How to Put IT Asset Management (ITAM) in Place in Your Organization

IT Asset Management (Information Technology Asset Management, or ITAM) is a subset of IT Service Management (ITSM). It uses business practices to manage IT assets across all areas of a business, including contracts, finances, software and hardware inventory, and risk management. As every department at every level uses some kind of technology to function, ITAM is becoming more and more essential to all businesses.

Are you Beginning to Develop your ITAM Program?

Are you implementing a new ITAM program? Are you redeveloping an existing ITAM?

Any industry can be improved by IT Asset Management (ITAM) by “managing the business side of IT,” but to make ITAM as successful as possible, you have to address your company’s overall culture, goals, and objectives. The more ITAM is directly tied to those three things, the more ITAM will be highly successful for your business.

This approach ensures that the project begins with a focus on quick wins with a direct impact on the bottom line. In order for an asset management plan to be effective, it needs to be supported by an asset management system with the capabilities to monitor and maintain things of value – both tangible and intangible. They are similar to fleet management systems but can be implemented on a much wider business scale.

What are the pros of implementing IT Asset Management (ITAM) in an organization?

 When deployed correctly, IT Asset Management (ITAM) can help your business in multiple ways. It manages all of your company’s hardware and software. It tracks inventory which in turn helps you make decisions about which assets need to be purchased, redistributed, or trashed. This instantly improves overall company productivity and efficiency which eventually yields a higher ROI.

When an IT Asset Management program is correctly implemented, it can:

  • Manage all assets of a company (both IT and non-IT) including an organized asset portfolio and monitor life-cycle costs
  • A cloud-based ITAM allows you to manage assets from different locations and devices
  • Create data-driven plans which will help avert economic, operational, or legal risks
  • Create and manage service levels
  • Improve the company’s efficiency with by tracking performance and thus advance the economic growth of the company
  • Save time.

What tools are available for ITAM?

 Software tools for IT Asset Management allow you to manage software, hardware, and even non-IT assets. There are many companies that make ITAM software, like ServiceNow, but no matter which one your business chooses, make sure there is a dedicated person to understand the software. InSource can provide an ITAM expert consultant for you to ensure the system is implemented correctly for your company.

What is involved in a hardware and software asset management strategy?

 The International Association of Information Technology Asset Managers (IAITAM) defines 12 key areas necessary for ITAM success in its IAITAM Best Practice Library (IBPL), including:

  1. Create a program process throughout all phases of asset lifecycles
  2. Determine how the program will be managed following IAITAM Best Practice BluePrint
  3. Create policies and determine how they will be managed
  4. Set up an environment the supports communication and education about ITAM management
  5. Project management of the ITAM program
  6. Documentation management including purchase recs, licenses and certifications.
  7. Financial management including budgets, asset reconciliation, billing, forecasts, and more.
  8. Be prepared for an audit will make your ITAM strategy compliant.
  9. Stay on top of vendors
  10. Have a process in place for managing acquisitions
  11. Create a process to identify every individual asset
  12. Create a process for disposing of assets.

Why you need a partner like InSource?

InSource is an Elite ServiceNow Partner and in expert in ITAM. With hundreds of successful installations, saving our clients hundreds of dollars, our ITAM installation experts can ensure a smooth transition to your new ITAM software, leading to faster success.

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