Asset Management is an umbrella term that comprises all activities undertaken to manage the overall resources of the Company comprising of both tangible and intangible assets. The most suitable asset management strategy is the secret to optimum utilisation of resources.

The IT department of any organisation has to monitor data centre hardware, spare parts, networking equipment, software packages, etc. Information technology Asset Management includes efficient management of all aspects of these resources along with the integration of inventory tracking. The role of a productive asset management system does not end with the financial, contractual, functional aspects. It includes a comprehensive outlook where the IT functions are not dealt with, which results in maximum benefit to the business.

There is a wide range of advantages of Efficient Asset Management to a company. The system helps in cost minimisation, maximisation of ROI along with adherence to company objectives, and a futuristic vision of goals. But how exactly does it help in the functioning of the Company? Here are a few areas where Asset Management helps:

 

Tracking

The arduous task of tracking all ongoing activities forms the very basis of the functioning of an organisation. Asset Management System helps track all details like the location, use, changes of all assets that the business owns or has acquired on lease. The comprehensive information about the software, IT hardware, consumables, etc. form all the information about ongoing work.

 

Operational Efficiency

The detailed survey of assets and ongoing processes helps organisations match their requirements with the capabilities. The Company has a full understanding of its assets’ skills, condition, maintenance requirements, life cycle, etc. It helps in better decision making as well as prioritising needs.

 

Maintenance Savings

With each asset having its lifecycle, it is challenging to monitor maintenance effectively. Asset management helps to analyze the current condition of an asset, helping in third party maintenance contracts. It gives an accurate picture saving the Company any overspending on the maintenance.

 

Multi-site Integration

In the age of cloud technology, offshoring, and expansion, Companies now operate in different locations or data centres. With the Asset Management System in place, it is convenient to make inventory reports and source information for audit, insurance, finance department, etc.

 

Financial Reporting

With Asset Management system accounting on software and hardware becomes accurate, reflecting the same on the corporate financial statements. The system provides transparent information regarding procurement as well as all expenditure related to the acquisition of software and hardware.

 

Asset Recovery

Once the lifecycle of a critical IT asset is over, it is generally shifted to a less significant location, sold, or scraped. The real-time information regarding the present situation finds its place in the Company books with precision due to the asset management system.

 

Risk Management

Access to precise data about IT assets helps aids in identifying and analysing risks and provide for them. A sound asset management strategy can play a significant role in minimising risks and offers proactive solutions to it.

 

Forecasting

The better a Company can forecast industry patterns, the better it can function. By analysing the acquisition, use, and the scenario of IT assets, a Company could predict efficiently IT budgets and needs according to trends and future course of action.

 

Accuracy

Asset Management makes available all real-time data related to IT assets such as lost, stolen, etc. It keeps an accurate track and aids in recovery efforts initiation.

To sum up, Asset Management is an essential tool that organizes all the processes related to IT resources. Organizations do have all the information about their assets but in a distorted and scattered way. Asset Management helps to sort all the information related to the resources and lay them down in a form that provides accurate real-time information about them. It is essential to employ experts who can devise a customized asset management solution most suitable for your business.

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