{"id":162809,"date":"2021-11-05T06:27:00","date_gmt":"2021-11-05T06:27:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2947714"},"modified":"2021-11-05T06:27:00","modified_gmt":"2021-11-05T06:27:00","slug":"the-what-and-why-of-it-asset-management","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/11\/05\/the-what-and-why-of-it-asset-management\/","title":{"rendered":"The \u2018What\u2019 and \u2018Why\u2019 of IT Asset Management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">IT asset management is one of those terms that most business owners have heard, but that <\/span><span style=\"font-weight: 400;\">very<\/span><span style=\"font-weight: 400;\"> few understand. However, if you want to position your organization well for the future, it\u2019s something you definitely need to care about.<\/span><\/p>\n<p><b>What is IT Asset Management?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In any modern organization, you\u2019ll find a long list of technological infrastructure underpinning and supporting the company\u2019s processes, systems, and goals. This includes a combination of desktop computers, laptops, monitors, smartphones, tablets, and phones. You may even find printers, scanners, copiers, fax machines, and servers (though these are on the brink of becoming obsolete <\/span><span style=\"font-weight: 400;\">in a paperless workplace<\/span><span style=\"font-weight: 400;\">). On top of all <\/span><span style=\"font-weight: 400;\">of<\/span><span style=\"font-weight: 400;\"> the hardware, you have software licenses, applications, and digital subscription services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSimply put, IT asset management is a set of business practices that incorporates IT assets across the business units within the organization,\u201d <\/span><a href=\"https:\/\/iaitam.org\/what-is-it-asset-management\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IAITAM.org explains<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIt joins the financial, inventory, contractual and risk management responsibilities to manage the overall life cycle of these assets including tactical and strategic decision making.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ultimately, IT asset management\u2019s responsibility is to close the gaps that exist between various technologies. It consists of software asset management, hardware asset management, mobile asset management, and cloud asset management \u2013 each of which works together to create a cohesive experience.<\/span><\/p>\n<p><b>4 Benefits of Having an IT Asset Management Strategy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">IT asset management is designed to bridge the gap between tech requirements and business needs. Here are some of the specific benefits it yields:<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Real-Time Asset Tracking<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">One of the biggest perks of having an IT asset management strategy in place is the clarity it provides. More specifically, you get real-time asset tracking that shows you precisely what assets you own, where they are, and even what stage of the lifecycle they\u2019re in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most IT assets go through the following stages: Purchase and procurement, onboarding, management, updating\/patching, disposal. When you only have a few assets and they\u2019re all located under one roof, tracking isn\u2019t very difficult. But when you have multiple offices and a remote workforce spread across different states, regions, or countries, tracking them accurately becomes much more challenging. <\/span><a href=\"https:\/\/gogenuity.com\/solutions\/it-admin-suite\/assets\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IT asset management software<\/span><\/a><span style=\"font-weight: 400;\"> can make this a breeze. Suddenly, everything is tracked and monitored in a single dashboard. The result is greater productivity, lower costs, and \u2013 perhaps most importantly \u2013 less stress.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Improved Accuracy<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Trying to accurately project IT costs over any given quarter or fiscal year is tough. However, IT asset management makes this much easier and more predictable. It gives you a complete history of the asset all the way from the time it was procured to the \u201cend of life.\u201d This helps you develop more accurate projections of future costs, while also strategically structuring future budgets and spending so that you\u2019re as profitable as you can be.\u00a0\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Identification of \u201cGhost\u201d Assets<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In larger organizations \u2013 or even small businesses with complex technology stacks \u2013 it\u2019s easy for certain assets to become lost or forgotten about. Over time, this leads to the emergence of ghost assets, which continue to cost the business time and money (even when they\u2019re no longer being used). An IT asset management strategy ensures ghost assets are quickly identified and weeded out, potentially saving the company thousands of dollars per year (and shoring up security vulnerabilities that might otherwise threaten the integrity of the organization.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Better Customer Service<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While we primarily focus on the internal benefits of IT asset management, it also directly impacts your customer service. Effective IT asset management makes your entire operation run smoother. Customers feel this and report greater levels of satisfaction, which in turn leads to greater customer loyalty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A slight uptick in customer loyalty might not seem like a big deal. However, consider that a 5 percent increase in this area can lead to <\/span><a href=\"https:\/\/media.bain.com\/Images\/BB_Prescription_cutting_costs.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">25 to 29 percent more revenue<\/span><\/a><span style=\"font-weight: 400;\">. In other words, it\u2019s totally worth the effort and investment.<\/span><\/p>\n<p><b>Adding it All Up<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Recognizing the need for an IT asset management strategy is the first step. Implementing a proactive and cohesive strategy that pulls everything together is the second step. Hopefully, this article has given you the motivation to begin exploring new ways to build out a strategy (or enhance an existing one).<\/span><\/p>\n<p class=\"tags\">\n<div><b>Tags:<\/b><br \/><a href=\"https:\/\/icrowdnewswire.com\/category\/no-pr\/\" rel=\"category tag noopener\" target=\"_blank\">No PR<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/ips\/\" rel=\"category tag noopener\" target=\"_blank\">IPS<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag noopener\" target=\"_blank\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag noopener\" target=\"_blank\">English<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IT asset management is one of those terms that most business owners have heard, but that very few understand. However, if you want to position your organization well for the future, it&rsquo;s something you definitely need to care about. What is IT Asset Management? In any modern organization, you&rsquo;ll find a long list of technological [&hellip;] <a href=\"https:\/\/ipsnews.net\/business\/2021\/11\/05\/the-what-and-why-of-it-asset-management\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-162809","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The \u2018What\u2019 and \u2018Why\u2019 of IT Asset Management - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2021\/11\/05\/the-what-and-why-of-it-asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The \u2018What\u2019 and \u2018Why\u2019 of IT Asset Management - Business\" \/>\n<meta property=\"og:description\" content=\"IT asset management is one of those terms that most business owners have heard, but that very few understand. 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