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Why Your Business Needs IT Asset Management

Published on 16 July 2018

Why Your Business Needs IT Asset Management

IT asset management is a business practice that combines financial, contractual and inventory functions to help with the management of IT equipment life cycles and to ensure strategic decision making.  The aim of IT asset management or ITAM is to be a key part of a company’s organisational strategy and includes both hardware and software.

What is an IT asset?

An IT asset is anything that the company owns that is a system, software, hardware or even information that is used towards business activities.  The aim of ITAM is to gather a detailed inventory of all of these assets then to use this information to make informed decisions going forward. The goal is to avoid unnecessary asset purchases by ensuring that all assets are used to their fullest capacity, are efficient and do the job that is required.

It can often be divided into hardware and software asset management to categorise everything into one of these two general sections and make it easier to track the various assets within them.

Benefits of ITAM

There are a number of benefits for ITAM that apply for any type of business:

·         Makes it easier to see and control all IT assets

·         Ensures that all assets are used in the right way

·         Ensures the business keeps up with compliance and audit requirements

·         Reduces software and hardware costs by only replacing what is needed

·         Allows the business to plan changes by understanding what assets are owned

·         Offers configuration data for Service Management

ITAM and International Standards Organisation (ISO)

When looking at setting up ITAM, it is worth considering there are five major parts of the International Standards Organisation (ISO) that impacts it. These are the five parts of ISO 19770 and includes best practices for ITAM as well as a number of technical stipulations to ensure that best standards are met.

For more information about our IT Asset Management services, get in touch with us today.