What is IT Asset Management (ITAM)?

Everything You Need to Know About IT Asset Management

What is IT Asset Management (ITAM)?

According to The International Association of Information Technology Asset Managers, ITAM is “a set of business practices that incorporates IT assets across the business units within the organisation.” What this means is that ITAM is the coordination of IT assets across an organisation so that there is more clarity and accountability surrounding them.

What are your IT assets?

There are four main types of IT assets. Software, hardware, mobile devices, and the cloud. As IT assets are not all tangible, it’s necessary to utilise a system that can allow for the effective management of any IT asset type.

You will need an ITAM database to track not only your IT assets but also each piece of information relating to each asset. Once you have an up to date database of assets, you can monitor the stock of your mobile devices and have clarity on when hardware requires PAT tests, inspections or maintenance.

In addition, your ITAM database will assist with auditing, insurance and warranties, ensuring you are always ahead of the curve when it comes to renewals and audits. This increased clarity with regards to finances as a result of your ITAM database can also assist with your knowledge of what your company can afford to invest in.

Having a contractual aspect of your ITAM database can also assist with compliance information and a contract management system. This will help with B2B purchases and selling and complement the financial elements of your ITAM database, lending a greater clarity to your business relationships.

What are the types of IT Asset Management?

There are five main types of IT Asset Management:

Physical: This is how you track your physical IT assets, such as laptops, PCs, copiers, USB sticks. Inventorying and monitoring these assets will increase time effectiveness, as well as creating a greater level of clarity whenever remote work is needed.

Mobile: Tracking mobile devices can be complicated in terms of ITAM, especially as any software updates or changes may need to be reviewed. Mobile devices may continuously be used in the field, which means more diligent IT asset tracking is required.

Software: The tracking of an intangible asset introduces further complexities, especially from an ITAM perspective, due to license requirements and the risk of compliance issues. This is why an asset tracking system that updates in real-time will always be more effective than a spreadsheet, as software is constantly updating and changing.

Digital: Digital tracking will include the monitoring of all your data, including photos and scanned in contracts.

Cloud: IT asset management of the cloud is also possible. Using IT asset management, you will be able to add software, data, and digital assets, that have been uploaded to the cloud, to your ITAM register. Creating wider accountability and transparency with regards to the cloud is imperative due to compliance and security measures, and so a capable IT asset management software is a must.

How Can itemit Help?

itemit can assist with your IT asset management efforts by offering an effective and established asset tracking software that will suit your needs.

Instead of using a spreadsheet for the most effective ITAM, it’s a lot more effective to create real-time customisable reports. The second something changes, a spreadsheet will become out of date, rendering ITAM unmanageable. As IT assets are frequently changing in status, condition and location, they must be closely monitored. This is to ensure GDPR compliance and to maintain an effective data flow across all your devices. This is where itemit can really help you to take back control of your IT assets.

You will be able to implement IT asset management for your tangible assets with the use of our unique QR code asset tags. If your IT assets are moving from site to site itemit can offer you greater accountability over your assets as well as improving the efficiency of transporting them between locations.

You will also be able to create an ITAM register for all of your tangible and intangible assets and filter them through the powerful itemit reporting features. Make IT asset management easier by linking your physical IT assets to the data they hold and set reminders for when vital maintenance is needed.

Any information can also be added to your assets, meaning that all financial, contractual, or user information can be tracked and managed effectively.

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