How to maintain Asset in IT firms?

How to maintain Asset in IT firms?

Maintaining assets in an IT firm is like tending to a well-oiled machine. Regular check-ups and a proactive approach help keep things running smoothly.

The end-to-end tracking and management of IT assets, known as IT asset management, ensures that each asset is used, maintained, improved, and disposed of appropriately at the end of its useful life.

Asset Management entails tracking and making strategic decisions regarding IT assets utilizing data from contracts, finances, and inventories. Firms invest significantly in maintaining IT assets essential for a business’s success. By lowering the overall number of assets in use and prolonging their life, Asset Management in IT firms also contributes to cost optimization by preventing expensive upgrades. Understanding the total cost of ownership and figuring out how to maximize asset usage are crucial components in the management of assets in IT companies.

However, managing it can be daunting. Asset management software is very helpful in maintaining, managing, and optimizing an IT asset with timely update notifications.

What is an IT Asset?

Any piece of hardware, software, or information a company employs for commercial purposes is considered an information technology (IT) asset. Physical computing equipment, such as servers in data centers, desktop and laptop computers, mobile devices, keyboards, and printers, are examples of hardware assets. Conversely, software assets include databases and software systems created with open-source resources and applications for which licenses are typically granted per user or machine. Cloud-based assets like Software-as-a-Service (SaaS) apps are also considered software assets.

Checkout these best practices for managing and maintaining Assets in IT firms:

Here are some best practices for maintaining IT assets in a company:

  • Asset inventory: Multiple sources can be used to create an asset inventory.
  • Asset life cycle: Keep track of assets throughout their lifecycle.
  • Software and licenses: Centralize the management of software and licenses.
  • Tracking metrics: Track relevant IT asset management metrics.
  • Audits: Conduct IT asset audits.
  • Maintenance: Ensure that assets are properly maintained, repaired, and replaced.
  • Depreciation: Monitor capital asset depreciation to ensure accurate financial records and business choices.
  • Asset management policy: Create an asset management policy that will align operations with international standards while saving money and time.
  • Register an Asset: Maintain an asset register that contains accurate information about the location, condition, and value of assets. 

Proper asset management and maintenance can help organizations save money and time, maximize asset utility, and limit the risk of redundancy. It can also help increase adherence to accounting standards, health and safety rules, and other legal and regulatory obligations. 

What is an IT Asset Management?

According to Wikipedia, asset management is the systematic process of creating, using, upgrading, maintaining, and disposing of assets in the most economical way possible (considering all expenses, risks, and performance characteristics).

“IT Asset Management is a collection of operational procedures that integrates IT resources from all business divisions inside the company. It combines the duties of contract, risk, financial, and inventory management to oversee the whole life cycle of these assets, encompassing both tactical and strategic decision-making.” – As per IAITAM (IT Asset Managers International Association). 

Stages of IT Asset Management

IT asset management involves managing an asset’s lifecycle to maximize productivity. This lifecycle encompasses various stages, although each organization may have unique lifecycle stages.

  • 1. Planning: This involves making strategic decisions about the assets an organization needs, their intended use, and their acquisition methods.
  • 2. Procurement/Acquisition: Assets can be acquired through various methods, such as buying, licensing, building, or leasing.
  • 3. Deployment: Asset deployment involves installation, integration with other tools, user access, and technical support.
  • 4. Maintenance: Regular maintenance, upgrades, and repairs should be made to optimize the use and value of deployed assets, ensuring their longevity, cost-effectiveness, and risk mitigation.
  • 5. Retirement: An IT asset is retired when depreciation occurs, and maintenance becomes unfeasible, indicating the end of its lifecycle when the organization spends more resources on it.

Benefits of IT Asset Management

  • 1. Improved performance: Optimized asset utilization and allocation.
  • 2. Increased security: Better control over asset access and vulnerability management.
  • 3. Reduced costs: Minimized waste, reduced license violations, and optimized procurement.
  • 4. Asset visibility: Real-time tracking and monitoring of asset location, status, and usage.
  • 5. Improved budgeting: Data-driven decision-making for asset acquisition and disposal.
  • 6. Automation: Streamlined processes and workflows for asset management.
  • 7. Analytics: Insights into asset usage and performance to inform business decisions.
  • 8. Reporting: Accurate and timely reporting for compliance, auditing, and management.

Conclusion

Any organization that uses technology in its operations must implement IT Asset Management Software. It tracks and manages all IT assets, including data, software, and hardware, in an organized manner throughout their lives. Businesses can lower expenses, boost productivity, strengthen security, and guarantee regulatory compliance by putting Asset Management into place. Organizations can obtain a competitive edge, improve overall performance, and secure long-term success by proactively managing their IT assets by implementing Asset Management Software by HRM Mitra that helps manage all the IT Assets at a centralized location by tagging and tracking assets in real-time.