Find Out Why IT Asset Management Is Necessary

IT Asset management

Today’s businesses must be as efficient as possible to keep up with consumer demand and competition. They continuously invest in the newest or most advanced technology, including equipment, devices, software, databases, and apps. Yet, as they add more valuable assets, inventory and tracking become more and more important. 

IT Asset Management (ITAM) is the best way to ensure you maintain control of your assets and maximize their use value. It allows you to create a complete inventory, label and organize your assets by several terms, update and track crucial asset data, and generate comprehensive reports for critical decisions. Find out more about why this program is vital for your company below.

Replace Manual Inventory

Manual inventory is outdated for two main reasons: it is repetitive and unreliable. Firstly, if the task is manual, workers must constantly log, file, and update inventory. When an asset receives a new assigned user, moves location, or changes status, the individual must pull the file and update it. They could better dedicate their knowledge, skill sets, and paid time towards valuable tasks.

Secondly, humans are more prone to make errors and not catch errors in manual tasks. When they can log and track inventory through an automated digital program, they will notice inconsistencies or the software will flag mistakes. Furthermore, if the company needs to pull data on an asset or group of assets, they can do so easily with report generation tools. Individuals will not need to search for relevant information and compile reports manually. Since this is the case, management and stakeholders receive the data they need quickly.

Improve Decisions 

One of the reasons companies choose advanced ITAM software is because it significantly improves their decision-making. With up-to-date, accurate data, they can make informed choices. Likewise, since they can generate reports that only involve specific groups of assets, their decisions can be targeted.

Often, companies can overlook critical information when they make decisions. It can lead to problems with assets, departments, productivity, investments, and investors later down the road. Similarly, businesses may not make decisions at all due to unawareness of asset situations. They may forget to invest in IT asset security or disaster recovery for assets. They may not realize some assets are financial stains for the company with little use-value. They may not upgrade equipment in line with user needs or company goals. ITAM ensures management can track assets and recognize when something needs attention in a timely manner. 

Reduce IT Asset Costs

Asset acquisition costs may be on the mind of any business owner. However, the ongoing costs of assets should also be evaluated periodically. When you have updated information about each asset at your fingertips, this analysis process is much easier. What is the equipment cost to maintain and repair? Is this software still efficient after five years or would an upgrade be worth it? Does this application get plenty of use? ITAM facilitates answering these types of questions and making excellent financial decisions.

ITAM also helps you determine which assets are in their final phase of life. It gives you the heads-up on when an asset may be losing use value or becoming a financial burden. When you are able to recognize obsolete assets faster, you will be able to save your IT department and your entire company from significant financial losses. 

When these two critical processes are combined, management can also make strategic financial decisions for the future. As ITAM tracks your IT assets, you can compile long-term data. This information is vital to determine which assets are worth a future investment and which processes you need a new solution. When you can make better financial decisions, your company is better positioned for growth. 

Eliminate Losses 

Businesses with a large number of assets may suffer financial losses indirectly because they do not have proper control over those assets. If they rely on manual inventory or traditional forms of tracking such as spreadsheets, they may not know where their assets are at all times. Predominantly, this occurs in companies that lend or loan out devices or have multi-user access software. Often, this leads to lost or misplaced assets and mishandled or misused assets. Both of these things can be a loss or liability for a company. 

ITAM is an excellent way to keep a watchful eye on all IT assets. You will know who has them, who has access to them, their location, and their status. You can easily retrieve asset information by barcode or QR code, or search by name, code, or attribute. While this is extremely helpful to eliminating losses, it also helps with maintaining, repairing, or updating assets. In this way, you can keep your assets functioning well, for longer.

Lower Risks

Regarding software and software licenses, businesses need to consider compliance. Likewise, with all assets, companies may need to think about investors, partners, stakeholders, and mergers. It is important to have up-to-date records of assets, their statuses, their actual costs, and their use values. Otherwise, assets can pose serious risks to companies. 

Manual inventory and tracking require individuals to update and analyze files continuously. In the best-case scenario, it is done well and companies still need to remember to check up on all their assets manually. In the worst-case scenario, the data is inaccurate or outdated. ITAM makes sure management understands which of their assets need updates, upgrades, or renewals. They can stay on top of any critical information with the click of a mouse.

Turn to IT Asset Management You Can Trust

ITAM is the perfect way to get your company on track with your IT assets. Take control with advanced, easy-to-use AssetIT – IT Asset Management for Jira. It includes all the most important tools you will need to log, organize, and update your asset management. Try it for free today!

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