Everything you need to know about IT asset management

19 April 2024

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IT asset management is the process of managing the lifecycle of your IT environments. From software to solutions, IT asset management supports organisations globally with effectively tracking, keeping inventory, and optimising assets to ensure you’re getting the most out of your environments. From procurement to disposal, we’ll explore why asset management is important to your organisation, and the benefits of using a tool to streamline this process.

it asset management

The importance of IT asset management

IT asset management (ITAM) solutions have the potential to transform organisations like yours. Providing a single source of truth, ITAM simplifies the asset tracking process, eliminating the complex processes many organisations have, replacing it with comprehensive storage and regular maintenance. By centralising information, ITAM eliminates chaos, ensuring accurate records that facilitate informed decision-making. This streamlines processes, allowing IT employees to focus on strategic initiatives instead of dedicating time and effort to manual tracking tasks.

ITAM also contributes to cost savings and enhanced productivity by improving asset utilisation and eliminating waste. The real-time updates enable teams to avoid unnecessary purchases, cut licensing and support costs, and enforce compliance with security policies.

Modern IT asset management extends beyond traditional hardware tracking. It aligns with DevOps and SRE principles, facilitating the rapid delivery of new functionalities without compromising on reliability. Effective IT asset management enables organisations to manage their consumption of on-demand services, preventing excess consumption and unnecessary costs.

ITAM empowers teams to anticipate the impact of changes, fostering innovation and quick value delivery. Democratising access to insights gives organisations a competitive edge, making strategic IT asset management essential for those striving to keep pace with modern innovation.

 

What are the benefits of getting an IT asset management tool?

By implementing an IT asset management tool, your organisation will see several benefits, empowering your employees with efficiency and streamlined processes.

  • Forget complex spreadsheets, License Dashboard’s IT asset management tools give you access to a single comprehensive management dashboard, simplifying the asset tracking process while maintaining simplicity and efficiency
  • As the dependence on software, infrastructure, and platform services rises, a key strategy for cost reduction lies in optimising spending on these resources. IT asset management ensures your assets are being used effectively, cutting out any services or solutions that are generating unnecessary costs
  • Increasingly, applications, licenses, and various assets are procured, administered, and utilised ‘in the shadows,’ escaping the awareness of the central IT team. Utilising software that facilitates collaboration ensures that your IT Team will remain informed, empowering other teams to enhance productivity while mitigating risks and avoiding unnecessary costs

Introducing software asset management tools

Software asset management (SAM) comprises foundational processes that define its essence.

Together, ITAM and SAM tools can provide a comprehensive oversight of an organisation’s IT assets and software licenses. IT asset management tools typically focus on hardware assets, tracking their lifecycle from procurement to disposal, while software asset management tools specialise in managing software licenses, ensuring compliance, and optimising software usage. When integrated, these tools enable organisations to correlate hardware and software data, ensuring that software is properly licensed for the hardware it’s installed on. This combination of solutions helps organisations streamline IT operations, reduce costs, and mitigate compliance risks by providing a comprehensive view of their environment.

 

Let’s take a look at the core processes of software asset management tools:

Software usage: this policy delineates permissible user actions with installed software, aiding vendors in detecting misuse and maintaining business compliance

Software procurement: facilitating software acquisition, this process guides decisions on requirements, users, and appropriate usage

Software deployment: SAM processes ensure the proper deployment and approval of new software, streamlining applications and enhancing efficiency

Employee mobility: tracking software usage during employee onboarding, relocation, or departure ensures efficient reallocation and optimal utilisation

Disaster recovery: in the event of disasters, SAM processes sustain critical IT and software services until resolution

Software recycling: efficient redistribution of software assets during employee exits or internal license reviews prevents hidden costs and adheres to proper methods

License compliance: SAM processes uphold license compliance, enabling organisations to pass audits and efficiently address any issues

 

Discover all of our software asset management products and services now

 

How secure do my software asset management tools need to be?

The security of your software asset management tools is paramount, aligning with the sensitivity of the data it handles. Robust security measures are essential to safeguard against potential threats, ensuring the confidentiality, integrity, and availability of sensitive information. Features such as encryption, access controls, and regular security updates are needed to prevent unauthorised access. The level of security should align with the organisation’s risk tolerance and the criticality of the data managed by the ITAM tool, establishing a robust defence against growing cyber threats.

 

What is an IT Asset Manager?

An IT asset manager is a professional specialising in the oversight of an organisation’s IT resources. A software asset manager is responsible for the strategic management of hardware, software systems, and information throughout their lifecycle. By implementing comprehensive processes across all stages, including planning, procurement, and retirement, they aim to minimise costs, maximise investments, and provide a single source of truth for informed decision-making within the organisation.

 

License Dashboard IT asset management solutions

Our specialists will design IT asset management software to suit the needs of your organisation. Working with your team to ensure quick onboarding and immediate management of your key software, your organisation will continue to get the most value from your SAM investments.

Contact us to find out more about how we can support your cloud finance management process.

Alternatively, please email us at [email protected] or call 01904 562200 and one of our specialists will be in touch to discuss your requirements.

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