Managing IT Inventory Before It Becomes a Problem

More and more, businesses have come to the conclusion that IT is a strategic part of a business…and increasingly critical to their success. The list of published research showing this fact is staggering and growing. At the same time, businesses are continuing to increase the adoption of cloud computing and other technology trends that drive the growth of IT expenses. This creates a concern for many organizations: Higher investment plus higher costs equals lower profits unless IT Operations has a plan to address its challenges.

World-renowned research firm Gartner, Inc. expects worldwide IT spending to increase by 4% from 2021 to reach a total of $4.4 trillion in 2022. With an increase in investment to IT, you're bound to have more technology. That's either by design or default (trailing business needs). Managers will find themselves faced with an increase of non-productive equipment and inventory.

Even the most diligent IT leaders can get tripped up by their inability to manage IT inventory in an efficient manner. What's at stake is the health of your network, the vital digital resources that run your business and your ability to manage costs.

That's why it's time to start planning your IT asset management strategy before your IT inventory becomes a problem. Let's take a look at the details.

What is an IT Asset Inventory?

IT asset inventory includes all applications, hardware, integrations, documents, etc. under IT responsibility within an organization. It contains details like hardware details, software details and other information about the computer system. It is used to track the use of hardware and software assets in an organization. This information helps you to keep track of the most important assets such as software licenses and hardware configurations for each device (desktop or laptop). The inventory also helps you to define software licensing requirements for each application so that you know how many licenses are needed for each product within your company.

An IT asset inventory is a very important part of managing your IT infrastructure. This can help you to keep track of all the things related to your computers and other electronic devices. You can also check what kind of resources are available for you to use and how much money is being spent on them every month.

A well-organized IT asset inventory can help you:

• Maintain proper records of your IT assets and their usage
• Know how many computers or other electronic devices you have in your organization
• Find out what kind of resources are available for use by employees and departments
• Identify software licensing needs (and potential license compliance issues)
• Plan for hardware upgrades and replacements
• Track warranty expiration dates
• Monitor usage statistics to determine if additional licenses are needed (or if you need fewer)

Why Do You Need to IT Asset Inventory?

An IT asset inventory can be as simple as a spreadsheet with a list of things, or it can be a highly complex system that tracks every single piece of hardware and software in your company.

An IT asset inventory is most commonly used in large organizations where there are many different departments using different systems, but it can also be used in smaller companies where there are just a few applications that everyone uses.

The purpose of an IT asset inventory is to ensure that you're using the right version of an application or operating system. If someone needs help installing an application, they can look up the correct version number in the IT asset inventory and find out if they need to update their system before installing the new application or not.

IT asset inventories are also used for security purposes - knowing exactly what's installed on each computer will allow you to quickly identify when something has been compromised by malware or hackers trying to gain access to sensitive information such as financial data or customer records.

IT Asset Management Software

Loggle offers IT asset management solutions that make your end-to-end IT management easier and more effective. With Loggle, you can manage all your IT inventory on a single platform and increase the ROI of your IT investments.