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What does IT Asset Management mean?

What does IT Asset Management mean?

IT Asset Management is a multi-phase process that includes the planning, acquisition, operation/maintenance, and disposal of technology products. IT Asset Management also involves monitoring and providing the financial return during an IT product’s “vital life”. Put simply, it’s making sure all IT products in your organization are tracked, managed, and upgraded to optimize productivity and minimize risk for your organization. An organization’s IT assets include hardware, software systems, or information an organization values.

Why is there such a strong focus on IT Asset Management right now?

Organizations have become so technically dependent it makes it more important than ever to make IT Assets a major focus to ensure smooth operations.

Also, proper lifecycle planning can significantly reduce your asset and deployment costs. Due to supply chain disruptions, many companies are realizing that proper IT Asset Management is critical to maintaining smooth business operations.

How can IT Asset Management help your business?

IT assets have a finite length of life, and you want to make sure you get the most from them during that lifecycle. In addition, due to supply chain challenges, IT Asset Management teams have made a shift to keeping spare assets available to avoid critical, long-term equipment shortages.

An important part of IT Asset Management is implementing a process across all lifecycle stages to get the total cost of ownership and optimize the use of your IT assets. Let’s take a look at some of the specific benefits.

Here are some other benefits of IT Asset Management:

  • Reduces your unexpected downtime by replacing IT infrastructure before it fails.
  • Avoids delays caused by outdated software and hardware.
  • Allows you to make informed purchasing decisions before a crisis forces you to act before you’re prepared.
  • Provides the true cost of ownership, including maintenance and repairs.
  • Prevent security failures that result from outdated systems.

What are the stages of the IT Asset Management lifecycle?

There are four stages to IT Asset Management, as listed below:

  1. Planning
  2. Acquisition
  3. Operation & Management
  4. Disposal

When is the right time to implement IT Asset Management?

IT Asset Management can be implemented at any time, but the best time is right NOW due to the impact current supply chain disruptions can have on your long-term financial picture. For example, if you order something in late Q2 2022, it may not deliver until mid-2023, which impacts budgeting. You should also use this process when you’re introducing new hardware or software into your network.

Have questions or want to learn more?

There’s much more to IT Asset Management than we can cover here, and the current supply chain disruption has added even more complexity. WIN Technology has strong partnerships with our IT hardware vendors giving us priority access and advantageous pricing. For a no-obligation IT Asset Management consultation, contact us here.