Top 5 Advantages of IT Inventory Management Software

You might be aware of the fact that a business can reduce expenditure by efficiently managing its inventory. But perhaps you also don't know precisely what it means 'efficiently managing the inventory. In this blog, we will discuss some IT Inventory Management basics, and outline five reasons why companies are increasingly relying on technology to get the job done.

1. Minimizes underutilized assets and their costs and cost of storage, maintenance and service.
2. Reduces the possibility of IT equipment being lost or stolen, as well as unauthorized use by others.
3. Allows for quicker resolution if equipment fails.
4. Ensures that IT administrators can anticipate future needs for computing resources.
5. Provides stronger protection against both hardware and software loss or damage through standardization and code-level auditing.

In an IT environment, it may be difficult to manage the entire IT configuration from a central location. IT inventory management software helps organizations in managing their IT assets easily.

A number of organizations have implemented an IT inventory management software because it can help organizations in a wide range of areas. It can improve the quality level of services provided, in addition to increasing profitability and efficiency.

What is IT Inventory Management?

IT inventory management is the process of automatically discovering, tracking, and centrally managing hardware and software assets. IT inventory management provides detailed information regarding every system in the network, including its location and health status. It is a system for keeping track of information technology (IT) products and IT assets throughout their lifecycles.

IT inventory management is a critical function for the tracking and maintenance of the hardware and software assets used in enterprise networks. The physical network infrastructure consists of switches, routers, firewalls, load balancers, and more; the logical infrastructure consists of system software such as operating systems, databases, security software, and application server software. Hardware and software inventory management involves collecting data on each of these components through discovery processes and storing that information in a central repository so it can be queried and utilized in other areas of IT management.

Often, IT inventory management is combined with IT asset management (ITAM), which includes maintaining information on financial data related to a company's hardware and software assets. A comprehensive IT inventory management system should include both asset discovery capabilities as well as asset management functionality.

How to Measure IT Efficiency?

Why is IT Inventory Management Important?

Every company works under a budget. Businesses should control their IT spending to stay in control of both their hard and soft assets that have been purchased from vendors or have been internally developed. The best way to confidently manage your IT assets is by setting up an inventory management system.

The following are the key benefits of IT inventory management:

• Proactive management of patches, updates, and hotfixes that ensure that all systems are up to date with the latest security updates. Timely updates ensure that systems are not vulnerable to cyber threats or security breaches.
• Inventory management software can generate reports on unused licenses and inactive software, helping organizations save on licensing costs.

What is IT Inventory Management Software?

IT inventory management software provides of automatically discovering, tracking, and centrally managing hardware and software assets throughout their lifecycle. IT inventory management solutions feature a wide range of capabilities to help companies manage their IT assets as efficiently as possible. These products also help consolidate and centralize all asset data in a single repository.

The main goal of IT inventory management tools is to minimize spending on hardware and software licenses. This is achieved by providing visibility into which licenses are being used, how many machines are running with outdated software, or how many servers are not being fully utilized.

IT inventory management solutions allow companies to make more informed decisions about IT purchases and upgrades. The centralized repositories these tools provide also enable organizations to maintain compliance with industry standards and regulations like PCI DSS, HIPAA, FISMA, SOX, or ISO 17799.

Who Needs to Implement IT Inventory Management?

If you think having an IT inventory is unnecessary and a waste of time, then you might be right. But if you're working with a large network infrastructure, multiple servers, and are responsible for the entire IT setup at your workplace, then an IT inventory is something that you need to have.

An IT inventory management system allows you to keep track of your company's hardware and software assets. You can monitor what's in stock, locate assets on-site or off-site (if necessary), and configure alerts for when items are due for maintenance or repairs.

Loggle is an IT asset management software where businesses can create inventories of software, hardware and integration assets and access detailed information about these assets. Find out how Loggle can make your work easier with a short demo call!