IT Asset Management

What is an IT Asset? / Understanding an IT Asset

Any company-owned system/hardware or information used in the course of carrying out the business is classified as the company’s IT asset. The IT Asset Management (ITAM) typically involves pooling the detailed inventory of an organization's hardware, software and network assets and later using this information in making informed business decisions related to procurement and redistribution of IT assets.

Organizations constantly demand visibility of all IT their assets with their accurate status across locations. Without a proper asset management system in place, asset tracking and its compliance in all phases of its lifecycle, right from procurement to its retirement becomes a complex and unfathomable task. Some of the challenging tasks include accurate asset tracking, timely asset refreshing and contract renewals, software deployment, contract negotiations, etc.

The ITAM Solution starts with the initial procurement and runs through until the retirement of the asset / software with processes and controls at each stage. The comprehensive asset configuration and asset life-cycle solution maintains an inventory of all the assets throughout its life cycle thus assisting in decision-making regarding the assets. It also handles acquisition details such as entitlement, chargebacks, and provisioning. All the maintenance activity is recorded, and audits are performed until assets are retired from service.

Key Business Benefits

  1. Audit and Tracking of Asset data
  2. Asset tracking throughout the life cycle including move add change delete (MACD) activities
  3. Licensing compliance and usage monitoring will help optimize usage and avoid penalties
  4. Central repository for all IT asset contracts with proactive notification
  5. Accountability and single source of truth for all CI information

Features

  1. Approval Workflow
  2. Near to real time software license compliance
  3. Intuitive reports and dashboards
  4. HW and SW asset inventory management
  5. Purchase requisition and purchase order process

Summing up with Joseph Mathenge words explaining what is IT Asset

“An asset could be your company’s capital, or the knowledge inside one developer’s head.”