8 Benefits of IT Asset Management

When IT asset management (ITAM) is not prioritized, there are various risks your organization could face, including lost devices and potential business disruptions. Whether you’re currently tracking your IT assets in spreadsheets, or not tracking them at all, it can feel overwhelming to build an ITAM strategy and select the right software. However, a thorough IT asset management program has various operational and financial benefits for your organization – all of which outweigh the risks you may face without ITAM.

Let’s look at eight common benefits of IT asset management.

Streamlined asset management

With a comprehensive IT asset management strategy, you’ll have clear processes to upload assets, assign them to employees, send things for repair, and much more. These streamlined asset management workflows will significantly reduce manual effort and decrease the risk of errors or siloed information.

Improved operational efficiency

By streamlining your asset management processes, your team will also save lots of time and resources managing IT assets. Rather than manually tracking items in spreadsheets, your team can quickly deploy devices with as little as a barcode scan. This allows you to improve overall operational efficiency and give everyone time back to work on other projects that are important to the business.

Visibility into the entire lifecycle of your assets

With all your asset estate data in one centralized platform, you’ll be able to access the full lifecycle history of your IT devices. Now, you can see who a device has been assigned to over its life, how many times it’s been repaired, if there’s a remaining warranty on it, and any other relevant data points you’re tracking.

Optimized device and asset utilization

When you have visibility and control over the full lifecycle of your IT hardware, you can easily optimize its utilization. Optimizing asset utilization ensures your devices are being used to their best ability and that your employees have the right tools to perform their jobs effectively.

Better forecasting and budgeting

By optimizing asset usage and understanding the full lifecycle of your IT equipment, you can better plan for future purchasing needs. You’ll not only be able to forecast when devices are due for replacement but provide accurate data to support this need and secure the necessary budget.

Enhanced accountability

IT asset management allows you to keep tabs on where a device is, who it’s assigned to, and what condition it’s in at any given time. This way, if an item is unexpectedly found damaged, or is lost or stolen, you can hold the right person accountable.

Improved warranty and contract management

With robust individual asset records, you can also store warranty and service contract information for every last IT asset. Keeping track of these can help you forecast when an item might need a replacement or a service contract renewal.

Increased security and compliance

By knowing exactly which assets are (and aren’t) part of your network through auto-discovery, you can identify any rogue devices or other threats to increase security. With accurate, real-time data on your IT asset inventory, you can ensure that you’ll remain compliant with state or federal regulations or funding requirements.

Conclusion

There’s no denying the many benefits of a strategic ITAM program. And while it may feel like a lot of work to get started, you’re not alone! We’ve put together this ITAM Best Practices guide to help you build a strategy, choose the right software, and much more.

When you’re ready to find the right ITAM software solution for your organization, Asset Panda’s here to help. We serve customers across 160+ industries and allow you to customize your platform to match your current workflows. See Asset Panda in action and request your demo today.