The ongoing pandemic has caused a series of unexpected changes in the way the world functions. For IT businesses, working remotely is the only option to keep up with the current scenario. This way, IT organizations are able to sustain their productivity and profit levels. The number of IT resources in a company, what condition they are in and how many employees they can be dispersed to have become a major concern. The best way to track and regulate IT assets is by using an IT asset management software (ITAM). Read on to know why they are rising in demand, especially during this pandemic.

What is asset management?

Every organization harbors a unique set of assets to carry out operations. In the IT sector, assets include:

• Computers

• Computer peripherals

• Servers

• Modems

• Software and more

When they are newly acquired, they work flawlessly. But, with time assets wear out. To keep them efficiently working they need to be effectively managed. The systematic approach of overseeing and regulating the whereabouts and conditions of assets is termed as asset management.

Challenges of asset management 

Managing assets in an organization is of utmost importance. Afterall, the better the quality of assets, the better the operations of the company. In order to fully reap this benefit, there are certain challenges to watch out for beforehand. Challenges include:

• Logging incorrect inventory details

• Storing assets beyond their disposal schedule

• Paying for ghost assets

• Poor maintenance of assets

• Failure to renew licenses/warranty/insurance

These challenges are eliminated with the use of an IT asset management system

Benefits of asset management

Top IT organizations are able to enjoy their positions in the market because of their outstanding quality of operations. That is in turn possible due to their effective management of assets. Oversights in maintaining assets hamper on business activities, which results in subpar speeds and accuracy of operations. Whereas, when assets are properly looked after, companies enjoy benefits like:

• Reduction in expenses and increase in savings

• Improved compliance with regulatory policies

• Enhanced productivity

• Extended asset lifecycles

• Reliable operations

Asset management strategies

The quality of managing assets eventually boils down to what asset management strategy is being employed. There are many different approaches to tracking and regulating assets. Among all of them, the two main strategies are manual and automated. Let’s take a look at them in detail.

Manual asset management strategy

This asset management strategy involves the extensive use of human labor. From keeping an eye on what exists in the inventory, to logging asset details in a spreadsheet software or paper, to manually assessing the performance of assets - this strategy is both expensive and time-consuming. Moreover, errors like typos, missing or lost data are some common fallacies in this method of managing assets. 

Manual asset management is only useful for very small IT businesses that carry a limited amount of inventory. If they decide to scale up, they will need to upgrade their asset management strategy too.

IT asset management software

In the modern era, digital software solutions are fast growing. They simplify and automate day-to-day activities for a wide range of benefits. A major product of this global transformation is the IT asset management software. It is an application suite that encompasses all asset management functions and packages them into an all-in-one, easy-to-use, web-based console. Let’s take a look at the type of features ITAM software possess.

Features of IT asset tracking software

• Barcode scanner - With a barcode integrated IT asset management software, you can increase the speed and accuracy of logging the whereabouts and physical conditions of assets. The software can print out unique barcode tags which can be stuck on physical devices. Whenever your IT assets change places, the tags on them can be scanned using barcode scanners. This eliminates the need to manually enter information. Moreover, crucial asset information can be stored and retrieved in an instant.

• Cloud integration - Access ITAM applications and its data from anywhere at any time. Not only that, cloud platforms provide a great storage space with lightning fast data transfer speeds. Cloud technology offers simple scaling up solutions whenever it is required. Moreover, in terms of security, they offer unparalleled features to keep cyberattacks out.

• Dashboard - The dashboard allows asset managers to get a comprehensive at-a-glance view of all the functions in the IT organization. Be it in terms of asset requests, transfers, new additions, expenses or any other parameter. By simply opening up this section, a vast amount of information about the latest developments in the company can be known.

• Simple User Interface - ITAM are designed with a simple user interface so that users are able to access all of the application’s powerful features easily. It enables easy navigation to different sections of the software like dashboard, insights, asset transfers and more.

• Notifications - Unlike manual asset management methods, IT asset monitoring software can send notifications. Stay up-to-date with nearing license, warranty and insurance expiries with SMS and in-app alerts. This way, it is also easy to adhere to asset service and maintenance schedules.

• Customization - There is a lot of room for customization. Parameters like location of business, native currency, timezone and more can be changed with just a few clicks. Users will also be able to change the layout of the software.

• Comprehensive database - Asset managers can use a variety of tools to track, regulate and maintain IT assets. Tools include adding, deleting, transferring and disposing off of assets. Additionally, employees can use unique tools to request for assets. 

• Maintaining and servicing assets - It is immensely easy to create service schedules with IT asset management software. Create recurring service schedules and more.

• Insights - Get elaborate analytics on the performance and usage of IT assets. Get to know which IT assets are most frequently used, what assets are commonly bought, budget expenditure and more.

Advantages of using an IT asset management software

• Increased longevity of asset lifecycles

• Expedite asset transfers

• Cut down on unnecessary expenditure

• Optimize the use of assets for maximum productivity

• Prevent over and underuse of assets

• Ensure that your assets meet company guidelines

• Ascertain asset compliance with the latest security protocols

Conclusion

IT asset management software applications are robust, reliable and versatile. Regardless of the pandemic, they help IT companies drive up productivity and in turn rake in bigger profits. ITAM helps optimize operations by efficiently tracking, monitoring and regulating assets. If you’re looking for a comprehensive and advanced IT asset management software, then you should look up SmartAMS. It is an extraordinary IT asset management system from the leading tech company  - SmartPoint. Contact them today.