What is IT Asset Management Software? | ITAM Software

In today's digital age, businesses use modern technologies to increase productivity and improvise the process to compete in the IT-driven world. Various teams within the company start to use new technologies every day according to their business needs. Having a large number of hardware and software assets to manage within the company creates the need to have a central console to monitor and manage these assets. IT Asset Management Software is business software developed to meet this need.

What is IT Asset Management?

IT Asset Management is the business process primarily designed to manage the lifecycle and inventory of IT assets.

ITAM is a subset of Enterprise Asset Management (EAM), which is the management of all types of assets used by an enterprise. ITAM specifically focuses on managing IT assets, such as servers, laptops, printers, telephones, etc.

Effective IT asset management is critical to any organization that has an IT department. It requires a disciplined approach to tracking assets from the moment they are purchased until they are retired or replaced. The goal of IT asset management is to ensure that your organization's equipment is performing at peak efficiency while minimizing costs associated with support and maintenance.

The goal of ITAM is to ensure that IT investments are aligned with business strategy while maintaining a high level of service quality. This is achieved by ensuring that the right technology is available at the right time, in the right place, for the right cost and with the right level of support (SLA).

IT Asset Management (ITAM) Best Practices

The most important ITAM best practices involve cataloging and tracking IT assets, implementing procedures to ensure the proper use of assets, and ensuring that all assets are properly disposed of when they reach the end of their useful life. Additionally, ITAM best practices should involve actively monitoring the performance of IT assets to ensure that they are running at peak efficiency and taking necessary steps to address any issues that arise.

Also, ITAM best practices should include establishing policies and procedures to ensure that IT assets are handled with the utmost care and security. This includes implementing access control systems to ensure that only authorized individuals are able to access and utilize IT assets. Additionally, ITAM best practices should involve regularly training employees on the proper use of IT assets and ensuring that the organization is aware of any applicable laws or regulations that may affect the management of IT assets.

1. Develop an IT asset inventory and use asset management software to keep track of all IT assets.
2. Establish a process for regularly auditing IT asset inventories to ensure accuracy.
3. Track warranties and maintenance contracts for all IT assets to ensure that they are up to date.
4. Implement policies and procedures for the acquisition, deployment, and disposal of IT assets.
5. Utilize automated asset tracking systems to increase visibility and accuracy.
6. Monitor the usage of IT assets to ensure that they are used in accordance with policies and procedures.
7. Ensure that all IT assets are properly secured to prevent unauthorized access and data breaches.
8. Implement secure authentication and authorization measures for IT assets.
9. Regularly review IT asset management policies to ensure that they are up to date.
10. Establish a system for reporting IT asset management issues and concerns.

Types of IT Asset Management

IT assets are defined as any hardware, software, system or integration that is used for business purposes. This can include desktops and laptops, servers, printers, tablets, smartphones and even software licenses.

Because the nature of each IT asset is different, the strategies for their management are also different. Some manage only their desktop PCs, while others may manage dozens of servers in addition to thousands of desktops. Some focus on usability and efficiency, while others focus on security and compliance.

There are several types of IT assets. The most common are:

• Hardware: This includes all devices used to perform IT tasks, such as computers, printers and monitors.
• Software: This includes all software used to run your business, such as operating systems and applications.
• Data: This includes all the data stored on your computers or in the cloud.
• Services: These include services like email, VPN and backup/restore services.

What is IT Asset Management Software?

IT Asset Management (ITAM) is a set of business applications that allows an organization to maintain an inventory of all assets owned throughout its lifecycle, from acquisition to disposal. All software and hardware elements in the business environment form an organization's asset ecosystem. IT Asset Management participates in contracting, inventory, financial and risk management responsibilities to manage the lifecycle of these assets, including tactical and strategic decision making in the IT ecosystem.

IT Asset Management System manages a large portion of an organization's total asset footprint. With IT Asset Management S, which is used to understand and manage how assets are used, overhead costs can be reduced by finding and removing unnecessary hardware and software samples. IT Asset Management tool supports the needs of IT teams, users and business functions and plays a critical role in ensuring the efficient use of organizational resources.

Why is IT Asset Management Software Important?

IT Asset Management platform is defined by research firm Gartner as “providing an accurate account of IT asset lifecycle costs and risks to maximize the business value of an organization's technology strategies, architecture, financing, contracting and sourcing decisions.” Based on this definition, it is concluded that IT Asset Management is not just about taking inventory of assets. IT Asset Management solution users can increase business value if they focus more on the availability and information value of IT asset data.

Provides a single source of truth.

Many different people in different places monitor many times, assets within the organization. As a result of this situation, asset management chaos arises. IT Asset Management system centralizes all assets owned by the organization. This provides a single source of truth for IT teams, administrators, and the entire organization.

Improves usage and eliminates waste.

IT Asset Management Software keeps information and data always up to date. This prevents unnecessary purchases and saves on licensing and support costs. Increased control reduces risks related to security and legal policies.

Enables productivity without sacrificing security.

IT Asset Management Software allows to view and manage all assets within the organization. Thus, when there is a security threat, it can be viewed and terminated via this software. IT Asset Management Software can be protected by limiting access to sensitive data.

What are the Advantages of Using IT Asset Management Software?

As IT continues to evolve, organizations need to monitor changes in their increasingly dynamic cloud environments for secure and critical services. To meet this need, the use of IT Asset Management Software is increasing day by day. IT Asset Management Software enables collaboration, supports the service management applications owned by the organization, and provides many benefits for organizations.

• Informed purchasing and distribution decisions

With IT Asset Management Software, organizations can understand what assets they own and what the assets are used for. Continuous and accurate IT Asset Management data helps the organization evaluate its past acquisition and distribution decisions and guides future acquisition and distribution decisions. In addition, IT Asset Management Software helps to improve deployment decisions and avoid purchasing unnecessary resources.

• Automatic inventory management

IT Asset Management Software records all network devices and applications belonging to the organization from the moment they enter the enterprise ecosystem until they leave. Thus, organizations have the opportunity to automatically discover all the assets in their corporate ecosystem.

• Business continuity

With asset and configuration data, IT Asset Management Software helps leaders and staff identify the effects of business impacting events and make more confident decisions to restore to users. However, IT asset and configuration data is often backed up, reducing the risk of data loss and helping to develop multi-resilient IT architectures.

• License and subscription compatibility

Monitoring software licenses and paying for resources that are not needed is a critical issue for organizations as the asset ecosystem expands. IT Asset Management Software allows viewing all the licenses owned by the organization. In addition, IT Asset Management Software helps detect non-compliance with legal and financial risk.

• The total cost of ownership

The cost of an IT asset far exceeds the cost of acquiring the asset. IT assets need to be supported and maintained throughout their lifecycle to create value. IT Asset Management Software has been developed to use IT assets effectively throughout their lifecycle and helps prevent duplication of assets or unnecessary purchases. As a result, it allows for saving on the total cost of ownership.

• Standardization

Non-standard assets mean providing employees with the specialized training necessary to manage them. Applying standards to IT assets makes IT staff more productive and allows users to interact with a familiar system and data.

• Increases security.

With IT Asset Management Software, organizations can control and view all their hardware and software. This helps to predict the loss of assets, damage to them, and whether a security threat will be encountered. It also helps to keep track of software licenses. Thus, it reduces the risk of encountering legal and financial problems related to software licenses and subscriptions.

Solutions for IT Asset Management

Application Portfolio Management Software

Application Portfolio Management Software is the solution that enables the building and management of the inventory of software applications that businesses buy and use.

The software helps IT departments manage all applications in an organization, including those deployed by employees. It's important for organizations to have a way to track the usage of all applications, so they can make informed decisions about which software needs to be upgraded or replaced.

Application Portfolio Management Software is also used by companies to help them determine what applications they should add to their business. This type of system is often used by large corporations with multiple departments and geographic locations, but it can also be useful for smaller companies that are looking for ways to improve their IT infrastructure.

The APM system is also useful to help with license compliance by providing companies with a way to check their inventory against software vendors' lists of products that are licensed for use in their organization.

Software Asset Management Software

Software Asset Management software (SAM) is a tool that helps organizations manage their software assets in a more efficient and cost-effective way. SAM helps track and manage software licenses, versions, and usage in order to ensure organizations are compliant with software licensing agreements and prevent any potential legal issues. SAM can also help identify cost savings opportunities by helping organizations identify software that can be re-used, consolidate software installations, and identify opportunities to switch to more cost-effective solutions. SAM can also help identify risks associated with software, such as security vulnerabilities or outdated versions.

Hardware Asset Management Software

Hardware Asset Management Software is the solution that enables the building and management of the inventories of computers, networks, mobile devices, printers etc. It helps in managing IT assets from cradle to grave - from initial purchase to disposal.

Hardware Asset Management Software tools enable you to track your IT assets real-time, whether they are on-site or at off-site locations. With this software, you can track the location and status of assets even when they are outside your network perimeter. This helps you avoid theft, loss and unauthorized use of IT assets.

Hardware Asset Management Software also helps you implement a sound asset management process which includes tracking an asset from the time it is purchased until it is no longer needed or has reached end-of-life status.

Integration Inventory Management Software

Integration Inventory Management Software is the solution where businesses can view and manage all their active and passive integrations with detailed information.

Integration Inventory Management Software provides a complete view of all your third-party integrations. It allows you to discover, verify and monitor the status of all your integrations in one place. This helps you ensure that they are properly configured and working as expected.

IT Cost Management Software

IT Cost Management Software is a solution where businesses can monitor and manage their costs for assets in their IT inventories. This includes computers, printers, software, hardware and any other assets that are used in the business.

IT cost management tool allows businesses to track all of the costs associated with an asset, including:

• Hardware Costs - Purchase price, maintenance costs and depreciation costs.
• Software Costs - Licensing fees, installation fees and maintenance costs.
• Outsource Costs - Training and consultancy costs.