Building a business requires a variety of assets, and growing new and old companies means expanding those assets—especially in the age of digital transformation. As 89 percent of major companies worldwide report they are engaged in digital and artificial intelligence transformation, the list of assets is only growing. Keeping track of these assets can be an arduous task without the right system in place, but letting assets slip through the cracks can cost a company dearly.
This is where a good IT asset management system, or ITAM, comes into play. Implementing such a system will build a solid foundation for businesses to track hardware, software, digital assets, and services to keep processes running smoothly and efficiently.
In a recent episode of The Distillery podcast, Teri Bobst, director of IT asset management at Cask, talked about how ITAM works and what a mature program can achieve.
With more than 25 years of experience in IT and 13 years devoted to IT asset management, Teri has in-depth knowledge and expertise on all the ways a strong IT management system can benefit companies.
Here’s how she says ITAM can save businesses money, make them more secure, and improve efficiency across the board.
Navigating through the asset lifecycle
In order to understand how ITAM benefits companies, Teri says it is important to know about the lifecycle of an asset. ITAM is involved in the complete lifecycle of an asset, from planning what assets are needed, acquiring them, deployment, monitoring, and disposal. Asset management helps ensure that the right number of assets are acquired at the right time and at the right price. When they are in use, it tracks the health of the item, what physical or software maintenance needs to be done, who is using it, and where it is being used. Additionally, ITAM helps identify and manage shadow IT, ensuring that all technology used aligns with company policies.
Teri says the largest part of the lifecycle is when the asset is in use. In that respect, ITAM can give real-time insights into the use, availability, and health of the asset. “If an asset goes missing, that’s one of the first ways to know, is that your monitoring system hasn’t picked it up,” Teri says. “This laptop hasn’t checked in in two weeks. Where is this laptop at? Those are all really important things and really encompass that protection of your organization.”
Leveraging ITAM for strategic cost savings
Companies using a strong ITAM system can see enormous cost savings through more efficient processes, less redundancy, and transparent purchasing. In the early stages, asset management makes it easier to plan ahead and buy only what is needed. As assets are tracked over their lifecycle, supply levels and the remaining lifespan can be tracked to more efficiently purchase replacements at the right time and lower costs.
Staying on top of software updates can increase the usability of assets, and tracking software licenses ensures employees have enough licenses to do their jobs and avoid duplicate purchases. Proper management is important even at the end of an asset’s lifecycle in order to monitor proper data sanitization and product disposal.
Strengthening security through proper ITAM
A critical aspect of ITAM is security, whether for physical products or data. When an incident is reported, proper ITAM enables companies to quickly determine which product is involved. When users need help with a product, it is easier to figure out which product they have and what they need. A mature ITAM program helps mitigate risks and improve compliance, and it makes audits go smoothly as the team can show which products and software have been purchased and how they have been used.
As cybersecurity needs grow rapidly, ITAM is a critical component of security plans. An ITAM program increases visibility of IT assets so that vulnerabilities can be spotted and addressed. The dialogue between ITAM and security functions is crucial for crafting a comprehensive defense mechanism against threats, highlighting the importance of their alignment in modern enterprise architecture.
Smooth HR onboarding and offboarding
One area that can be overlooked with ITAM is the benefit it can provide for human resources. Properly managed assets can easily be distributed to new employees to get them to work faster. When new employees have to sit around waiting for onboarding, it wastes their time and company resources. Having everything they need to onboard on day one speeds up the process significantly.
ITAM also ensures a secure offboarding process, as the team is aware of what assets an employee possesses when they are leaving the company. Physical assets, software, and digital licenses can be reclaimed when they might otherwise be lost or forgotten. Data can then be sanitized and devices redistributed in the company to continue their lifecycle.
Getting started with IT asset management
Putting a solid ITAM system in place when a company is brand new is a great way to build the business with good practices as a foundation for success. However, there is never a bad time to make these improvements. A knowledgeable partner like Cask can make all the difference in the transition, helping to work through proper procedures and processes and getting a plan in place.
We’re with you for what comes next
You're working in a rapidly shifting environment.
Global dynamics, AI advancements, heavy competition–the only certainty is change.
We get it. And we’re here to help you harness the full potential of ServiceNow to simplify transformation.
Let's navigate the future together.
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We’re with you for what comes next
You're working in a rapidly shifting environment.
Global dynamics, AI advancements, heavy competition–the only certainty is change.
We get it. And we’re here to help you harness the full potential of ServiceNow to simplify transformation.
Let's navigate the future together.
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