5 Important Tools for an IT Asset Management (ITAM) Process

The number of IT assets organizations possess is growing rapidly, but managing this growth doesn’t have to be complicated. Efficient IT asset management comes down to having a process and plan in place to quickly and consistently track all assets. With this in place, you can improve the speed and delivery of IT services across organizations.

What is IT Asset Management?

IT asset management (ITAM) consists of managing and overseeing all the assets in an organization’s IT environment. The main goal of ITAM is to maximize IT asset value in your business.

The term “IT assets” covers hardware, software, or other related technology within the IT environment. The span of time that these IT assets are used within the organization is tracked through a process called IT asset lifecycle management.

The IT Asset Management Lifecycle

IT assets all cycle through a series of phases, starting from when they are first obtained and ending when they are no longer of use. The five stages of the IT asset lifecycle model are requisition, procurement, deployment, maintenance, and retirement. IT asset lifecycle management follows IT assets through this model and aims to reduce costs and maximize the use of IT assets.

What is an IT Asset Management Process?

An ITAM process is a set of procedures focused on accounting for IT assets and making sure they operate efficiently, keeping track of who has these assets and where they are located, and tracking their use in the organization across their lifetime.

Why is an IT Asset Management Process Important?

An ITAM process is crucial because it provides structure and extends visibility to all IT assets. Without an ITAM process in place, workflows can be inhibited, assets can become vulnerabilities, or the acquiring/disposal of IT assets can be performed improperly. This can lead to unplanned downtime or expenses and impact operations as a whole.

The implementation of a structured ITAM process imparts control and helps to streamline IT operations, manage risk, reduce unnecessary waste, cut down on costs, and improve visibility within the organization:

Take back control

The overall goal of an ITAM process is to gain control over any and all assets within your organization. With the help of ITAM software, the process can help you track down all IT assets and continually monitor them throughout their lifespans. To ensure you’re gaining other benefits of ITAM software, apply these ITAM best practices.

Streamline IT operations

Many actions or services are taken to carry out various IT operations. For example, an ITAM process optimizes these actions by managing your IT assets and ensures that other IT processes are efficiently completed.

Manage risk

Keeping track of your IT assets makes it easier to manage risk and mitigate against vulnerabilities. For example, assets that have reached the end of their lifespan or are no longer supported with patches can be a direct gateway for bad actors into an IT environment and should be actively managed and removed when possible.

Reduce costs

ITAM is a preventative measure you can take to decrease the amount of money you spend on maintaining a functional IT environment. Though carrying out your ITAM process will be an expense for your business, it will allow you to significantly reduce costs associated with fixing IT vulnerabilities or replacing IT assets later on.

Improve visibility

Beyond taking control, an ITAM process grants complete visibility into an organization’s IT assets from one central location. This prevents the need to manually track down new IT assets or update the asset inventory to reflect assets that are no longer being used in the business.

What is ITIL?

The Information Technology Infrastructure Library (ITIL) is a set framework that provides best practices and procedures for ITAM and IT service management (ITSM). ITIL helps to ensure that IT services align with what businesses need for their IT environments. Check out our other blog to learn more about ITIL vs ITSM and other processes.

Professionals who manage digital services within a business can become ITIL certified. In the latest version of ITIL, ITIL 4, there are seven modules. These modules make up the five different levels in the ITIL 4 certification.

ITIL certification is a widely recognized achievement that many businesses seek out because of the many benefits that come from the principles. For example, hiring a professional who knows the best IT standards and practices can help an organization to implement efficient ITSM or ITAM processes for organizations.

Five important tools for an ITAM Process

ITAM processes are carried out using IT asset management software, which is software used to systematically manage and keep track of your organization’s IT assets. Five essential and helpful tools included in ITAM software are:

1) Procurement

Procurement for IT assets refers to the process of obtaining IT assets within an organization. This ITAM tool helps the IT procurement process manage and organize any acquired assets.

2) Asset discovery

When IT assets are continually added or retired within your organization, keeping track of all IT assets is challenging. Asset discovery continually works to discover new assets in your IT environment. This feature prevents you from manually attempting to track down new assets and helps keep your asset inventory up-to-date.

3) Asset lifecycle tracking

Each IT asset goes through a lifecycle, starting from the requisition and ending at retirement. ITAM software will track your organization’s assets through each stage of the IT asset lifecycle, helping you manage each device from start to finish. Following your IT assets through their entire lifespan can ensure that you get the most out of each asset, helping you to gain the maximum value from your organization’s IT environment.

4) Real-time information

ITAM software provides information about your IT assets in the present, as changes are noticed. It notifies you immediately if it detects a metric going beyond the threshold you’ve previously set. This tool enables you to take action in solving any issues that arise quickly.

5) IT Asset Auditing and Reporting

Auditing assets using ITAM software can help you identify any possible problems in your business’s IT environment. Reports of the audit results can be made, which enables you to see the overall health of your IT assets easily.

Manage Your Organization’s IT Assets Using NinjaOne

Implementing an ITAM process in your organization will actively prevent foreseeable issues and support business uptime and critical organizational processes. NinjaOne’s cloud-based IT asset management software provides an easy-to-use ITAM interface to spend less time trying to work the software and more time proactively solving issues in your IT environment. Sign up for a free trial of NinjaOne today.

Next Steps

Building an efficient and effective IT team requires a centralized solution that acts as your core service deliver tool. NinjaOne enables IT teams to monitor, manage, secure, and support all their devices, wherever they are, without the need for complex on-premises infrastructure.

Learn more about Ninja Endpoint Management, check out a live tour, or start your free trial of the NinjaOne platform.

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