Importance of Asset Management for IT Cost Optimization

The first rule of maintaining a successful business is not a secret: “Optimize budget and make the correct investments”. In time, these investments positively affect the customer and benefit the overall satisfaction of the end-user. In time, this satisfaction returns as more profit and a business would try to better its services more and more. This is a loop. Although it may seem basic, it’s utterly critical and, from time to time, hard to optimize the budget and identify the correct ways to make investments. Financial advisors, hedge funds etc. all try to facilitate the decision making of a company.

If a company knows its components, it’s easier to make corporate decisions affecting the financial environment of the business. First, a business should comprehend its capabilities, strategies, business processes, applications in use. IT Asset Management, ITAM in short, ensures a company account for the IT assets that are bought and put to use. So, ITAM could be really beneficial when it comes to budget management as it deals with IT Cost Optimization, too. Find out more about IT Asset Management by reading the article.

What is IT Cost Optimization?

Optimization is identifying the best use of a resource and then executing a set of actions to maximise efficiency. A very basic yet effective finance technique, let’s say. IT Cost Optimization is employing this comprehensive methodology to decide on the best ways to create more added value by saving time and effort in an IT department, specifically.

Considering how IT is important for a business today, one could say that reduction in the IT budget would result in the overall optimisation of a business. So, it’s quite important to keep track of IT costs and come up with strategies to use resources better.

How to Optimize IT Budget?

1. Plan the procurement of all the IT assets.
2. Keep track of every IT asset purchased.
3. Record the efficiency of the IT assets put in use.
4. Identify Total Cost of Ownership of IT assets.
5. Create datasets to present insight into the IT landscape.
6. Look for double purchases and get rid of unnecessary ones.
7. Monitor Shadow IT closely.
8. Determine business applications that have the same functionalities.

All in all, employ IT Asset Management methodology as company culture and stay to it. Of course, it may seem hard to monitor every single business application, license, hardware. This is only normal considering the growth of the contemporary business. Yet, there are software dedicated to IT Asset Management and they really benefit businesses with the functions they provide.

What Does IT Asset Management Software Provide?

If there is a problem, there must be a solution. Employing IT Asset Management at the macro-level for a business could seem hard, but using IT Asset Management software facilitates this process.

With IT Asset Management software, a business can monitor all the IT assets in their inventory and make more efficient decisions that structure valuable strategies. Thanks to IT Asset Management software, a business can simplify its IT landscape and gain visibility.

All these data can be used for IT Cost Optimization as efficient IT Asset Management points out which assets are efficient and which ones are dispensable.

Loggle, for example, provides its customers with a lot of visual data that is beneficial for understanding the IT structure.

• Monitoring license documents and a calendar designed to remind of the important dates for an asset to the user
• Hardware lifecycles
• Hardware usage
• Software efficiency
• Software business criticality & technical fitness
• IT Costs with expenditures detailed
• Running Costs

Examine the 5 Ways Loggle Will Help Optimize How Your Business Uses IT by reading the article.