IT Asset Management Tool: Simplify Inventory Management

Given that we live in a digital world, the need of smart assimilation and management of information technology assets is immanent. The information technology is and has been a crucial part of all the business processes without which no business can continue to function.

IT Asset Management, also known as “ITAM” has a great value for the company. It increases not only the effectiveness of business processes and improves productivity but also prevents losses. ITAM is equally important for large companies and startups — those that are just entering the digital world.

A Short History of IT Asset Management

If you are involved in any way with IT Asset Management (ITAM), you'll know that it is a touchy subject. What was at one time a tedious, manual process has now changed because of the advances in technology? If you thought that "everything used to be simpler," or that simply "not everything has changed," then you are wrong because IT Asset Management is vastly different from what it was 10 years ago. You see, ITAM has evolved significantly — and the way companies deal with the management of their IT assets has changed as well.

The history of IT asset management (ITAM) is a fascinating one, as it shows how ITAM has evolved over the years. The implementing way of IT asset management in businesses has changed from past to present. The first use of ITAM was with mainframes, which were expensive machines used by large organizations. They were used for accounting purposes and other tasks where data had to be processed in bulk.

Early computers were huge machines that took up entire rooms and required specialized operators and technicians to operate them. The original purpose of ITAM was to track the location of these expensive machines and make sure they weren't damaged or stolen. This early version of ITAM was referred to as "hardware asset management" (HAM).

As computer technology advanced, so did HAM. In order to track the many different types of devices that could be connected via a network, companies developed software programs called "software asset management" (SAM) tools. These tools allowed companies to manage their software licenses so that they didn't pay for more licenses than they needed or use older versions of software instead of newer ones that might have better features or functionality.

However, with the advancement of technology, the focus shifted from just physical assets, such as computers, printers and other devices, to also include virtual assets like software licenses and applications.

What is IT Asset Management Tool?

Today's IT asset management solutions are designed to help organizations manage their entire portfolio of physical and virtual assets across their entire lifecycle — from procurement through retirement — so they can make better decisions about how long they should keep IT assets before they're retired or replaced with newer models.

A company's IT assets are essential to its operations, but they can also be extremely complex to manage. The average organization has more than 1,000 objects in its inventory and uses five different systems to track them. This creates a challenge for IT asset managers because they have to balance keeping track of everything with ensuring that their organizations meet compliance standards.

IT asset management solutions are designed to help IT professionals manage the entire lifecycle of their company's assets. They can be used as standalone products or integrated into larger systems such as enterprise resource planning (ERP) or service desk platforms.

Spreadsheets vs. Software for IT Asset Management

Spreadsheets have become dysfunctional in IT asset management processes. The spreadsheet was a popular tool for tracking IT assets, but they have limitations and can cause problems. Spreadsheets may not be able to handle the volume of data that your organization needs to track. Also, the time it takes to enter new asset data into the spreadsheet could be significant.

A spreadsheet is a poor choice for asset management because they lack the ability to manage complex relationships between data, are difficult to maintain and update, and is not scalable.

Spreadsheets are not designed to manage large amounts of data. They can only handle up to 10,000 rows of data and 256 columns of data at most. Because of this limitation, it’s often necessary to use multiple spreadsheets to store all your data. This makes it extremely difficult to maintain and update your asset details.

The second problem with spreadsheets is that they tend to be static documents that don’t allow easy access to information from other applications or systems. This means that the information you need is scattered across multiple documents which makes it difficult for anyone else in your organization to find what they need when they need it.

Finally, because spreadsheets were never meant for managing large quantities of information over time (and certainly not across multiple locations), they lack features like version control which make them unsuitable for managing an IT Asset Management program.

If you're struggling with these issues and other problems with spreadsheets, you might want to consider moving away from this type of software and toward an ITAM solution.

IT asset management tool can help overcome these challenges by providing a comprehensive solution for all your IT asset needs. The software allows you to keep track of all your hardware, software licenses and even mobile devices. And it allows you to easily share access with others who need it.A professional ITAM solution can help you manage all aspects of your organization's IT assets more efficiently.