Top benefits of using Advanced IT Asset Management in 2022

Organizations have started restructuring their IT services after facing the pandemic, where asset managers are using the opportunity to recalibrate and explore how technology can enable scalable, customer-centric enterprises. At various phases of the asset lifecycle, asset management helps firms to improve the worth of their assets. It helps businesses moderate unwanted or unused resources, appropriately maintain and repair assets, and acquire new assets as required to advance operations.  Asset management delivers various benefits, including enhancing the bottom line, lowering risk, and simplifying processes. Not only these but there are also a few more ways that good asset management may assist your company. But first, let’s see what exactly it is and how it works. 

What is ITAM (IT asset management)?

ITAM signifies the methods and techniques used to organize, manage, and optimize IT systems, software, hardware, data, and processes. IT departments need an ITAM strategy to execute, track and keep IT assets secure. They will be able to establish old IT assets, replaced them with a less expensive alternative, or upgraded to current technology.

Benefits of ITAM

ITAM’s ability to create deeper insights into a company’s IT assets may support IT, admins, in imagining IT asset ROI and delivering data to other key stakeholders on how those assets directly enhance the company’s business goals. Employees are IT asset management’s consumers, and an effective ITAM strategy will bridge the gap between technical requirements and business demands, ensuring that everyone in the company is working toward the same organizational goals.

Evaluate resources

Asset management allows enterprises to make the most of each of their resources by evaluating available resources. Enterprises will be able to monitor assets constantly if they optimize their resources correctly, so they do not have to stop using an asset before its expiry date. Consequently, they will be able to prevent unplanned repairs or purchases, as well as avoid wasting money on expenditures that are not adding value to your company. 

Predict accurately

Asset management, like any other strategic endeavor, may assist enterprises in planning. Asset management includes not only the oversight of a company’s current assets but also the predicting of its future asset inventory. For example, when a firm grows, how many additional computers and software licenses will they need to buy, and when will the production line equipment need to be replaced? Asset management can provide appropriate answers to these and other questions. 

Safeguard compliance

In numerous businesses, such as financial services, healthcare, and government, compliance is essential to daily operations. Failure to follow the law can lead to penalties, suspensions, or even more terrible consequences, such as security breaches. For example, an organization might want to know if all their hardware has the most recent security software update, or if the forklifts have had their annual safety inspection. Asset management keeps a closer eye on this data so that businesses may prioritize compliance, decrease risk, and avoid legal problems. 

Avoid theft and loss

Asset management is keeping track of assets and their movements within a company. Tracking reduces the risk of theft and loss, especially for smaller, movable assets such as retail items and computer gear, but it can also be used for larger assets such as machinery or cars. In many sectors, each asset is labeled with a barcode or a GPS tracker so that its precise location can be always tracked. Asset management allows businesses to save money on replacing items that have been lost or stolen. 

Extend the existence of each asset

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Whether it is a building, a computer, or a vehicle, every asset requires regular maintenance and upkeep. Even software requires regular updates to function effectively. Asset management aims to maximize value by repairing, maintaining, and caring for each asset to extend its life as much as feasible. Organizations can buy new assets less frequently because of this procedure because they do not have to retire or dispose of them as rapidly.

Monitor the assets’ conditions

Enterprises can use asset management software to see how the company’s assets are doing in real-time. Asset management software makes it simple to access information about the company’s valuable assets, and track and manage all company’s software and hardware assets from a single unified view, throughout their life cycles. Companies may use asset management software to determine when they need to buy new assets and when they should decline requests for asset procurement since the existing ones are still functional and there is no need to replace them. 

Easier audit process

An audit is something companies must perform regularly, at least once a year. As a company owner, you can imagine how tough the audit process will be if you still use the manual approach for recording corporate assets. If you still record assets manually, you will face several challenges during the audit process. Some of them include incompatibilities between the assets recorded in the document and the number of actual assets in the field, or vice versa, where assets are present in the field, but the data is missing from your document. The audit and inventory process should ideally include good and ideal methods and work processes. Asset management software, inventory work processes, and physical checks have all been integrated into the program. Managers simply need to run it through the software.

Conclusion 

Improved asset management at various stages of the asset lifecycle will guarantee that assets are appropriately managed. It will also aid in the monitoring of the current assets’ practical efficiency. They will also be aware of any outdated assets that need to be changed or removed. In other words, there are many benefits of using advanced IT asset management in 2022 that enterprises should know.