Best Practices for IT Asset Management (ITAM) in 2023

The term "IT asset management" (ITAM) refers to a collection of operational procedures for maximizing spending and assisting in decision-making in the IT environment. Additionally, it aims to raise awareness throughout the entire organization of the benefits IT offers the company. This is achieved through IT asset management, which compiles an accurate, current inventory of the organization's IT assets (hardware, software, subscriptions, etc.) and uses it as the basis for all IT-related decisions. The fundamental idea behind IT asset management is that careful planning reduces waste, improves the return on IT investments, and reduces unnecessary risk.

By 2025, the global asset management market is expected to grow by more than 27 billion USD, according to MarketsAndMarkets. The significance of IT asset management and how quickly enterprises adopt IT asset management systems are abundantly evident by this. Also, in the first year following the implementation of the ITAM process, firms saved about 30% of their costs.

It is critical to have a solid asset management system in place to keep your organization's IT infrastructure running smoothly. You can use the best practices outlined in this blog to ensure your IT asset management system is up to scratch.

The Benefits of IT Asset Management

The use of IT asset management has numerous benefits. The ability to save money is the most obvious advantage. In addition, you may prevent waste and duplication by being aware of your resources and how they are being used.

Security may be enhanced with the use of IT asset management. For example, you can guarantee that only authorized people can access your assets by tracking them. Data breaches and other security issues may be less probable because of this.

Efficiency may also be increased with the use of IT asset management. For example, you may save time by avoiding time-consuming searches for your assets by being aware of where they are. Also, you can save time that is better spent on other duties by automating asset management chores.

Ultimately, there are several advantages to IT asset management. First, you can enhance your organization's productivity, security, and cost-effectiveness by adopting it.

The 7 Best Practices for IT Asset Management

1. Maintain an Up-To-Date Inventory

The research found that over 1.1 trillion dollars in working capital—or 7% of the U.S. GDP—is locked up in inventories. And because of this, maintaining an accurate inventory is one of the fundamental techniques in IT asset management. Everything in your company's gear, software, and licensing should be listed in this inventory. In addition, you must routinely update this inventory to maintain track of your assets and ensure they are properly accounted for.

You can monitor the deterioration of your assets using an up-to-date inventory. Budgeting for future replacement expenses can be done using the information provided. Also, maintaining an up-to-date inventory can make the process much simpler if you ever need to submit an insurance claim for missing or damaged property.

A crucial best practice for efficient IT asset management is keeping an up-to-date inventory. If you update your inventory consistently, you will save a lot of time and money in the long run.

2. Create procedures for managing the equipment. Building strategies for managing the assets is crucial after thoroughly inventorying your organization's current IT assets. Make sure that the policies you create inside your company can be transferred, passed down, and generally adjusted to the current demands of the business as part of IT asset management best practices. You might want to think about creating processes for situations like:

• How to deal with a specific piece of equipment when a problem occurs
• How to handle many pieces of equipment when problems occur everywhere
• Dealing with subpar equipment performance
• When should upgrades be made, and what financial restrictions accompany that?

If you need help determining the best time to upgrade, contact VTG; we can help!

3. Create Asset Categories

Categorizing your assets is also an essential step for achieving great ITAM. This allows you to keep track of your assets and find out where they are. There are several methods for categorizing assets, but one of the most common is by location. So, for example, you may have a category for assets at the office, another for assets in storage, and so on.

Type is another approach to organizing assets. For example, you may have a category for computers, another for printers, and so on. This helps you keep track of your assets and understand what each item is used for.

Categorizing your assets might help you better manage them. It can also make it easier to locate assets when they are needed. You may also utilize professional and customized ITAM solutions to classify your assets efficiently. With outstanding capabilities, these expert tools assist in automatically uncovering your assets, giving you peace of mind.

4. Automation is important.

The ITAM team must investigate and assess the finest IT asset management systems available. They should include device detection and identification, software discovery, and licensing reconciliation capabilities. A configuration management database (CMDB) or an IT asset database should also be included in a suitable system. Furthermore, the IT asset database should be able to accept feeds from third-party databases and toolkits (for example, a buying system or Microsoft SCCM) in addition to the information acquired by the IT asset software tool. Finally, an ITAM approach should avoid depending on human data entry, such as basic databases or spreadsheets, to work correctly and offer real-time information.

5. Know Your Asset Lifecycles

IT asset management tracks and manages your organization's physical information technology infrastructure. A good IT asset management system keeps track of your assets from acquisition through disposal.

Understanding the lifespan of your assets is one of the most important components of IT asset management. Every asset has a varied lifespan; therefore, tracking each item over its entire career is critical. Furthermore, this data might assist you in determining whether to replace or update an asset.

Keeping correct records is another vital part of IT asset management. You must understand your assets, their position, and who is accountable for them. In addition, proper records can help you avoid repeat purchases and trace an asset if it is lost or stolen.

6. Make use of barcodes and RFID tags.

Barcodes and RFID tags are excellent tools for tracking your IT assets. According to one study, barcodes and tagging minimize mistakes in a medical institution by around 41%, which would be significant in any other business. You can scan these tags into your asset management system quickly and efficiently by attaching them to your assets. This will allow you to keep track of your assets, how they are used, and when they need to be replaced or maintained.

It is critical to keep track of your IT assets' warranty information. If they fail, this data may be used to plan the replacement or repair of your assets. Keeping track of your warranty information also guarantees that your assets are always in good operating condition.

7. Track and monitor the use of IT assets.

When you've created effective and appropriate policies for managing your organization's equipment, you should continue to track and monitor how it's being utilized. It's critical to keep track of things like asset utilization, general repair expenses, and how the staff feels about equipment. These considerations can assist IT directors in educating themselves on how the assets they acquire boost staff productivity and simplify their lives. Use, maintenance expenses, and employee feedback may all be important elements in determining budget usage for IT directors, managers, and IT departments as a whole. In addition, displaying the policies and processes, use, and additional information gathered about IT assets can influence how a company's decision-makers allocate cash throughout the business.

Do you need help deciding on IT asset management best practices?

Connect with us right away if you need help deciding on the best strategies for managing your organization's IT assets. We can assist you in evaluating your equipment to determine where it is in its current lifecycle and how upgrading your equipment may benefit you.