4 IT Asset Management Tool Groups for Managing IT Assets

4 Key IT Asset Management Tools for Managing IT Assets


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An IT Asset Management Tool is an essential It Asset Management solution for any business that needs to manage the life cycle of its IT assets. This can be from planning, to appliance, to eventually disposal or replacement.

There are a variety of IT assets that can be monitored using IT Asset Management software, which can be broken down into 4 groups.

The 4 Groups of an IT Asset Management Tool

The 4 Groups of an IT Asset Management System

1. Software

Software assets consist of computer programmes and operational information used in IT systems. Using an IT asset management tool to manage software can be beneficial in a number of ways.

Some of the main benefits of having an IT asset management solution for managing software are:

  • Automated software updates that improve safety and make sure security standards are met.
  • Allows you to have an accurate record of all software in one system.
  • Correct and accurate licence management of all software.
  • Integration with procurement systems to have the ability to order and request software products.
  • Effective asset life cycle management that can lead to efficient forecast spending to dispose or replace assets.

2. Hardware

Along with software, hardware is also an important asset in an IT setting. Hardware assets consist of machines, wiring and other physical components of a computer or electronic system.

Hardware can also fall under traditional asset management solutions that can monitor and track physical items.

Read more: 3 Effective Technologies To Track Business Assets

However, using an effective IT asset management tool to manage hardware assets can be beneficial in a number of ways:

  • Modern IT asset management solutions enable you to track and monitor IT hardware.
  • A management system can reduce the number of hardware assets being lost, stolen or misplaced.
  • Lets you manage maintenance and effectively plan for replacements once an asset reaches the end of its life cycle.
  • Offers accurate hardware license management to avoid under-licensing and over-licensing issues; both of which can be reduced with IT asset management software.
  • Significantly improve the process of auditing and compliance.
  • Effective asset life cycle management that can lead to efficient forecast spending to dispose or replace assets.

3. Mobile and Tablet Devices

A modern IT Asset Management tool can often be managed on-the-go using a mobile or tablet device. This can be extremely efficient when monitoring physical assets across multiple sites or by different teams.

A modern IT Asset Management tool can often be managed on-the-go using a mobile or tablet device

With an increase in the use of mobile phones and tablets in the workplace, asset management is an effective solution to managing these portable devices:

  • It can allow you to manage an entire inventory of devices in one centralised system.
  • Asset management can deploy preconfigured WI-FI and email settings, where devices have capability.
  • You can create, assign and modify device policies.
  • Enforce and manage security settings such as access, data security and passwords.
  • View and manage apps installed across all devices.

4. The Cloud

Cloud asset management is the management of cloud applications, platforms and infrastructure. As opposed to the management of physical or digital assets on a cloud-based system.

Asset management systems have standardised the feature of cloud asset management

It’s predicted that over 80% of IT budgets will be committed to Cloud applications and solutions in the future, so this is now a fundamental group of any IT asset management tool.

With this in mind, most asset management systems have standardised the feature of cloud asset management. This feature can offer a vast range of benefits for any business:

  • Effectively manage digital assets stored on cloud databases.
  • Monitor the condition and uptake of cloud services and coverage.
  • Instant and full access to subscriptions and usage data.
  • Manage the current budget of cloud activity and forecast future spending.
  • Allows for improved security and assurance of cloud assets.

How can you Find the Right IT Asset Management Tool?

There is a great variety of high quality IT asset management software available now. So the next step is to search, compare and shortlist the right IT asset management solution for your business.

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