In today’s world, no organization can operate without its IT assets. However, it is surprising that most organizations don’t even know which or even how many assets they have.

What are the IT Assets?

So, what exactly are the IT assets? Basically – everything related to technology is considered IT assets. Your computers, servers, routers, mobile devices, printers, and so own all constitute IT assets.

The lesser-known – but equally important – assets are the intangible IT assets. These comprise the software programs that are needed to run various aspects of most businesses.

What is IT Asset Management?

If you think that IT Asset Management (ITAM) is simply the management of all IT-related assets, you would be quite wrong. ITAM is actually an end-to-end management process.

It tracks all the assets in a business’s network. It also ensures that all assets – physical as well as intangible – are up to date. Added to that, ITAM also needs to ensure that all IT assets are well-secured and that any patches required are implemented, and all networks are appropriately configured.

And in case an IT asset is outdated or needs replacement, then ITAM also ensures that that is taken care of in a timely fashion.

Why is ITAM So Important?

ITAM is not a one-time job. It is a continuous process. In fact, you could say that ITAM is a process that tracks and maintains the health of an organization’s IT systems. Here are some important reasons why you need to have an ITAM system implement for your organization.

  • Security

IT Asset Management is critical to the health of any organization; however, sadly, most organizations tend to balk at the enormity of the task and fall behind on it. And this, according to Forbes, is a key reason why businesses face serious cybersecurity risks.

And, according to the President and CEO of IAITEM (International Association of Information Technology Asset Managers, Inc.) Barbara Rembiesa, with the exponential increase in cybersecurity breaches in recent years, the role of ITAM and ITAM Managers is becoming more and more critical in organizations across the world.

  • Driving Down Costs and Waste

Thanks to ITAM creating an inventory of all IT-related assets, organizations can do away with unnecessary, obsolete or, expensive hardware and applications. This can lead to significant cost savings for a company.

  • Improving Efficiency

An ITAM process within an organization can make the entity more efficient. This is because IT Asset Management can help in the analysis of current processes and how they can be made more efficient so that the organization can become more productive.

  • Business Continuity Planning

Because technology plays a central in all businesses today, it is critical to have a business continuity plan in place. After all, outages and disasters are a reality of life.

And that’s where ITAM can help. The asset and configuration data collated by your ITAM system can be used to chart out the impact of such events and how to mitigate that impact.

ITAM processes can also be used to develop architectures that can withstand such various business-impacting events.

  • Compliance

One of the biggest challenges any business faces today is ensuring compliance with software licensing and subscriptions. There are many times when employees in an organization may inadvertently end up using unlicensed software, and this can not only be a legal issue, but also a huge financial risk for the company.

With ITAM all IT assets are cataloged and inventoried, and so managers can identify those software applications that are unlicensed or that the company is not paying for. These applications can then either be replaced with others that are paid for, or a license can be bought.

  • Standardization

In many organizations, IT equipment and software may not be standardized. What this means is that valuable time and manpower is wasted in dealing with these IT assets. Your staff may lack the expertise in operating this equipment and may need a learning curve – which is a waste of productivity and time.

By implement ITAM standards to all IT assets in your company, you will make your staff more productive and compliant.

These are just a few of the benefits that an organization can accrue from implementing an ITAM solution, but it gives you an idea about the criticality of having such a process in place.

ITAM Made Easier

IT Asset Management has been around for many, many years. But it is only now, with organizations’ growing reliance on technology, that the IT processes are being taken more seriously.

The good news is that with the advances in technology, ITAM has also evolved. There are now excellent ITAM software solutions available in the market that can significantly cut down the amount of effort that goes into IT Asset Management.

This is why organizations that previous only contemplated the idea of implementing ITAM strategies are now actively adopting the practice.