IT asset management

Why IT Asset Management (ITAM) is Important to Organizations in 2020

Like everything in the digital world, IT Asset Management (ITAM) is changing. ITAM is significant to any organization because done right, it delivers IT cost management, improved agility to make changes within the IT department, and improves the risk of compliance due to software audits.  Properly managed, ITAM will save money both initially and for years to come, not just in the IT department, but company-wide.

What is IT Asset Management (ITAM)?

IT Asset Management uses business practices to manage IT assets across all areas of a business, including strategy and planning. This management includes responsibility for contracts, finances, software and hardware inventory and risk management. In 2020 and beyond, the ITAM professionals have the job of creating and enforcing best practices for IT asset management that produce real, measurable value. Since every department in an organization and all revenue made by an organization is now touched in some way by technology, ITAM practices are becoming increasingly paramount to all businesses.

What is changing in ITAM in 2020?

A Gartner Group study points to two important changes in ITAM for 2020.  (reference

  1. Challenges from Software Asset Management (SAM) Tools require extensive proof-of-concept testing and RFIs and RFPs. ITAM best practices should be improved to manage this change. Most SAM tools are around three years old now, and teams that use them are ready to replace them.
  2. Eliminating unnecessary cloud service waste will require the implementation of ITAM processes in cloud service controls to monitor and scale Infrastructure as a service (IaaS) and platform as a service (PaaS).

Additionally, there are more changes on the horizon for ITAM professionals.  As every aspect of business uses technology in the form of phones, computers, printers, software, and connectivity, more and more of every organization is affected by ITAM practices and procedures.  While it is not forefront in every employee’s mind as they do their jobs, ITAM influences their efficiency, effectiveness and productivity costs. As more and more demands are placed on ITAM, there is more chance of dissatisfaction.  This leads to more companies deciding to replace their SAM tools, especially as they now have a much better idea of exactly what their organization needs. People in the organization will be better able to explain their needs and procure a more comprehensive SAM solution.

As more department managers require real inventory and consumption data in order to make strategic decisions, SAM tools will become increasingly important. ITAM professionals will need to be able to present data insights that are easily provided and understood. This may also mean that better SAM tools will be required. Some of these new ITAM tools will be cloud-based, due to the many benefits of having software hosted in the cloud.  This is one of the most appealing aspects of the ServiceNow ITAM solution.

Many organizations are considering a single platform approach for SAM and ITAM programs in 2020 that integrates data for even broader analysis and decision making.  As always, it is very important for ITAM professionals to conduct due diligence and ensure that the platform solution modules will work for their organization’s needs and not waste time or money.

What are the benefits of IT asset management (ITAM) best practices in 2020?

A good 2020 ITAM strategy will result in hardware, software, data, and resource assessments that lead to corporate ITAM best practices.
Long term value from ITAM best practices include:

  • Overall IT cost reduction, and thus cost reductions throughout the organization
  • Improved software compliance which is helpful in audits and merger assessments
  • Investments in IT security
  • Better onboarding of new hires
  • Better control over IT assets
  • Improved communications and understanding between IT and other departments
  • Reduced governance risks from legislated requirements
  • Increased support for security and disaster recovery preparedness
  • Improved budgeting and other strategic decision-making processes

What is the best ITAM software?

In December of 2019, Software Testing Help published the top 5 IT Asset management Software platforms and ServiceNow retained the top position. The site stated: “ ServiceNow has been a leader in the ITSM market for 5 consecutive years according to Gartner’s Magic Quadrant for IT Service Management Tool.” The cloud-based software manages both hardware and software assets.  Additionally, it:

  • Enables the management of asset life cycles,
  • Tracks the worth of every asset,
  • And allows managers to optimize asset inventory use.

ServiceNow® also offers an additional product called ServiceNow® Asset Management with even more functionality for ITAM.  According to

“this software tracks the financial, contractual and inventory details of hardware and devices – even non-IT assets – through their life cycle.  Asset requests are handled using workflows to obtain approvals, issue chargebacks, and provision services.  Once an asset is deployed, Asset Management records all maintenance activity and enables IT to perform regular assessments, right up until asset retirement.”

Why Use InSourceNow for ServiceNow® ITSM Solutions

If ServiceNow® seems like the right solution for your organization in 2020, contact InSourceNow to help with the implementation of ITSM and Asset Management software. As a ServiceNow Elite Services and Sales Partner, InSource has the experience and expertise to quickly deploy the right ITAM solution for your organization.  We have implemented ServiceNow® solutions with over 300 clients, from start-ups to Fortune 500 companies.  Our consultants have expertise across a variety of IT systems, hardware platforms, and network infrastructures to deliver custom Service Management (ITSM) Solutions.

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