How Can Optimize Your Technology Inventory?

Technology investments are increasing and businesses' technology inventories are growing. Companies are also becoming more dependent on technology to run their business day-to-day, which is another reason companies need to understand the value of their technology inventory.

Because this turns out to be not all that great for most companies. As a matter of fact, 80% of non-performing IT investments possess flaws in the strategy or implementation. Refurbishment is behind some of these flaws but a vast majority can be attributed to overall mismanaged and misunderstood processes and technologies.

How Do You Control Your Technology Inventory?

Do you know what apps or devices your organization is using? Do you know what new software or devices that you should be considering? If not, then you need to invest time and/or money into gathering a technology inventory. Technology investments are increasing and businesses inventories are growing across the globe. There is a huge opportunity to save money by re-evaluating your technology investments in 2022.

Advantages of Technology Inventory Management

Don't let your company be the victim of a technology inventory management nightmare!

Technology inventory management offers several benefits in terms of security, efficiency and cost.

Keeping track of your software licenses can help save money by avoiding fines for non-compliance and avoid the cost of purchasing licenses that you already own. It also helps IT professionals to plan ahead and budget for new licenses or upgrades.

Keeping track of your hardware assets allows IT professionals to ensure that all equipment is accounted for and secure. A comprehensive asset tracking program makes it easier to keep tabs on who has what equipment and where it is at any given time, so if equipment goes missing, it can be recovered more easily. It can also reduce the risk of data breach as employees sometimes leave old computers behind when they leave a company without fully deleting their information.

Additionally, asset tracking helps businesses to plan ahead for maintenance and upgrades, allowing them to budget appropriately for hardware needs and make sure that critical systems stay up-to-date at all times.

Benefits of IT Asset Management

It's never too early or too late to start optimizing your IT inventory. But the benefits of doing so might not be immediately obvious, especially for a large organization.

Procurement is often thought of as a costly or time-consuming process, but it can actually save money in the long run by avoiding expensive equipment upgrades, reducing operating expenses and freeing up valuable resources.

Here are four main benefits of "IT asset management":

1. Faster procurement: Instead of having to wait for new equipment to be purchased, you can implement asset management policies and procedures today to make sure you always have the right equipment and that it's properly deployed.
2. Better infrastructure: IT asset management can improve your data backup strategies and allow you more flexibility to respond to changes in your business. Asset management software enables you to take control of your data backups, while also ensuring they're being stored safely.
3. Improved security: By better managing your hardware and software, you can avoid costly outages caused by hardware failures or software updates. Effective asset management also allows you to deliver professional services more quickly when needed, reducing downtime.
4. Improved efficiency: Most organizations don't do enough with their current hardware or software assets, so implementing an effective asset management strategy is often one of the first steps toward realizing.

How to Get Insight into Your IT Landscape?

Processes of Technology Inventory Management

It's important that your inventory is captured and tracked in a way that allows you to analyze its value. If you need to replace an appliance, for example, you need to know if it's still worth using or if it should be written off.

Create Your Technology Inventory

One of the first steps in technology management is inventory control. This includes defining what assets you have, monitoring their use and making sure they're getting used properly.

Inventory control can range from simple things like keeping a spreadsheet of all the assets on hand to using specialized tools (like Loggle) that allow you to define assets, track them and set reminders when they expire or are due for replacement.

Having a complete list of IT assets also allows you to quickly identify missing or stolen equipment, as well as expensive unlicensed software. You can also use it to manage scheduled maintenance for each device and plan for future upgrades.

Evaluate Your IT Assets

Evaluating the IT assets your business owns is critical. Just as with your other fixed assets, you need to know the condition of the technology you own and how it impacts your operations.

In an effort to help you evaluate your current IT situation, we’ve come up with a list of questions that should prompt some introspection:

• What percentage of my technology is three years old or older?
• How often do I update my software?
• How much money do I spend annually on IT?
• What’s the average age of my hardware?
• How many different vendors am I working with for my technology?

Optimize Your IT Inventory

In the final stage, you will have more detailed information about your IT inventory. By disposing of low-value and high-cost IT assets, you can optimize your IT inventory and reduce your IT costs. Loggle (IT Asset Management Software) allows you to manage all your IT asset management processes end-to-end on a single platform.

IT Asset Management Solutions

Find out how you can manage your technology inventory with Loggle by requesting a demo now.