Managing IT Assets To Produce Maximum Value

The IT infrastructure in modern companies is usually extensive and contains many assets. These IT assets must be managed effectively so that businesses can make the most of them.

They do this through a process called IT asset management (ITAM).

IT asset management is the tracking of an organization’s assets to ensure they are accounted for, used, well-maintained, updated, and properly disposed of at the end of their lifespan. This process helps companies use their valuable assets and not waste resources.

IT assets include all software, hardware, and data in a company’s IT infrastructure.

Some IT assets have to be used within a certain period, so companies have to proactively manage them so they can extract as much value from them as possible before they expire.

To effectively manage these assets, they use the IT asset lifecycle.

The IT Asset Lifecycle

As the amount of IT assets in organizations continues to grow, it becomes more challenging to keep track of all of them.

However, decision-makers need an accurate picture of everything in their IT ecosystem, which is why they use the IT asset lifecycle.

The IT asset lifecycle is a formal process that companies use to visualize, organize, and coordinate their IT assets.

Every business can have its version of the IT asset lifecycle, but they usually follow the format below:

1. Request

The request stage occurs before a company buys or deploys any asset.

During this phase, business leaders have meetings where they discuss their company’s goals, and figure out the IT assets they need to accomplish them and why they are needed.

The results of the meeting are what led to the formal request for an IT asset.

2. Fulfill

After requesting an IT asset, it will go through a series of approvals.

The personnel approving the request will check to see if the requested asset is already in stock. If not, they have to buy it.

3. Deploy

When the requested asset becomes available, it will be deployed so it can start to provide value and help the company achieve its goals.

4. Monitor

During this stage, employees will monitor how the deployed assets are used to ensure they offer maximum value.

They will also monitor it to identify and mitigate the cybersecurity risk that comes with using it.

5. Service

While IT assets are in use, they will occasionally need to be serviced to stay in optimal working condition.

This service includes but is not limited to regular maintenance, periodic upgrades, and emergency repairs.

These service actions need to be properly scheduled so they do not disrupt routine business operations.

6. Retire

At the end of an IT asset’s useful life, it will be decommissioned, disposed of, and replaced with a similar or better version of itself.

The IT team that disposes of the asset should take the proper precautions to ensure the disposal does not pose any security risk in the future.

Cybercriminals sometimes target disposed assets to inject malicious code if they are properly secured.

Importance Of IT Asset Management

It is in most businesses’ best interest to operate optimally and get the most value out of the least amount of resources. IT asset management allows businesses to extract the maximum value possible from their IT assets.

They can achieve this if they follow the IT asset management best practices and have the right systems in place to oversee the management process.

To underscore the importance of IT asset management, here are some capabilities businesses will gain from it:

1. Proper planning

IT asset management gives companies an extensive and detailed view of all the IT assets they have.

They can use this information to optimize their business operations and make plans to be more effective in the future.

It also allows them to schedule replacements for the assets that are likely to be retired soon.

This will reduce downtime because the asset will be bought ahead of the time it is needed.

At the same time, it will prevent overstocking, so resources are not tied down but are instead available to be used in other parts of the company.

2. Effective procurement

In addition to what was discussed above, IT asset management lets companies track warranty expirations of their assets, so they can have adequate plans for continued maintenance.

Also, they will have a detailed list of vendors that can provide the assets that are nearing their end-of-life dates.

This will help them find the vendor that can sell what they need at the lowest possible cost.

3. Efficient maintenance

By keeping track of the usage of the IT assets in a company, it is possible to efficiently schedule their maintenance. IT teams will observe how often each asset needs repair and detect those that have recurring issues.

They will use their findings to determine whether the vendors are supplying quality assets or whether they need to be changed.

4. Secure asset disposal

To keep a business safe from cyber attacks, IT teams have to be thorough whenever they are disposing of an asset.

Faulty or outdated IT assets may still have access to a company’s IT infrastructure that cybercriminals can exploit to infiltrate the company. IT teams will have to carefully and securely dispose of assets so they can patch any vulnerability.

5. Accurate inventory

Companies that practice IT asset management have full transparency in their IT inventories. Members of the IT team might use ERP software to manage the inventory.

This empowers them to make informed decisions with complete information, instead of guessing and relying on estimates.

6. Better employee experience

IT asset management allows companies to regularly upgrade their systems, giving employees access to the latest technologies that make their work easier.

Employees who are happy with their work tools and environment tend to report high levels of job satisfaction.

Endnote

If IT assets are managed well, they will produce enough value to help a business meet its goals.

These assets also need to be managed to avoid resource wastage, business disruptions, and improper maintenance.

Lastly, whenever an IT asset has outlived its use, it should be securely disposed of, so cybercriminals do not use it to gain unauthorized access to a company’s IT systems.