Benefits of Asset Management

All enterprises that have more than a few dozen employees can benefit from asset management. This article defines what it is, explains it’s benefits and the benefits of asset management software, and provides an overview of how it works.

What Is Asset Management?

It is a systemic approach to manage crucial enterprise assets over the full lifecycle of these assets, from planning and purchasing to commissioning and deployment to support and maintenance to end-of-life. Some of the benefits are improved productivity and utilization, reduced costs, and enhanced security.

An important and growing subset is IT asset management (ITAM), which focuses on technology assets. ITAM itself consists of multiple sub-disciplines including software asset management (SAM), mobile device management (MDM), configuration management databases (CMDB), cloud services brokerage (CSB), cloud asset management (CAM), and universal endpoint management (UEM). As the Internet of Things grows and more and more physical assets are wired up with sensors and connected to networks, the disciplines of traditional physical plant asset management and ITAM are rapidly merging.

Asset Management

The Many Benefits 

Asset management is an essential discipline required for any company to scale safely and efficiently and to ensure its employees receive the equipment and services they require to do their jobs. Today it is usually conducted with software that automates repetitive tasks and creates a single source of accurate and reliable asset data. Less advanced organizations use spreadsheets to track and manage assets; this is problematic due to the manual labor required to keep the data up to date and the possibility of a human input error or errant modification of asset data.

There are numerous benefits to using these methodologies broadly, and using the software in particular. At the highest-level benefits of the software include higher organizational productivity and efficiency due to better asset intelligence, procurement and utilization. Organizations that put in place sophisticated strategies can operate more safely because they know where their assets are and the status of those assets. Strong management allows organizations to more easily audit, count and analyze asset usage. By matching asset management systems with hiring plans, organizations can more accurately assess what new assets will need to be put in place when to accommodate organizational shifts and growth.

Some specific benefits include :

Create a single source of truth for asset information

These tools can tell teams maintaining and supporting assets the location of an asset, how old the asset is, whether it is out of warranty, whether it needs maintenance, number and type of support calls associated with an asset, and who is the owner or the person responsible for operating and using an asset. This centralized repository allows for the automation of critical asset management workflows to improve productivity and make asset interactions auditable and transparent.

Asset Management

Spot and resolve asset issues proactively

Asset management systems monitor the status of assets and identify potential problems that could lead to outages and downtime. By proactively spotting and then scheduling maintenance, it  improves the lifespan and uptime of key assets.

Integrate asset data with other systems of record

Smart solutions aggregate data and enable workflows across departments and information silos. This simplifies and improves cross-functional tasks such as employee onboarding, audit and compliance processes, cybersecurity incident response, financial planning for asset purchases.

Optimize and maximize asset utilization

By analyzing asset usage and distribution and mapping IT enterprise requirements and plans, these systems can help optimize asset placement and purchasing and maximize asset utilization.

Simplify asset refresh cycles and planning

For IT assets in particular, refresh cycles are important and continuous. Asset management practices and accurate asset data on warranties and purchase dates help IT teams manage rolling refreshes more effectively. This gives them time to negotiate smarter purchases with vendors and to reduce employee downtime due to unplanned asset replacement or repair.

Conclusion: Every Organization of Even Moderate Scale Benefits from Asset Management

Hopefully, this article has explained to you the strong advantages of an effective IT asset management. From HR teams onboarding employees faster to achieving better enterprise security to optimizing asset usage while minimizing outages, it is a key discipline that every enterprise must master if it wishes to scale efficiently, safely and productively. In an ideal state, the purpose of IT asset management is to elevate the practice beyond the simple entry of asset data and periodic monitoring to transform the practice into a strategic advantage that helps enterprises grow faster and smarter while using less resources and requiring fewer additional headcount. It is moving from on-prem and software-driven to become a cloud-native discipline that can scale-out quickly and be constantly reconfigured and reshaped to accommodate the normal growth trajectory of enterprises from pre-IPO through Fortune 500 sizes.

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