Why is IT Asset Management important for your small business?

IT Asset Management is often referred to IT Inventory Management. It is used to gather all your company information about the hardware and software products that you own. Setting up a system for your IT asset management may be time consuming to start but over time you will see great benefits that improve your company’s productivity, use of resources and costs.

IT Asset Management is defined by Gartner as “providing an accurate account of technology asset lifecycle costs and risks to maximize the business value of technology strategy, architecture, funding, contractual and sourcing decisions.” Tracking your IT assets not only keeps things more organized within your organization but it also gives you valuable insights into how the technology is being used, helping you make informed business decisions later down the road.

Asset Tracking:  

The concept of asset tracking has three main functions. These include:

  • Allows for documentation of all the devices within your organization.
  • Allows for the ability to identify where every device is at any point in time.
  • Allows for easily scheduled maintenance times for all your assets.

The Different Types of IT Asset Management:

  • Physical Asset Management: This section joins together the financial and inventory functions to support IT life cycle management. This includes the inventory of hardware such as desktops, laptops, printers and copiers.
  • Digital Asset Management: This section includes the management of your company’s electronic media content. This involves digital assets like photos, videos and digital data.
  • Software Asset Management: This section is responsible for the management, control and protection of software assets. This includes third party licensed software, as well as software produced by the organization.
  • Mobile Asset Management: This is an area of IT asset management that is expanding as more mobile devices are being used across organizations on a daily basis. This type of asset management is responsible for the physical device, software as well as what is being downloaded on each device. For example, before an employee downloads an app this should be reviewed and approved by an internal manager.

The Benefits of IT Asset Management:

  • Informed Purchase Decisions: When you IT assets are organized you will gather strong insights into what IT tools your organization has, how they’re being used and how much they cost. This information will allow you to make informed decisions when it comes time to choose a vendor for a new product or service, agree to a purchase price and potentially add-on any post-sales support.
  • Standardization: IT asset management helps to keep your organization organized and consistent. This consistency will help employees be more productive as they will always be interacting with hardware and software that they are familiar with. It also decreases the risk of unexpected IT costs.
  • Total Cost of Ownership: This is the total cost of owning an asset including the purchase and operating expenses. This is an important number to know as it will help you stay within your IT budget. You will easily be able to tell which assets are price efficient and which have higher costs and might be worth replacing.
  • Improved Project Management: When your devices are organized and you know what you have it allows your teams to plan for projects more effectively. Your teams will then know what devices are accessible to be used at any given time in order to successfully complete a project.

Implementing an IT Asset Management system within your organization will allow you to track all your devices, know where they are at any given time and allow for scheduled updates. There are a variety of assorted benefits that come along with a well-planned IT asset management system which will ultimately help to improve your organizations productivity, efficiency and budget. If you have questions or would like more information about how to get started with an organized IT Asset Management system contact one of our IT professionals below.

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