According to a survey by Deloitte, 72% of organisations lack a solid software asset management strategy, while 74% have not even created a formal SAM function. These stats seem unreal in the era of cloud computing, but this is true. With the adoption of the cloud, softwares and applications have become an inseparable part of our lives. To make the most of them, IT Asset Management is a crucial requirement.
But what is IT Asset Management, and how is it beneficial for businesses? Let’s find out in this blog.
What is IT Asset Management?
IT Asset Management (ITAM) is a set of business activities designed to track and manage the IT inventory of the business. It keeps a record of the procurement, deployment, maintenance, upgradations and disposal of IT assets.
The process is now carried with the help of softwares available on-premise or over the cloud. There has been a steep rise in the demands for asset management services, and the industry is expected to witness a compounding 10.3% growth between 2020- 2025. (Source)
Benefits of IT asset management
Improved tracking
IT managers need to keep track of all the hardwares and softwares bought-in in the organisation. Complete management of software assets say recording, deploying and maintaining records helps to keep a track of assets. It allows the IT team to check the usage of every asset, its deployment date and place, renewal date, etc.
With cloud and on-premise software, the task of recording and tracking assets has become simpler.
Efficient usage of Assets
Once we have a complete record of the assets we own, their usage and deployment, it becomes easier to utilise them effectively. We can pick out the best asset of performing a task, thus enhancing our execution.
Also, IT asset management helps us in identifying assets whose benefits coincide with others. Once identified, we can measure and compare their usage, pick the better option and let go of the other. This has two benefits- reduces cost and effective utilisation of assets.
Enhanced financial reporting
Finance is the backbone of every company. Keeping it upright is the only way for a smooth sail. Unfortunately, IT hardware and software requires a huge amount of financial investment. Also, this investment is not just limited to one-time purchases and involves maintenance and upkeep costs.
With dedicated software for asset management, it becomes easier to report and track financial obligations. As a result, you can estimate the upcoming expenditures and save yourself the trouble of diving into the big books of accounts.
Cost Savings
An effective IT asset management plays a key role in keeping the IT costs in check. Asset management ensures that the IT team is well aware of the currently deployed softwares and hardwares, their usage level, and scope of enhancement. Having all this knowledge in hand gives you an edge during the price negotiation conversations with the vendors. You can also highlight the unused or underutilised applications and leverage the deployed cost somewhere else.
All these activities will ensure that you’re optimally utilising the finances, not spending any extra penny and further saving it.
Better Forecasting
IT Asset Management gives a fair picture of the asset requirements of the company. The previous usage trends combined with the market study and analysis help the ITAM to forecast the future software or hardware requirements. We can not only forecast the IT needs but also the initial and maintenance cost it will bring along.
Additionally, all this can help us estimate if we require a special skill set or more human resources to perform the forthcoming tasks. So IT Asset Management helps in forecasting the organisation’s requirements directly as well as indirectly.
IT Asset Management with 365Solutions
365Solutions is a UK based cloud, security, data and IT infrastructure service provider. We have designed IT Asset Management services to deliver a user-friendly, seamless experience. We offer ITAM through an independent customer operated tool and a complete and comprehensive Asset Management service. The SAM platform is available on-premise and on the cloud as well.
When you partner with 365Solutions, our team of experts create periodic reports to help you analyse and appraise the compliances and identify under or over utilised assets. Alongside, we’ll help you find optimal deals for purchasing or renewing any software, thanks to our dense network in the domain.
For more information, visit our website or connect with our experts on+44 20 3880 1220 today!