What Is IT Asset Management and Why Is It So Valuable?

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The aim of this article is to understand and answer two questions; What is IT asset management, and what are the benefits of IT Asset Management Software?

By knowing the benefits of IT Asset Management Software, you can begin to understand if an IT asset management system matches your business needs.

In this guide, we’ll cover:

What Is IT Asset Management?

IT asset management is the management of all IT equipment found in a business. Its main purpose is to maximise the value of these assets while also minimising risk.

The process of managing IT assets joins financial, inventory, contractual and risk management to better understand the life cycle of assets.

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These assets can be broken down into four groups of IT assets and usually consist of locally installed software and stationary hardware. However, IT assets can now also include mobile devices and cloud assets.

What is IT Asset Management Infographic

What Is ITAM Software?

By implementing IT software into a business, you can begin to carry out the analysis of IT assets. This type of software enables IT managers to improve cost and time efficiency in the IT centre.

With the software in place, IT managers can also collect data and analyse trends of an asset life cycle. By knowing the life cycle, from acquisition to disposal, situations such as unplanned maintenance spending can be reduced.

Features found in modern software can lead to a much more efficient way of managing business assets. These features can include tracking patch and security maintenance, digital asset organising and more.

The Benefits of IT Asset Management Software

  • Automated software updates that improve safety and make sure security standards are met.
  • Accurate records of all software, hardware, mobile and cloud assets can be kept in one system.
  • Stores correct and accurate licence management of all software.
  • Modern solutions enable you to track and monitor hardware.
  • Lets you manage maintenance and effectively plan for replacements once an asset reaches the end of its life cycle.
  • Significantly improves the process of auditing.
  • Allows you to effectively manage digital assets stored on cloud databases.
  • Gives you instant and full access to subscriptions and usage data.