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Business Need
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Asset Management
About Asset Management
IT Asset Management (ITAM) is the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment. Assets account for all components of software and hardware that are found in the business environment. Asset Management software provides a system for managing these assets. Once the assets are implemented in the database it allows them to be tracked to ensure proper management of all the company's belongings.
Goals of Asset Management
The goal of Asset Management software is to uncover savings through process improvement and support for strategic decision making. Asset Management also allows companies to gain control of their inventory so they know precisely what their assets are, and how to manage them for best use from acquisition to disposal. This can account for enhanced performance of all assets and their lifecycle management. With this, the risk is limited and no company asset should ever be forgotten, misplaced or misused as the database keeps detailed records of where, when and how the asset is being utilized. By understanding where all assets are and how they are being used to better realize company efficiencies, accountability can be established if an asset is forgotten, mishandled or misused.
Software Asset Management
Software Asset Management applies to the business practices specific to software management, including software license management, software subscriptions management, configuration management and standardization of images and compliance to regulatory and legal restrictions which can be very costly if not managed properly. This aspect of ITAM allows companies to keep detailed information on their products. The average organization has approximately 2.5 unused applications per workstation. This example alone represents an opportunity for a company to realize its inefficiencies. Software licenses cost the same regardless of whether the application lay dormant or if it is used to its full potential. Software Asset Management can save companies thousands of dollars in unused or unnecessary software licenses by enabling providing documentation on the value of each asset to each user. This limits the chances that software licenses are used on computers of employees that do not need this software. To ensure companies have only what they need, records are kept using an automated inventory tool to allow easy referencing.
Hardware Asset Management
Hardware Asset Management involves the management of physical components of computers and computer networks, from acquisition through disposal. Common business practices include request and approval process, procurement management, life cycle management, redeployment and disposal management. This aspect of ITAM is also recorded in a database for referencing and storing. It is very important to stay on top of this as costs for maintaining networks can be great, but can be much worse if the company is spending money on parts they already have but have misplaced or forgotten. This can be avoided with implementation of Asset Manager Software. When the lifecycle of the asset comes to an end for a company it provides a unique opportunity for income. An asset at the end of its life cycle can be sold to provide capital to the company instead of disposing of it. Assets can be sold or donated to as a charitable contribution to an organization in need. This allows the company to replace aging technology before it becoming obsolete, at a lower cost. Harvesting the value of the old asset cuts the cost of buying the new asset which reduces overall cost of replacing old technology.
Role of Asset Management
Asset Managements function is the single point of accountability for the life-cycle management of all assets throughout the organization. Asset Management is responsible for development and maintenance of policies, standards, processes, systems and measurements that facilitate the management of the company’s asset portfolio with respect to risk, cost, control, IT governance, compliance and business performance objectives as established by the needs of the business. It is the goal of Asset Management software to save your company money by more efficiently managing all the company's assets through its processes.
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