What Is IT Asset Management And Do You Really Need It?

Building Engineer Laptop - ITAM

It’s not easy managing and ensuring the effective optimisation of IT assets across organisations. Multiple program updates, servers, policies, and procedures are all operational aspects of IT Asset management that require a high level of discipline and organisation.

What Is IT Asset Management?
But IT asset management (ITAM) is much more than that. It combines contractual, inventory, and financial functions to ensure reliable and efficient business practices. In a business environment, an IT asset is defined as company-owned hardware, software, system, and information that are essential for business activities.

It’s a systematic and continual process to manage IT assets to support business leaders when making decisions. When IT assets are needed at a specific time, managers and staff can access them immediately, depending on their level of authority. The management process also determines whether newly gathered data are relevant and can be used as IT assets. ITAM also discards obsolete IT assets to keep the system more manageable and efficient.

With that in mind, we are going to take a look at some reasons why your business or organisation needs IT asset management:

Cost Control
With the increasing volume of IT assets and equipment deployed across multiple locations, it is increasingly difficult for managers to monitor and control their IT inventory flows quickly and efficiently. ITAM helps to provide greater visibility of a company’s IT assets, allowing for improved cost control. Accurate reporting ensures that all assets can be more easily tracked and configured using available control mechanisms. In addition, if certain IT assets are under-utilised or not used at all, it’s easier to assign resources to improve productivity.

Furthermore, highly critical IT assets can be prioritised for maintenance, updates, repairs, and replacements. For small businesses with limited resources, prioritisation is essential to ensure that the IT system remains functional and well-maintained.

More IT assets equals more points of entry for cyber-attacks; the latest figures discovered close to 10m data breaches this year. As a result, businesses are becoming increasingly vulnerable to cyber-attacks.

IT asset management identifies uncertainties related to legal liabilities, security threats and various unpredictable events. As an example, risks may elevate when staff is losing track of certain IT assets.

However, it is not just networks and hardware that pose security risks. Failing to update software can result in increased security risks and reduced productivity. Why? Because software is a component of IT assets, it must be properly updated and managed. With complete and accurate tracking of software implementations, administrators can install updates as soon as developers release them.

Digital Transformation
The pandemic has fast-forwarded the implementation of new operational models powered by artificial intelligence, automation, and a host of IoT innovations. Businesses risk falling behind if they are slow to respond or lack the IT skills to implement the latest technology.

For example, many repetitive tasks can be automated by computer systems. New devices may have unique network identifiers that may need to be configured for better control and tracking. ITAM allows for a more straightforward implementation of the latest technology.

Contact Signals IT
To learn more, contact Signals IT today and speak with an IT expert who can answer any questions you might have.

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