32+ REASONS TO INVEST IN IT ASSET MANAGEMENT
This is it. This is the blog you need to convince your coworkers, managers and/or CEO that an IT Asset Management tool yields more benefits than the time and money put into the project. Here are over 32 reasons to invest in IT Asset Management that your coworkers will not be able to resist. Check out more information about What is ITAM here.
The following is divided into 4 sections: The IT Tasks You Won’t Have To Do Manually, Ways You Will Save Money, Building Your Data and Standing Out From Competitors
THE IT TASKS YOU WON’T HAVE TO DO MANUALLY
The following is a list of tasks you will no longer need to do manually. You will be able to offload them with an ITAM tool. Evidently, each one of them can help justify your ITAM investment:
- Software license management
- License Audit Preparation
- Assigning accountability to those who borrowed devices
- Contract management
- Vendor management
- Contract negotiation preparation
- Process control
- Centralizing information
- Filtering through data with out-of-the-box reports
- Linking departments together (removing silos, sharing information)
- Provide better service
- Consistent service with the help of automation and processes
Without a tool, most of these tasks do not get done or updated because they are tedious tasks that end up at the bottom of the to-do lists. However, with the help of a tool, most can be streamlined or automated. See how much time you can save with this workout example.
Moving on to other IT-related tasks, here are other reasons you want to invest in an ITAM solution.
Efficient Asset Reuse And Purchase
Managing every part of an asset’s lifecycle maximizes the use of the asset. This includes asset request, approval, procurement, allocation, retrieval and recycle. An example would be software applications being left on a computer when an employee quits their job. Computers are usually wiped clean without knowing that software may have been left on it. As a result, the software is lost, and the department can waste money purchasing new licenses. ITAM processes extend the life of a software application by retrieving it off an unused computer and re-allocating it to another user.
When looking for an ITAM tool make sure to look for one that integrates with systems you already use like if you use Microsoft SCCM, LANSweeper, and your Active Directory. The point is to be more efficient, therefore leveraging your current infrastructure and not adding an extra layer of software.
WAYS YOU WILL SAVE MONEY
Over time, an ITAM tool can save you money. For example, here are the primary ways it saves:
- Reduce overspending on assets via IT asset inventory
- Know exactly who has what, see what you can distribute vs buying more
- Extends lifetime use of IT assets
- Reduces shelfware by tracking assets and their usage
- Avoid penalty fees by ensuring compliance
- Monitor IT assets and reduces maintenance fees
- Improve vendor negotiations
- Assist end-users to work more efficiently
- Improve budget management by having one location for IT asset information
- Determine quantities of software and equipment required for your organization to remain productive & what their value is
BUILDING YOUR DATA
Not only are organizations in dire need of data but they need it to provide information and provide value. Therefore, a tool can sift through the data and pull out the information that you are most interested in without spending time extrapolating it and making it look nice. It’s called normalization. So in ITAM, the act of normalizing makes the software data presentable in ways everyone can understand like reports, charts or graphs.
As one of the largest (if not the largest) data repositories in your organization, other departments rely on your numbers to make informed decisions. As a result, an ITAM solution ensures there is less human error and provides reliable, up-to-date information.
STAND OUT FROM COMPETITORS
Compliance With Industry Standards
An ITAM tool helps you reach a competitive level of efficiency and productivity so you do not fall behind your competitors.
Best Practices For Environment Usage
As we are warned about the potential ramifications of climate change, there is more pressure on organizations to be a part of the solution and to try reversing the damage. Therefore, An ITAM tool helps streamline the process of disposing equipment in an ethical manner and not before extending their lifecycle as long as possible.
Help Other Departments
- Finance (budget, forecasting)
- Legal (document, contract & vendor management)
- Human Resources (onboarding employees)
- Policy/Process making (streamline processes)
- Procurement (when to purchase, what to purchase, quantities, potential discounts)
We are constantly hearing buzzwords like AI, IoT, and FinTech and how they will become intricate parts of business within the upcoming years. As a result, companies are getting their data in order, in preparation for this shift. Therefore, ITAM tools are almost necessary to get reach organizational goals. Overall, they maximize the business value of technology.
Finally, implementing an ITAM strategy encourages organizations to evaluate their processes and how they fit into their current business strategy. Although time-consuming, it is beneficial for two reasons; 1) updates processes and policies, and 2) employees start on the same page, usually cleaning up and inefficiencies in processes. In addition, the processes can be streamlined and even automated with an ITAM tool saving you even more time and reducing more costs.
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Need an action plan? Here are 10 ways to jumpstart your ITAM project