The IT Asset Management (ITAM) Revolution

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SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: March 5, 2021

IT Asset Management is a process to make sure the company’s network is up-to-date, and the process also includes hardware, software, license, upgrades, and deployment. IT Asset Management software tracks the company’s network and completes with the removal of the software as well as the hardware that is no more required to the computer. The team in the IT department spends their quality time tracking network, hardware, licenses, prototype units (if any), new purchases, and so on. ITAM process helps to increase productivity, profits, and reduce network downtime.

Challenges You Might Be Facing in IT Asset Management

Though ITAM has benefits such as cost savings and productivity, the following are some of the challenges where it can result in huge expenses for the company:

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  • Choosing the Right Asset Management

The very first challenge that you might come across with getting an IT Asset Management software is getting the right one. You might not want software that has fewer features, and your business requirements are more. Neither do you want a high-profile IT Asset Management software that is bigger than the business and is consuming more overhead? The right software complements the business needs and can expand accustoming all the business verticals. Also, whenever you are bringing about a change in the operational abilities of the organization, the Asset Management should get updated, and all modules should reflect the change. The best IT Asset Management system allows you to keep track of organizational work without having to continually upgrade.

  • Lose Track of Software Licenses

Let us consider that only one employee from the company’s IT team maintains the entire data for all license-related activities. If that employee goes on a vacation and if there is a sudden audit that gets scheduled for the software licenses, then the situation might be critical during the audit. An efficient ITAM generally flags up notifications and messages when license expiry is around the corner, and it will also allow setting reminders to pop out warnings well in advance to keep the management notified of software licenses. So, it is necessary to make sure a good ITAM should have automatic alerts to be sent to the team, mentioning the license details such as when it expires, how many computers it can support, and so on.

  • Company’s Asset Maintenance

Some companies get prototype products from one location to another location. Indeed, these prototype products might be used for various purposes, and definitely, these products cost the company. It is necessary to maintain the list of information related to these prototype products. If in case, there is no document management software for these assets, then it might result in a huge loss to the company in the future. So, it is necessary to make sure a good ITAM should have complete details of these assets such as the product type, details of who has ordered the product, and the current location.

  • Lose Track of Leased Equipment Return Dates

Some companies lease few pieces of equipment like printers, all-in-ones, and so on. These companies lease the equipment because it is cost-effective than buying, renewing, and upgrading at regular intervals. In a company, there is no guarantee that the same employee will be maintaining the data. If data doesn’t match or there’s no record of lease dates, then the company might get a huge late fee. So, it is necessary to make sure a good ITAM should have automatic alerts to be sent to the team, two weeks before the actual lease return date.

  • Lose Track of Newly Bought Assets

There might be situations that a company might shift from the current location to a new one. Similarly, there might be situations that few interns or contingent employees might be joining for a few months. In such cases, it is essential to maintain the list of asset details that are recently purchased. If in case, there is no proper data maintained on these new purchases, then it might result in purchasing the same asset again. This will create additional expenses for the company.

Exactly opposite is also a scenario that can be considered as a concern. Often, when you lose track of the newly bought assets, as an organization, your inventory is showing lesser assets, and you immediately get into getting the assets up. Now, with an IT Asset Management system, you might be able to keep track of the number of assets and manage them efficiently. You can get new Assets/products as per the reorder level showing in the IT Asset Management system.

  • IT Asset Management Regulatory Certifications

One of the salient features of a good IT Asset Management software is to flag up if any of the assets of the organization is not in sync with the regulatory certifications. It should also be able to maintain the database showing clear asset ownership information. Regulatory compliance is one of the most time-consuming processes and often needs to be dealt with in detail. However, with the IT Asset Management system for your assistance, you will be able to keep records of all activity, and the individual track is managed. Automated systems generally allow conducting easy audits as data is error-free

The Future of IT Asset Management

IT companies have innovations, use the latest technologies, and update to the latest requirements at regular intervals. In that aspect, it is necessary that ITAM software also require periodic updates. For a specific company, the requirements and processes might be different. In that scenario, the ITAM software needs to be customized based on those requirements and processes. ITAM cannot be the same for all companies because not all companies use the same processes. Hence, ITAM software is also used in one way or another, depending upon the requirement. Most of the companies are considering and aiming for cost savings and cost-effective aspects.

  • Internet of Things (IoT)

One of the latest technologies in vogue is the Internet of Things (IoT). IT companies have started to research more about IoT for the transformation of the business. As per the recent report from Mckinsey, the total economic impact from the IoT could be $3.9 trillion to $11.1 trillion a year by 2025. IoT might also transform many businesses in factories, retails, logistics, and so on. In the last 25 years, the software has been automated to perform all the tasks. For example, we have seen driverless cars, drones inspecting infrastructure, lights being turned off automatically in an empty room. The list of automation goes on.

So, the next thing will be how asset management software can help with these latest technologies in place. As the technology gets updated periodically, many companies dealing with ITAM have started to research ITAM software to comply with the company’s requirements. Even for companies dealing with ITAM software, it is necessary to carry out research. This research is about the latest technologies that are already in use and the upcoming technologies. Once all the information is collected, ITAM software needs to be implemented based on the network.

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