Tips to Manage your IT Assets Effectively

Today’s businesses are all about efficiency, and find the right solutions to deal with emerging issues. That includes IT asset inventory management systems, which have now become the fundamental building blocks of a solid business infrastructure. By keeping track of historical and present data of all asset component is a virtual format, businesses can now analyze, strategize and utilize these data to find success.

However, not everyone can do it the right way, and that is where expertise and efficiency comes in. Before you find yourself making a wrong decision or following the wrong practices, check out this article that provides some very useful tips to making your IT asset management more effective:

7 Tips for Effective IT Asset Management

Today’s IT support teams don’t just deal with IT and business services. They also manage the physical and virtual asset components. Because those assets are the building blocks of an organization’s IT infrastructure, the benefits of IT asset management (ITAM) can’t be stressed enough. Many organizations have no knowledge about their IT asset infrastructure while others have limited visibility of their planned and actual asset inventory. Streamlined asset management can bring down IT costs significantly.

ITAM plays a vital role in helping an organization define and control its IT infrastructure by maintaining data about the historical and current state of all assets. ITAM also supports other ITIL processes by providing accurate information about the assets affected due to an incident, problem, or change. Finally, ITAM helps an organization stay compliant with its software licenses, gear up for audits, and reduce legal as well as security risks.

Here are some tips that will guide you to implement an effective asset management process and help you reap the maximum benefits.

Build Your Inventory

Your major goal should be to establish a central asset repository that comprises all of your IT hardware and software components. Based on the operating systems used in your organization, choose from a wide list of available scan and discovery techniques such as script–based scan, domain–based scan, agent–based scan, and distributed asset–based scan. For example, if you are a Windows user, then an agent-based scan would be ideal. It is best to capture as many asset-related attributes as possible, such as asset type, manufacturer name, status, location, and cost in order to shed more light on your scanned assets and understand them better.  

Map Your Assets

Having an asset database inventory would be pointless unless you know details such as who uses the asset, what components the asset is connected to, and what services the asset would affect in case of a failure. Now that you have built up your asset inventory database, the next step would be to build your CMDB by creating dependencies between your assets. Build a relationship map using different relationship types to get a bird’s-eye view of your IT infrastructure setup. For example, a business service can be mapped to other entities using relationships such as connected to, depends on, runs on, impacts other services, and receives data from.

Manage the Life Cycles of Your Assets

All hardware and software assets are bound to be part of a cycle that traverses through various states such as leased, purchased, in-repair, and in-use. These states help you track the complete life cycle of the assets, resulting in better resource utilization. When these assets move from one state to another, the central asset repository should be updated with the reason, time stamp, and the name of the person who modifies the state. This updated information lets you stay current, have control over your assets, and make effective purchase decisions. For example, a purchase manager can opt to lease or purchase a new asset as a replacement for an existing asset that is in the disposed or in-repair state.

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Finding business success is more than just buying the most expensive tools, it is more about managing what you have as effectively as possible. With the above insights, you now have a better understanding of what IT asset management is all about, and use this knowledge to make better plans and strategies for your business.