What Is Asset Management?

In the context of IT service management, Asset Management refers to the systematic process of tracking, monitoring, and optimizing IT resources within an organization. It involves the identification, classification, and inventory management of all hardware, software, and other assets, including IT assets. 

We often get asked why asset management is important in managing IT resources. It provides organizations with visibility and control over their assets, allowing them to make informed decisions regarding procurement, maintenance, and disposal.

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The key components typically involved in asset management include asset discovery, asset tracking, asset lifecycle management, license management, and compliance monitoring. 

  • Asset discovery involves the identification and documentation of all IT assets.
  • Asset tracking ensures accurate and up-to-date information about asset location, usage, and status.
  • Asset lifecycle management includes activities such as procurement, deployment, maintenance, and retirement of assets. 
  • License management involves tracking software licenses to ensure compliance with legal and contractual obligations. 
  • Compliance monitoring ensures that assets adhere to regulatory and security requirements. 

Asset management enables organizations to minimize costs, reduce risks, and improve asset utilization. By effectively managing and leveraging IT assets, organizations can achieve maximum efficiency and derive the most value from their technology investments.

Asset management is often done as an afterthought, and too often it’s done ineffectively, manually, on paper, or in a spreadsheet. 

Reach out so that we can show how your organization can save 50% of workforce time on asset management initiatives.

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