ITAM is an acronym for Information Technology Asset Management. This business management technique lets your organization support strategic decision-making with regard to IT assets, helps you optimize spending and allows managers to get a much more accurate view of the business’s total value, procurement routines and the utilization of IT assets.
What Does ITAM Do?
ITAM is a set of practices that have proven to be effective in helping balance the age-old struggle between usage and spending.
When you implement an ITAM framework within an organization, it will help control the IT environment. IT managers are responsible for controlling asset inventory and also ensuring that the IT assets fit their organization’s requirements.
But that’s not all. These IT managers also have to keep track of the existing IT assets and how they are depreciating so that maintenance and procurement costs can be minimized.
With the help of ITAM, companies can develop as well as maintain practices and policies so that their IT assets can be managed and scaled as effectively and efficiently as possible.
Benefits of ITAM
Here are some of the massive benefits you can gain from ITAM implementation in your organization:
- Asset Visibility
Gartner Inc. carried out some research that revealed that about 30% of organizations do not even know what assets they own, who is using them or even where they are. This is a frightening piece of information.
When you implement ITAM, you will be able to accurately classify all your IT assets, track them and even identify them across your organization. When you have clear visibility of your IT assets, you can plan and improve organizational performance and also reduce overhead costs.
Added to that, when you know exactly where your assets are and what condition they are in, you will be able to resolve pending issues more effectively.
- Lowered Costs
One of the biggest advantages of ITAM is that your organization can significantly lower IT-related costs. Once you have visibility to all your IT assets, you will be able to create future procurement plans. You will know accurately how many assets you need, where you need them and how much they will cost. The problem of under- or over-procurement will be resolved.
This will directly impact the whole organization’s financial planning strategy.
- Higher Accountability
One of the biggest problems any organization faces is asset theft. According to data collated by the International Foundation for Protection Officers, asset theft by employees has cost businesses in the US more than $50 billion – every single year. And the larger the organization, the higher the cost attached to asset theft.
The asset tracking feature in an ITAM software solution will take care of this problem for the organization.
- Lifecycle Management
Each asset has a lifecycle. The first stage of this lifecycle is its procurement, and it carries on until the asset is either disposed of or destroyed. The challenge that IT services teams face is keeping track of an asset’s depreciation during its lifecycle because it is extremely time-consuming and cumbersome.
Using ITAM will give you the information you need immediately.
Challenges to Implementing ITAM
The challenge is that for ITAM to work, all IT-related assets have to be inventoried and these inventories managed. Management of these assets means keeping track of how they are being utilized, where they’re being utilized, what their status is, when new assets need to procured, how many assets need to be procured and so on.
Doing this job manually is a nightmare, which is why many companies shy away from ITAM implementation or fail at it.
This is where ITAM software solutions can make a difference. An automated ITAM system means that your entire IT environment can be controlled more effectively and efficiently.
ITAM software offers a range of features that will help any organization handle their IT-related processes better. Here are some of the features you will find in such a software solution:
- Single Interface
An ITAM software solution will give you one single, web-based interface through which you can deploy all your software and hardware inventory and ITAM processes.
- Centralized Database
This software will also create a centralized database that will track all your IT assets so that all the information about them is available instantly.
- Detailed Information
You will have detailed information about each of your IT assets – where they are located, how they are deployed, and what their current status is. This is critical since a lot of IT assets are now mobile.
- Tracking the Asset’s Utility
You will have a detailed history of each of your IT assets, which can be used to assess an asset’s utility and lifespan.
- History Tracking
ITAM software will also be able to track the history of each asset, which means that you will know if any changes were made to any asset at any time.
- Monitoring Asset Lifecycle
By monitoring an asset’s lifecycle, you will know exactly when they need to be replaced and can plan for it in advance.
- Access to All Servers and Computers within the Organization
With an ITAM system in place, you will be able to gain access to any computer or server within your organization. This will help you stay on top of any incidents, problems or vulnerabilities there may be within your network and alert the IT services team immediately.
- Customized Reports
With an ITAM software installed, you will be able slice and dice the data any way you choose to generate customized reports that could provide actionable data that could help align the IT services function to the organization’s goals.
- Streamlining IT Maintenance Processes
One of the biggest bugbears that IT services teams face is carrying out maintenance work in the IT environment. However, once you implement an ITAM software solution, you can integrate it with third-party applications such as Zendesk. These providers can help streamline your maintenance process, thereby making your IT services even more efficient.
This content is sponsored by M Umair.