Since ITAM is an ongoing process, the asset lifecycle concept aids in organising tasks and facilitating decision-making. The first step in the cycle is strategic planning, which is done across the organisation to determine which resources are needed, how to get them, how to use them precisely, and how to support them. The first step in the procurement process is for enterprises to build, purchase, lease, or licence the required assets. Once acquired, the assets are integrated and deployed into the IT Asset Management Software.

Information in real-time

ITAM software provides information on your present IT assets as soon as changes get noticed. You receive an alert whenever a statistic exceeds the cutoff you previously set. With the help of this program, you can promptly address any problems that may develop.

Monitoring the location of assets

It is necessary to know what is available, who should possess it, and who does. However, pinpointing the location of the assets is just as critical. Asset location tracking can assist in confirming that benefits are where they should be. It often uses RFID, GPS, or barcode scanning. Furthermore, these GPS trackers prove to be quite helpful in discovering and securing assets that go missing. 

Assessing IT Expenses

A corporation makes efficient use of its IT expenditure to meet its objectives. Knowing which IT assets should be invested in and which should be discarded is crucial for optimising IT expenses. Because of this, it’s necessary to evaluate each application’s significance and disable any superfluous, expensive ones.

Monitor software and hardware metrics

Selecting the KPIs to monitor for your IT assets is the next stage. You can choose KPIs necessary to your company based on the quantity and kind of benefit you own. The following are a few of the most popular hardware and software metrics:

• Licences for Software: Overused/Underused
• Count of IT resources
• Past-Due Warranties
• Upkeep Expenses for IT Assets
• Software licensing versus unlicensed.

By defining and monitoring metrics, you may enhance the performance of the assets. It also enables you to lower the expenses related to equipment maintenance and downtime. What? To modify the time needed for maintenance on each benefit, you may keep track of these data.

Loan of Track Equipment

If you lend your employees electronics, such as phones, tablets, and other gadgets, you must keep track of who lent what and when. In this manner, the security concerns get reduced, and your IT department has more control over the borrowed equipment. Using the ITAM tool, you can make this process more efficient. And you can keep track of how much time each IT asset spends being borrowed, maintained, and repaired.

Establish a Process for Change Management

You would probably get left with a list of assets that need updates, deprecation, or configuration modifications after your asset audit. That’s what your change IT Asset Management Software procedure needs to outline. After determining each asset’s ownership status, you may establish standard ITSM procedures for asset upkeep and management for reporting problems to the appropriate party. 

In this scenario, the information concerning vulnerabilities found, configuration problems, or inefficient resource consumption practices gets sent to various LOBs and IT staff via your ITAM system, which serves as a single source of truth.

Asset localization

When your business is continuously acquiring or retiring IT assets, it becomes challenging to keep track of every one of them. Asset discovery is an ongoing activity that helps you locate new assets in your IT infrastructure. This application saves you the trouble of constantly looking for new things, allowing you to keep an up-to-date asset inventory.