IT Asset Management (ITAM) Explained

IT Asset Management (ITAM) Explained blog banner

Managing the various types of IT assets within an organization, whether it be hardware, software, or other assets, can be a challenging and tedious process. With the exponentially growing number of assets in businesses, it can be an especially daunting task.

Fortunately, the tools used for IT asset management have advanced and it is much more feasible. Gartner claimed that if organizations adopt and execute IT asset management processes, they can save 30% of costs within the first year. To help your organization achieve that cost savings, let’s discuss what IT asset management is, how it impacts organizations, and the best methods and tools available to execute IT asset management effectively.

What is IT Asset Management (ITAM)?

IT asset management, or ITAM, is the process of tracking an organization’s technology assets and related data. Collected information typically includes an inventory of the IT assets, details about the lifecycle of an asset, and associated financial or contractual information. It is a process that encompasses the management and optimization of IT hardware, software, data, and systems.

Why IT Asset Management is important

IT asset management is important for the following reasons:

Extends visibility

IT asset management extends visibility to all the IT assets within the business. One component IT asset management solutions follow is the lifecycle of IT assets in your environment, and keeping track of every individual device or machine helps IT teams to perform that task. IT asset management also gives you complete knowledge of your endpoints and real-time information, which is essential when it comes to diagnosing any endpoint issues within your IT environment.

Provides structure

Tracking IT assets and its associated data also gives your environment structure and stability because it helps to arrange and organize the assets. With a continuously updated knowledge of devices that leave, enter, or are active in your network, it enables an overall better management of IT assets and more informed decision-making about the purchases and expenses of those assets.

Reduces risk

IT asset management allows you to reduce security risks in your IT environment. Any IT asset inherently comes with security risks, but IT asset management gives you enhanced visibility and up-to-date information on their health and performance to ensure that devices are secured and protected. IT asset management also makes it easier to adhere to compliance frameworks such as HIPAA, GDPR, NIST, and more because it provides you with the status of and information about every device and asset within your organization.

Lowers costs

IT asset management helps organizations reduce their IT expenses. Tracking devices and their performance can provide key information about their overall health so you know when they need to be replaced. Device warranties can also be made easily accessible through IT asset management software so you know when a device warranty ends and reduce unnecessary payments, which financially impact your organization. Ultimately, IT asset management helps you maximize your return on investment (ROI).

How to do IT Asset Management

The most basic method used to manage IT assets is to use a spreadsheet. This requires a member of the organization to physically track down the organization’s IT assets and record the information in the spreadsheet. A step up and better method would be to utilize online tools to record IT asset information.

Both of the methods above are doable, but they aren’t the best fit if you’re looking to level up your business’s IT methods and processes through effective management of your IT assets. Designated IT asset management tools allow you to easily enter information about each IT asset, detect unmanaged devices, and get real-time data for each of your IT assets.

If you’re looking to IT asset management software because you want to create an IT asset inventory, using an endpoint management tool in conjunction with IT asset management software, like NinjaOne, may be your ideal solution. Using an agent-based approach, an agent is installed on each new device to enable remote monitoring and management. The agents will automatically provide the software with an up-to-date inventory of all your devices.

Looking for more control over your IT assets? Check out NinjaOne’s IT Asset Management software.

IT Asset Management Tools

The tools used in IT asset management enable IT teams to systematically manage their IT devices. Key IT asset management tools include procurement, asset discovery, asset lifecycle tracking, real-time information, and IT asset auditing and reporting. Learn more about each of these important IT asset management tools and find out why each is necessary.

Best Practices for IT Asset Management

IT asset management, when it’s performed effectively, is an invaluable process within IT environments. To gain the complete value of IT asset management, consider following these three best practices:

1. Track lifecycle of IT assets

Tracking each of your IT assets from procurement to retirement allows you to gain the maximum value possible from each device in your environment.

2. Use automation

Automated tasks and functions save time and create efficiency in your organization’s IT asset management process.

3. Implement IT asset management software

IT asset management software was specifically designed for the purpose of managing your business technology, so using this type of software will give you the best tools to group, find, and manage assets.

For an in-depth look into these best practices and more, check out ITAM best practices.

Automated IT Asset Management with NinjaOne

NinjaOne’s IT Asset Management software helps organizations gain visibility into and control over their IT assets. With tools like automated discovery and real-time data, Ninja’s tools give actionable insights to lower expenses and increase overall performance. Start gaining the benefits of a well-managed IT environment and watch a demo or sign up for a free trial.

 

Next Steps

More than 10,000 customers across the globe leverage NinjaOne to monitor, manage, secure, and support more than 4M devices, wherever they are, without the need for complex on-premises infrastructure. You can too! Learn more about Ninja Endpoint Management, check out a live tour, or start your free trial of the NinjaOne platform.

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