How to Coordinate an IT Asset Management Strategy

It’s practically impossible to launch or manage a business without IT assets. Your hardware, software, and digital information are all vital ingredients to your business’s success, so it’s important to have an overarching strategy that allows you to manage those assets effectively.

That’s where IT asset management comes into play. But what exactly is IT asset management? And how can you cash in on the benefits of asset management within your IT department?

The Basics of IT Asset Management

IT asset management is all about successfully managing and coordinating resources within an IT framework. Your servers, computers, monitors, printers, and all your other devices are included in this mix. IT asset managers are responsible for making sure that you can procure these devices, keep them in working order, ensure that they can be used productively, and even manage their end of life. These departments may look aggressively for better deals, conduct routine maintenance, cash in on warranties, and deep in management recycling.

The Importance of IT Asset Management

Why is this so important for companies?

·       The “single source of truth.” A “single source of truth,” or SSOT, is a concept wherein there is only one centralized resource that keeps track of a certain type of information. It’s best understood when contrasted with the alternative. If there was no single source of truth, people within your company would be free to buy, maintain, and sell assets at their own discretion, and possibly purchase software subscriptions beneath the notice of their peers and managers. IT asset management makes sure that everything is tracked in the same place, thereby leaving no stone unturned and preventing contradictory records.

·       Increasing cost efficiency. Asset management can also increase cost-efficiency in your department. Depending on the strategies of the people in charge, you might be able to save money on purchasing new hardware. You can avoid subscriptions to software services that you don’t really need. You can also maximize the lifespan of your devices so you don’t need to replace them as frequently. Overall, this leads your business to become much more profitable.

·       Eliminating (or at least reducing) waste. There’s a lot of waste in most IT departments. There are probably software subscriptions that you don’t fully utilize. You might have overbought certain devices. And you might replace devices prematurely, either due to rushing an upgrade or due to allowing the device to decay.

·       Boosting productivity. In similar ways, IT asset management can boost productivity. With better devices and better software, your employees will be in a much better position to accomplish their tasks in record time.

·       Improving security. Together with the rest of your IT department, asset managers can improve security. Keeping your devices and your software up-to-date plays a major role in thwarting cybersecurity threats.

Improving IT Asset Management

So what steps can you take to improve your own IT asset management?

·       Invest in the right software. One of the best things you can do is invest in better software. The right IT asset management software will allow you to keep track of all your assets in one place, streamlining the documentation process and making it easier on your employees. You’ll have to pay a bit of money upfront to get this software up and running, and you’ll have to come up with internal processes to manage it effectively, but once those are in place, your management strategy will be in full effect.

·       Hire a team. If you’re working with a small startup for an organization that just doesn’t have many IT resources, you can probably get away with a single person being responsible for all IT asset management duties. However, most businesses will need to hire an entire team. Make sure you train and educate your team so that every member can execute their responsibilities in a uniform way.

·       Set your goals and priorities. What are you hoping to achieve with your IT asset management? There are many directives to consider, but some are going to be more important to you than others. For example, is it more important to save money on the purchase of new assets? Or is it more important to ensure that everyone has a device that allows them to be as productive as possible?

·       Maximize transparency. Transparency is vital if you want your IT asset management strategy to succeed. Every member of your asset management team should have clear access to all the records they need to make smart decisions. Try to make IT asset management decisions openly.

Better IT asset management can save you time, save you money, and keep your organization running smoothly and securely. With sufficient investment and high-level management, you’ll improve your business’s profitability and prevent most IT asset issues that would otherwise arise.

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