Easily Shortlist & Compare ITAM Software to Manage Licences, Hardware, and Other IT Assets


What Type of IT Assets Are You Looking to Manage?

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What Is ITAM Software?

ITAM (IT Asset Management) Software is a digital tool used to monitor, track, and manage a business’s IT assets, with the goal of improving network infrastructure visibility and ensuring effective decision-making.

An organisation’s IT asset infrastructure typically includes hardware assets, software licenses, cloud applications, and other IT-tech-related assets.

Through processes such as inventory monitoring, lifecycle tracking, and contract management, ITAM systems help businesses:

  • Maintain IT infrastructure through asset discovery
  • Ensure compliance with software licenses
  • Reduce unnecessary purchasing costs
  • Improve cybersecurity through patches and updates
  • Track and enhance vendor management

The Benefits of ITAM Software for IT Managers & IT Teams

Gain Visibility of IT Infrastructure

With LAN asset discovery integrations and network monitoring tools, ITAM Software provides a single source of information for organisations to track, monitor, and manage their IT inventory - as opposed to storing data in multiple spreadsheets.

The use of an ITAM system is particularly handy for offices that are spread across multiple locations, meaning businesses will have more than one LAN.

A single source of information keeps track of assets that are allocated to various places such as local and global offices, home offices, warehouses, and other places of work. This helps to reduce the risk of IT equipment going missing, keep software assets up to date, and meet compliance requirements. Data includes:

  • Serial numbers/IDs
  • Metadata
  • Purchase dates and prices
  • Software license update and renewal dates
  • Assigned users
  • Location/Allocation of assets

Reduce License & Hardware Expenditures

A main function of ITAM Software is the ability to build out a catalogue of your IT infrastructure. The data collected to produce an IT asset register ensures that efficient lifecycle management can take place, which is where IT managers can identify unnecessary expenditures. Costs can be drastically reduced on:

  • Underutilised asset ownership
  • Unnecessary purchases
  • Fines associated with software compliance
  • Replacing lost or stolen IT equipment

Minimise Cybersecurity Risks

Through auto asset discovery and having a holistic view of the entire IT infrastructure, IT managers can identify risks such as rouge devices and outdated assets. For example, data will show when a software application was last updated and if an update or security patch is overdue, alerting IT teams. It’s important to then carry out that update to reduce cybersecurity and data-breach risks.

IT managers can also see if employees are using approved-only applications, which, with some staff working from home or away from the office, is a major security concern. An ITAM system can be set up to alert personnel of any unapproved applications or foreign downloads to a company device.

Compliance Assurance and Auditing

Most medium-to-large software vendors routinely audit the licence conditions of their software usage, including organisations such as Microsoft, SAP, Oracle, and Adobe. By using network-based monitoring tools, they can identify how their licences are being used.

IT teams, therefore, need to know who is using each software license and how. An ITAM system allows IT managers to review a business’s software licences by usage and users, making them aware of their compliance requirements and contractual agreements.

Improve Dynamic Relationships Between IT Equipment and Employees

IT Asset Management Software is designed to replace manual and error-prone tools such as spreadsheets. By doing so, dynamic relationships are maintained between IT assets, workflows, and employees.

The word dynamic is important, it highlights the difference in how a business deals with IT inventory for C-level staff. Businesses will generally need a different configuration for each type of employee. For instance, a support team may require two monitors, whereas a sales team may only require one. Alternatively, remote employees may require a VPN or cloud-based access to store data on servers.

Features and Functionalities of ITAM Software

IT Hardware Asset Tracking

The ability to track IT hardware assets is a key component of ITAM Software. Tracking IT hardware in real-time provides up-to-date data on location, user, condition, and security.

Through the use of barcodes, RFID, and NFC Tags, tracking hardware reduces the risk of assets being lost or stolen and ensures the availability of equipment. IT hardware includes monitors, servers, storage/memory devices, routers, mobile devices, printers, scanners, and more.

The benefits of hardware asset tracking with an ITAM system include:

  • Having complete transparency of all hardware assets
  • Keep track of hardware assigned to employees
  • Set up an equipment booking system
  • Track location across offices, storerooms, and staff who work from home
  • Helps to streamline physical asset verification audits
  • Ensure hardware maintenance is up-to-date and compliant with regulatory standards

Software License Management

ITAM Software enables the ability to consolidate all software licenses into one system. This helps to track software usage and distribution throughout a company as well as mitigate risks such as compliance with licensing agreements.

By tracking software licenses, organisations can see who has access to applications (which helps when it comes to offboarding processes) and which software licenses are being used or wasted - of which 36% of desktop software is estimated to be underutilised.

Types of software licenses included Named License (user-based), Client Access License (CAL), open-source, proprietary, shareware, and subscription.

IT Inventory Management Through Asset Discovery

IT asset discovery helps businesses to improve the visibility of their network infrastructure. This is possible by actively searching for assets within a business’s IT environment and inputting them into an ITAM system.

As infrastructures frequently change, asset discovery helps to provide a regular up-to-date view of all IT assets, reducing any unexpected changes to asset ownership, compliance, or costs.

Hardware & Software Contract Management

ITAM systems provide the capabilities to track and manage all open contracts that have been taken out for the purchasing of IT hardware and software. This is particularly handy for companies that have multiple contracts from different vendors.

A holistic view of contract details such as start date, expiry date, condition terms, warranty conditions, and length of contract, is provided.

There’s also the function of setting alerts and notifications for when contracts are coming to an end, meaning quicker and more efficient decision-making when renewing or ending contracts.

Compliance Management

Mainly focusing on software assets, compliance management functionalities are important to ensure software licenses are kept up-to-date and in line with regulatory requirements. This mitigates risks of security concerns and breaches in software usage which may result in financial penalties.

Version Management/Version Control

ITAM systems can be used to track changes to digital files such as type, size, archived, users, and updates. Version management/control is typically used in the management of digital assets (images, videos, audio files, PDFs, etc.). It ensures staff are using the correct digital file while also allowing dedicated users to locate and restore files when needed, with each version of a file being stored within an ITAM system along with a timestamp and unique ID.

What Does an IT Asset Manager Do?

An IT asset manager is responsible for the management and maintenance of a company's IT assets. Such as securing data-sensitive spreadsheets and providing software licences for multiple access. An IT asset manager's workflow tasks are vast and typically consist of planning and procurement. As well as project management, technical support, and tracking assets.

Depending on the structure of a business, the roles of an IT asset manager can regularly change. Typical roles that an IT manager include:

  • Calculating depreciation and ROI values
  • Scheduling maintenance for IT equipment
  • Planning for the procurement of assets
  • Managing equipment users and usability
  • Maintaining and renewing software licences
  • Planning for the disposal or replacement of IT assets

Using IT equipment and infrastructure assets means an IT manager must have versatile skills. Especially when it comes to asset management. They must ensure network security across a business’s cloud-based applications and software licences. As well as planning maintenance for computer monitor defects. Essentially, an IT asset manager's tasks can be broken down into four actions:

Planning and Procurement of IT Equipment

  • Forecast and produce procurement strategies for hardware and software
  • Plan development and upgrade procedures

Project Management

  • Valuable project management on a range of company-wide asset and technology projects
  • Oversee the implementation and onboarding of new software and hardware solutions
  • Regulate contracts and licences including negotiation, contract renewals, and vendor management

Technical Support

  • Work with third-party suppliers on asset provision, troubleshooting, updates, and patches
  • Support the IT asset management team with the day-to-day admin and processing of assets
  • Manage security tools and security protocols

Management of IT Equipment

  • Solely responsible for the management of inventory, maintenance schedules, and repairs
  • Presenting key asset management data and reports to stakeholders
  • Development and execution of asset management policies, procedures, and processes
  • Forecast and budgeting management, as well as financial asset planning
  • Improve quality control of assets including software, hardware, and cloud subscriptions

7-Step Framework for Finding the Best ITAM Software That Matches Your IT Processes

1. Ask Yourself: Do You Need ITAM Software?

Sometimes, a spreadsheet is a better solution. This is particularly true if you’re a team of fewer than 10 people with less than 75 IT Assets. In this case, a spreadsheet-based IT asset register can be practical and value-effective. But, for IT teams who manage more than 250 IT assets, ITAM software is the right option.

One main reason why organisations begin searching for an ITAM tool is to start the migration from using error-prone spreadsheets. 87% of the companies (analysed based on 641 leads on Comparesoft) looking for new ITAM software typically migrate from spreadsheets.

It‘s common for businesses to view an ITAM system as the only solution to their IT problems. But, an IT tool only has the power to automate processes using the data you already have. This means, that if your data is not optimised for your IT needs, then it will be just another tool that collects data.

2. Set KPIs to Measure ITAM Software Success

Your decision to invest in IT Asset Management Software is a decision to invest cash and time. But it should also be an opportunity to focus on improvements, such as:

  • Improved management of software licenses
  • Increased visibility of your IT infrastructure
  • Securing your IT Network

Below, is a basic example of the targets you should set for your ITAM tool:

IT InventoryQuantityCurrent IT Spend Per YearNew IT Spend With ITAM Per Year
Monitors500£100,000£90,000
Desktops430£301,000£270,900
Software licences350£126,000£100,800
Servers90£13,500£12,150
Total1370£540,500£473,850
 

3. Highlight Cybersecurity Needs That an ITAM Tool Will Address

Deploying an ITAM system increases the chances of a more secure and less fragile network, which reduces cyber risk. The fundamental concept is that with ITAM Software you will know how many IT Assets you have, their status, location, and users. Using this information, you can:

  • Identify your most valuable and vulnerable assets
  • Identify users who may require cybersecurity training
  • Keep track of network patches and updates
  • Use data to identify patterns between users and usage (this will help to ring-fence your IT Infrastructure)

4. Identify ITAM Features and Functions You Need

The ITAM tool you choose should include features that are critical for your IT processes. This will ensure you benefit from your chosen tool and see a great return on investment.

Industry fit is also an important factor to consider, as every industry is different. However, the degree of similarities between two businesses in the same industry is high. Choosing ITAM Software that is widely adopted in your industry has two main benefits:

  1. There is market validation that the terminologies of your industry can be easily used in the product.
  2. The configuration of your IT asset management system will be faster in a tool that is adopted by your industry.

5. Invest Time In Free ITAM Tool Trials and Demos With Vendors

Free trials can be used a various stages of the product buying cycle. For instance, they can be used to gauge user experience, interface face design, and product experience at the very beginning of a buyer’s journey. Or they can be used once your requirements have been outlined.

Once you’ve highlighted key requirements and identified potential ITAM tools, free trials should be carried out using your data. This helps to get a better perspective of the tool and minimises the risk of choosing the wrong one.

It’s also recommended that other colleagues and users take free trials of the product, too. So that you can gauge how well the system can be adopted throughout the organisation.

6. Making Decisions Based on Emotions, Logic, and Competency

Whilst a decision to buy a tool will be based on emotion, as it is largely based on the people who represent the vendors, we suggest scoring the logic used to make your decision and the competency of your product quantitatively. Take a look at the table below as an example:

Product AProduct BProduct C
User Interface8/107/109/10
Product Experience With Your Data6/105/106/10
Industry Fit20 customers27 customers16 customers
Discovery Capabilities7/105/106/10
Total Cost£100 per user£120 per user£180 per user
 

7. Implementing and Adopting Your Chosen ITAM Software

Once you’ve shortlisted the right ITAM for your operations, now is the time to deploy it. But, keep in mind, that deployment of software throughout the entire workplace can vary in length based on several factors:

  1. Type of Software: If you’ve chosen an ITAM tool that is a SaaS, cloud-based, or web-based model - like 78% of SMBs - you can access the tool as soon straight away. But, if you’ve opted for an on-premise solution, be aware that the setup and deployment will take much longer. On average, the time it takes to get all the infrastructure in place can take anywhere from six months to two years.
  2. Amount of Data Migration: Once set up, it’s time to migrate over your existing data. Depending on the amount of data stored, this could be a lengthy process. Some vendors provide help with this to speed up the process, but this could incur hidden fees.
  3. Integrating With Other Applications: For you and your team to achieve an efficient and smooth workflow, all systems need to be aligned. Whether that be programs such as email, calendars, file-hosting, or data storage, you’ll need them all connected to the new ITAM system.
  4. Time Taken to Train IT Teams: Everyone who has access to the new tool will need to be trained. Training could be offered by the vendor in the form of on-site training, webinars, and online videos. If you’ve chosen a tool that is easy to use and has a familiar UI, then training may only take a few weeks.

Your implementation and adoption roadmap should be clear. It should have buy-in from your peers and senior management, as well as your chosen software vendor. Lack of clarity and focus remains the number one reason for project failures, so this stage is crucial.

66% cost overrun, 33% schedule overrun, and 13% shortfall on benefits. Most IT asset management tools deliver about 10 to 15% in cost and efficiency savings. If the average shortfall is 17%, then there’s a real risk that your chosen ITAM solution can do more harm than good.

UK’s Best ITAM Software Products

Setyl ITAM Software

Setyl

A cloud-based IT asset and subscription management solution that leverages HR, accounting, and MDM data to enhance IT asset visibility and spend.

Most Suitable For

Medium to enterprise-size organisations looking to manage assets, licenses and people

Used By

1,350+ organisations

Deployment

Cloud-based

Snow Software

Snow Software

A platform that consolidates IT asset data and simplifies spend, usage and compliance workflows.

Most Suitable For

An integrated platform that simplifies IT estate spend, usage and compliance management.

Used By

3,000+ organisations

Deployment

Cloud-based, on-premise, managed service

Vizor

Vizor

A deeply configurable IT asset tracking and management system with service management capabilities.

Most Suitable For

Organisations with complex IT asset tracking and management requirements.

Used By

1,000+ organisations

Deployment

Cloud-based, web-based

Freshworks

Freshworks

A cloud-based IT service management product for medium and large businesses.

Most Suitable For

Organisations with 250+ employees.

Used By

40,000+ organisations

Deployment

Cloud-based, on-premise

ManageEngine ServiceDesk Plus

ManageEngine ServiceDesk Plus

An enterprise service management platform for IT and non-IT service operations.

Most Suitable For

Medium to enterprise-size organisations with 25+ technicians.

Used By

100,000+ organisations

Deployment

Cloud-based, on-premise

Ivanti

Ivanti

An enterprise ITAM platform that consolidates endpoint security, service management and IT operations processes.

Most Suitable For

Large to enterprise-size organisations looking for a security and service-focused ITAM solution.

Used By

45,000+ organisations

Deployment

Cloud-based, web-based, on-premise

xAssets

xAssets

A highly secure, highly reliable solution for organisations with complex IT and fixed asset management requirements.

Most Suitable For

Organisations with complex IT and fixed asset management requirements.

Used By

100+ organisations

Deployment

Cloud-based, web-based, on-premise

Sysaid ITAM Software

SysAid

An easy-to-customise IT asset and service management solution that focuses on process automation.

Most Suitable For

Organisations looking for a customisable, quick-to-implement IT asset and service management solution.

Used By

10,000+ organisations

Deployment

Cloud-based, web-based, on-premise

Certero ITAM Software

Certero

A SaaS-based, consolidated ITAM platform with modular components and flexible deployment.

Most Suitable For

Enterprise organisations looking for a consolidated ITAM platform.

Used By

250+ organisations

Deployment

Cloud-based, web-based, on-premise

License Dashboard

License Dashboard

A SaaS-based ITAM solution with strong third-party integrations and rapid implementation.

Most Suitable For

Organisations looking for a quick-to-implement ITAM solution.

Used By

250+ organisations

Deployment

Cloud-based, web-based

Helpful Guides for ITAM Software Users, IT Teams & IT Asset Managers

Why Network Security and IT Asset Management Are Interlinked

6th Nov 2017

In 2016, 50% of UK businesses experienced a form of cyber attack. What most of us don’t know is that ITAM software can actually play a critical role in enhancing security to protect against this. In this article, discover what measures ITAM software can take to keep your data secure.

The Importance of Mapping IT Assets to Better Understand Your Network Infrastructure

21st Sep 2019

In this article, learn the various new ways of creating a network map based on your IT hardware with IT Inventory Management software. In addition, we’ll discuss its importance in data governance and its usage by your employees.

Assigning IT Assets: Best Practices & Policies When Onboarding Or Offboarding Employees

14th Sep 2019

Discover the best practices and skill for assigning your IT hardware and software to employees. Including understanding the basic principles of assigning assets, automating the asset assignment process, and Integrating between ITAM and HR systems.

What Is a CMDB & How Do They Work?

3rd Aug 2022

A technical view on what is a CMDB (Configuration Management Database) and the importance of CMDB for effective management of IT assets.

What Is Digital Asset Management & Why You Need a DAM System

10th Oct 2023

Deploying IT Asset Management Software is essential to understanding the life cycle stages of your digital assets. But what other benefits can ITAM software provide when it comes to your asset’s life cycle?

What Is IT Asset Discovery & How Does It Work

22nd Feb 2024

See how IT asset discovery is the first step to gaining complete visibility of the assets that exist on your network & why it’s essential.

Common FAQs That IT Teams & Leaders Ask

Q

How Much Does ITAM Software Cost?

ITAM software prices can vary and typically start from £0.23 per month per device (or $0.30 per month per device) to £900 per user per month.

There are some really good tools available at £75 to £100 per user per month. Use our search assistant to define your requirements and find the tools that match your budget.

The implementation and support costs vary based on the type of the product (On-Premise or Cloud-based), your requirements and configuration needs of the system.

Q

Why Do IT Managers and Teams Use ITAM?

The top three reasons for using IT Management Software are:

  • To know the location, status, user, and condition of your IT Assets
  • To optimise costs by tracking use of IT Asset
  • To be compliant and cyber-safe by effectively guarding enterprise IT Assets
Q

What Type of Hardware Can Be Managed With ITAM Software?

Most businesses manage typical IT hardware assets such as computers, monitors, desktops, phones, routers, and switches. If you are a data centre, an MSP, or a deep-tech hardware company then specialist ITAM Software can be used to manage servers, routers, virtual environments, cloud databases, server instances, elastic load balancers and other technical hardware.

Q

What Is the Difference Between IT Asset Tracking and IT Asset Management?

IT Asset Tracking is used to track the location of physical IT hardware such as desktops, workstations, monitors, and phones. Quite often barcode and RFID technology is used for IT Asset Tracking.

Whereas, ITAM is the management of both hardware and software assets. This includes the usage of software applications, license renewals of software contracts, IT inventory management, and employee onboarding.

Q

Can IT Asset Management Be Done With Spreadsheets?

Yes, spreadsheets can help significantly to manage your IT Assets if the information about your IT Assets is static or does not change often. Spreadsheets are used by 81% of UK businesses are are useful if just one person is entering the information on them. The use of spreadsheets can make a good starting point for managing IT assets as they're:

  • Cost-effective to adopt and operate
  • Understood by teams and employees meaning minimal training is required
  • Open to customisation through variables and formulas

However, whilst spreadsheets can be connected to dynamic data sources, they're rarely fully dynamic and require human input. If the information about your IT Assets is dynamic, and if you have more than one person entering the data, then the likelihood of errors and mismanagement of IT Assets is significantly higher.

There are several reasons why spreadsheets should be avoided when managing IT assets:

  • They can't readily track IT infrastructure and workplace change
  • Expired and non-compliant software licenses are difficult to track
  • Spreadsheets don't support the input of real-time data collection
  • Human errors are difficult to spot and can be catastrophic
  • Difficult to track and record the use of software or cloud applications

Spreadsheets

ITAM Software

Tracks changes in the workforce

No, each asset assigned to an employee needs to be manually tracked

Yes, it can be integrated into the employee database

Sends Important Notifications (Alerts)NoYes, notifies expiring & expired software licences. Helps avoid penalties.
Helps Maximise Usage of IT AssetsNoYes, with ELP, companies can buy as many or as few licences as necessary
Tracks Cloud-based SubscriptionsNoYes
Data AccuracyLow, Prone to copy-paste human errorsHigh – Role-based Access Ensure Data Integrity
Tracks History of IT AssetsNo – Once a cell is erased, previous info is gone.Yes – Asset history can be extracted if necessary
Ease of Asset TrackingLowHigh – Some systems use RFID tags so hardware assets can be easily scanned for inventory
Q

Should I invest In Cloud-Based ITAM or On-Premise ITAM?

Choosing whether or not to invest in cloud ITAM can generally come down to the size of the company. For example, if you have a business of more than 50 employees and an IT infrastructure spread across multiple sites and location, managing IT assets without a cloud-based application can be very ineffective.

Not only can data be easily accessed by employees across the workplace, but a cloud-based ITAM application can also offer the same data and information to employees in the field. This is possible with a mobile device, such as a tablet/mobile or laptop, and a network connection. It's also predicted that over 80% of budgets will be committed to cloud applications and solutions in the future.

There are many benefits and various to consider between a cloud and on-premise solution, so it is key to fully understand which one best suits your business type. For example, If you're part of a growing business that constantly increases data capacity, then a cloud solution would be best. This is because it offers more freedom and flexibility than a static on-premise system, which could also be an expensive upfront cost for increasing data capacity.

Q

Should I Consider Open-Source IT Management Software for My IT Management Requirements?

Definitely, yes. Snipe IT is one of the most popular open-source tool available in the market. There are a few other tools too but Snipe IT seems to be the most widely used tool.

Whilst open source is definitely a good option, you may want to be aware that working with open-source software quite often requires more technical knowledge than working with proprietary license software. The question of technical knowledge has two components:

1) The technical knowledge of the person who is going to use open-source IT management software.

2) The technical knowledge of the team which is responsible for enterprise IT inventory. The support, customisations and configurations required to manage enterprise IT assets quite often require team level technical knowledge.

Given that ITAM is heavily interlinked with employee productivity, employee onboarding, network security and IT cost optimisation. It is best to choose a license type that suits your team.

Open source IT asset management software can be one of the most cost-effective ways to move from spreadsheet-based IT asset tracking. Having said that, there are licensed and fully supported proprietary tools available from £16 per month.

Q

What’s the Difference Between an ITAM System and a CMDB?

ITAM Software and a Configuration Management Database (CMDB) are two distinct approaches taken to managing IT resources. Whereas an ITAM system focuses more on tracking asset lifecycle and asset utilisation, a CMDB focuses on maintaining accurate data and managing relationships between Configuration Items (CIs).

A CMDB allows a business to keep a repository of all CIs on a network and is designed to support complex IT infrastructures. Through a CMDB, businesses can better understand the relationship between CIs, allowing them to identify the impact that one CI might have on other CIs.

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