Effects of the Pandemic on IT Investments

The coronavirus has been the driving force of digitalization all over the world. Many companies have pushed their digital investments forward by almost 5 years. One of the biggest implications of the epidemic for companies has been the importance of digitalization and technology. In this period, companies that had already taken their steps towards digitalization stepped forward. Companies put their late investments on the table again and digitalization gained momentum.

In addition to the increase in all IT needs with the remote working process, cloud investments have also increased rapidly. Considering that some of the processes that the pandemic brought to life necessarily will continue after the pandemic period, IT transformation, workforce transformation and security transformation started to come to the fore as the top 3 topics on the agenda of businesses.

What are the Problems Encountered While IT Investments Increase?

As in most change processes, there can be painful processes that companies go through in the digitalization process. With the increase in technology investments made by companies to improve their current business processes and increase customer satisfaction, companies' dominance over their IT inventories has decreased.

The inability of companies to dominate the IT inventory brings along many problems. Security threats, unnecessary purchases, licensing costs for unused products (software, hardware, etc.) greatly harm the efficiency of the IT environment. Beyond these threats, uncontrolled digitalization can have an impact that can damage all business processes of the company and cause the company to go bankrupt.

What is IT Asset Management?

IT asset management is a framework that covers the monitoring and management of all assets within the company for which IT is responsible. The IT asset management process continues throughout the lifecycle of all IT assets, from the acquisition stage to the disposal process.

With the growth of IT environments, the need for ITAM has increased. Because businesses could not any longer know what they have, how much they pay for them, and how efficient they are. As a result, companies have made duplicate purchases and their IT budgets have begun to erode unnecessarily.

IT Asset Management Shapes IT Investments

IT leaders aim to get the maximum benefit from their IT investments. Because companies' IT budget is always limited and companies need to use their budgets in the most optimized way to achieve their goals. Since the IT asset management approach applies a holistic approach to monitoring and managing companies' technology environment, companies can gain insights from ITAM that can shape their IT investments.

ITAM shows details of what applications, hardware and systems the company owns, increasing IT visibility. In addition, which teams in the company use these assets, the IT value they create, their costs, license renewal date and many additional data can be obtained from IT asset management.

Benefits of IT Asset Management

• ITAM simplifies the enterprise architecture by increasing IT visibility.
• ITAM reduces IT costs.
• ITAM enables the detection of unnecessary and duplicate purchases.
• ITAM enables the detection of unused applications, hardware and systems.
• ITAM increases information security by detecting unregistered assets in IT.