAM is to systematically address and manage the financial, contractual, and licensing aspects of IT assets. The value of technology investments can be increased with effective ITAM, which can also influence IT architecture, spending, and sourcing.

The major features of ITAM include:

• Hardware asset management: Overseeing and improving business equipment such as workstations, laptops, servers, peripherals, and more.
• Software asset management: Controlling and enhancing the acquisition, use, maintenance, and eventual disposal of all software owned by the business.
• Licensing & Compliance: Ensuring that the licensing of hardware and software assets poses no risk and complies with the company’s regulations.

With so much going on in everyday operations and so many changes happening in the tech space in light of the development of cloud computing and the widespread use of SaaS platforms., it’s now more difficult than ever to keep track of and manage all hardware and software assets.

Why is ITAM important?

Investing in assets alone is not enough. True asset value is realized when they are utilized productively and efficiently. The solution to achieving this lies in proper ITAM. The primary objective of ITAM is to track the lifecycle of all company IT assets, from their origin to eventual disposal or replacement.

To break it down, first let us look at the simple steps you can adopt to optimize your IT costs and requirements:

1. Plan the purchase of all your IT assets.
2. Keep an active lifecycle track of every IT asset purchased.
3. Record the efficiency of the IT assets put in use.
4. Identify the Total Cost of Ownership of IT assets.
5. Create an analytical dataset that will provide insight into your IT environment.
6. Look for double purchases and get rid of unnecessary ones, and also implement methods to avoid such situations in the future.

Implementing an effective ITAM system consolidates all the mentioned points and offers a concise solution for optimizing IT asset management in your organization.

ITAM’s significance necessitates the adoption of a reliable IT Asset Management system or tool. A good ITAM tool, tailored to the company’s requirements, enables the creation and tracking of the lifecycle of each IT asset in the organization.

The tool ensures consistent documentation and real-time updates of asset information, which are stored centrally for easy access by all stakeholders. This helps to make it easier and possible for the company to attain maximum returns from the investment they have made.

Steps in ITAM

The typical steps/process of an ITAM involves the following:

• Asset Identification: Creating an inventory of all assets, allowing for accurate tracking and management. This step helps keep track of the number of assets in use, identify idle assets, and determine if additional purchases are needed.
• Tracking: Continuous monitoring of assets, capturing information such as costs, warranties, agreements, storage details, current health or physical condition, and any upcoming upgrade or repair requirements. This information enables informed decision-making regarding asset management.
• Maintenance: Ensuring proper maintenance of IT assets, including software updates and hardware repairs. ITAM maintains a record of the asset’s life history, facilitating the assessment of performance levels and informing future purchasing decisions.

What are the benefits of IT asset management?

Implementing ITAM solutions in your organization offers several significant advantages, including:

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