Technology asset tracking is a well-known category that is expected to reach $33.5 billion by 2028, with a compound annual growth rate (CAGR) of 13.83%. With traditional Asset Tracking, it is common practice for IT to manage relatively smart assets with an array of technology management tools that, in turn, deploy their own agents onto these assets. For relatively dumber assets, there are many tracking methods available, including barcodes, RFID tags, GPS-based tracking, Bluetooth tracking, and QR codes.
Ensuring a precise record of assets is an essential prerequisite in every IT governance and cybersecurity framework, such as NIST, CIS, COBIT, SOC 2, and HIPAA. For security audits, it's imperative to maintain accurate asset inventories of all internet-facing attack surfaces within the organization such as laptops to identify potential exposures and attack risks.
Asset Tracking is table stakes
Yet, asset tracking capability has become to some extent table stakes to the modern enterprise. CIOs and IT care about outcomes, many of which are dependent on having accurate visibility of their entire technology landscape.
For instance, it's insufficient to merely know the company's laptop count. It’s more important to know for a laptop used by an employee that is being offboarded that a process is correctly executed to retrieve that laptop, thoroughly cleanse its data, and subsequently prepare it for reassignment to another employee, or properly manage its disposal if it has reached the end of its useful life.
That said, many asset tracking practices within IT are woefully in inaccurate. It is very common, for example, for IT to say they simply don’t trust the accuracy of their CMDB. And without an accurate single source of truth for a company’s technology assets, then IT’s processes that rely on accurate asset data suffer a garbage in, garbage out dilemma.
This is where Modern Technology Asset Management provides an answer.
Introducing Modern Technology Asset Management
Modern Technology Asset Management (TAM) combines traditional asset tracking capabilities with the following:
- Connector Integrations that provide bi-directional data flow technology assets running technology management tool agents that
- Connect to an Enterprise Technology Management (ETM) Database that continuously provides data accuracy across your entire technology asset portfolio.
- Business Intelligence to report on your technology assets, along with robust monitoring and notifications.
- Low-Code Workflow Designer to turn asset data into action and outcomes by automating common IT processes.
Fundamentally, Modern Technology Asset Management (TAM) enhances the accuracy of the asset database, enables the automation of IT processes that deliver services back to the business, and furnishes the requisite reporting and monitoring capabilities essential for effectively overseeing the entirety of a company's technological portfolio.
Interested in learning more about how Modern Technology Asset Management works? Check out Oomnitza’s Modern TAM solution.
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