Hardware Asset Management: Explained

Hardware Asset Management: Explained

A hardware asset is a term that’s used to describe a physical asset that a business may have. Using hardware asset management can help businesses to locate and maintain their assets.

What Exactly is the Hardware Asset Management Life Cycle?

The management of hardware assets covers the whole life of every asset. The life cycle can have about 6 different parts. These parts are

  • Request – This part of the life cycle refers to the request for the need of hardware
  • Fulfil – As soon as the request has been granted, the order for the asset can be fulfilled
  • Deploy – Hardware assets can now be deployed and put to use. Employees can potentially check the assets in and out while also establishing acceptable use policies
  • Monitor – This stage of the asset’s life cycle revolves around management keeping a close eye on the assets. This can help to reduce security risks and prevent hardware from becoming outdated
  • Service – Regular maintenance is usually required for all types of assets. The service stage of a hardware asset involves just this. If an asset is damaged, it may need to be reassigned or even recycled. 
  • Retire – When an asset has reached the end of its life cycle or is damaged beyond repair, the final stage involves retiring it. When an asset is retired management can work to replace it. 

The life cycle of each asset can seem a little complicated. However, when the right asset management tools are used, it can seem less so. itemit’s asset management tools can ensure that assets are maintained throughout the life cycle. Additionally, assets can potentially prove to be even more useful to businesses. This is because they can work more efficiently than ever before.

Business Asset Tracking

The Benefits of Using Management Software

There are many benefits to using management software. Some of these benefits can be found below:

Helps to Prevent Loss

When QR Codes are added or assigned to each asset, they help to prevent loss. This is a result of all assets being tracked. Users of the management software can locate the hardware at all times. 

Additionally, there will be fewer ghost assets to deal with. Assets that are misplaced can be tracked to the last-known location. Assets that are damaged and have been set aside can be repaired or replaced. Not only does this mean that fewer assets are lost, but it means fewer assets need to be replaced.

Can Boost Productivity

When damaged assets are repaired or replaced employees have more equipment to work with. As a result, productivity can be increased. More employees will have the tools they need to undertake their tasks. Deadlines are more likely to be met, and sales can increase. This is good news for any business.

Optimises Usage

itemit’s hardware asset management tool helps to optimise usage. Assets can be checked in and out and employees will automatically feel more responsible for them. In addition to this, upgrade and maintenance schedules can become more organised. This ensures that more assets will be working to the potential they were designed for.

Offers Longevity

Using asset management software ensures that more assets have increased longevity. Management will have access to the asset’s purchase history, insurance and warranty details, current ownership, current user, etc. With this information, management can make better informed decisions about maintaining, updating, and replacing the assets. This in itself can increase each asset’s longevity.

How the Right Software Can Reduce Costs

The right hardware asset management tool can help to reduce costs. When more assets are being used as they’re in a good state of repair costs can be reduced. There will be no need to replace quite as many assets as the current assets will be looked after. Setting up frequent maintenance and updating schedules ensures that costs are kept to a minimum. It also ensures that any potential issues can be found and rectified. 

When maintenance costs are lowered and fewer assets need to be replaced, businesses can save money. As a result, the funds can be used in another department, used to buy more assets. Alternatively, funds can simply be put to one side until they’re required.

Use itemit’s Hardware Asset Management Tools

There are so many benefits associated with using itemit’s asset management tools. Managing hardware can potentially be quite difficult if hardware assets are not tracked. Using the right tools can make a huge difference to businesses of all shapes and sizes. 

itemit’s hardware asset management tools can make life so much easier. Regardless of what type of business you run, itemit can help. Contact our friendly team today at team@itemit.com so you can learn how well itemit can work for you. Alternatively, you could sign up for a 14-day Free Trial so you can start benefiting from itemit’s features very soon.

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