Long-Term IT Asset Management - 5 Best Practices For Efficiency and Cost Savings
IT Asset Management (ITAM) plays a crucial role in the success of businesses that rely heavily on technology. It systematically manages and tracks hardware, software, and other technology assets from procurement to disposal. By implementing ITAM best practices, organisations can ensure that their technology investments are utilised to the fullest potential, providing maximum value and supporting both short and long-term operational success.
However, as we head deeper into the woods of economic uncertainty, many organisations face financial constraints, making it increasingly difficult to manage their IT assets effectively. In this environment, ITAM is more crucial than ever, as organisations seek to optimise their technology investments and maintain operational efficiency despite limited resources.
By having a solid grasp of industry best practices for efficient ITAM, organisations can make the most of their available resources and maximise the value of their technology investments long into the future; because ultimately, the best IT asset management strategies are about working through and overcoming environmental conditions which are out of your control. You can't change the landscape, but you can choose the route; it's about knowing where you're at and putting one foot in front of the other, so your business doesn't just last the long run, but steers clear of the pains and niggles that come from poor policies and practices.
1. Define and Document IT Assets
Defining and documenting your organisation's IT assets is critical in implementing an effective IT asset management program. This process involves creating a comprehensive and accurate inventory of all the technology assets that your organisation possesses. This inventory should include all hardware, workstations, servers, and other IT-related assets.
To ensure the success of your ITAM program, thoroughly categorise each asset. This can include information such as make, model, serial number, location, and purpose of use. A clear understanding of what assets your organisation owns and what uses they provide is essential for effective IT asset tracking, maintenance, and replacement planning.
By accurately documenting and categorising your IT assets, you can gain greater visibility and control over your technology investments, making it easier to identify areas for improvement and optimise the utilisation of your resources. This can lead to more efficient and cost-effective IT operations.
Working with the right partner can help immensely here too. For example, as part of our Managed IT Services, we offer the option of integrating our in-house developed API, allowing for full workflow automation with no oversight needed, which makes tracking and managing your future IT assets significantly easier.
2. Maintain Up-To-Date Software Licenses
Maintaining up-to-date software licenses is crucial for ensuring compliance with licensing agreements and avoiding overspending on software. Regular license audits can help organisations assess their current software usage and identify potential license compliance issues.
This is especially important for workstations and servers, which play a vital role in the smooth functioning of most businesses. By staying on top of software licenses and regularly auditing them, organisations can avoid costly fines and legal disputes related to licensing compliance.
Additionally, regular license audits can help organisations identify unused software licenses, which can be reallocated to other departments, reducing overall software expenses. So often, organisations unnecessarily spend money on software licenses they do not use to their full potential.
By regularly auditing and reallocating software licenses, organisations can maximise the value of their software investments and ensure IT cost savings.
3. Monitor Hardware Utilisation
By closely monitoring and analysing the utilisation of hardware assets, organisations can identify areas for improvement and take action to optimise their resources and improve performance.
For example, a company may discover through utilisation analysis that several workstations are only being used a few hours per week, causing inefficiencies and driving up maintenance costs. The company can free up valuable resources, improve overall performance, and reduce costs by reassigning these workstations to other departments or retiring them altogether.
Another benefit of hardware utilisation analysis is that it can help organisations identify potential opportunities to extend the life of assets. Organisations can develop strategies to extend their lifecycle and delay replacement by understanding when assets are being used and how often.
This is especially important when dealing with capital-intensive assets such as servers and networks. For example, by understanding the usage patterns of servers, organisations can plan for periodic maintenance checks and upgrades to ensure optimal performance that can prevent costly failures in the future.
4. Centralise IT Asset Data
Centralising IT asset data is a critical component of IT asset management that can provide organisations with numerous benefits, including improved accuracy, consistency, and security of IT asset information. By consolidating information about hardware, software, and other IT assets in a single, unified repository, organisations can achieve a more comprehensive view of their IT infrastructure and make better-informed decisions.
For instance, consider a company with multiple departments and hundreds of IT assets, where information about each asset becomes stored in separate spreadsheets and databases. In this scenario, getting an accurate and up-to-date view of the company's IT assets can be challenging, making it difficult to make informed decisions about investments and upgrades. By centralising the company's IT asset data in a single repository, the company can improve the accuracy and consistency of information, making it easier to make informed decisions about its IT infrastructure.
Novatech's easy-to-use custom portals are just one example of how businesses can take advantage of centralising this data. From procurement and provisioning to repairs and retirement, these tailorable portals can be used to oversee the entire asset lifecycle. This enables IT managers to efficiently manage and track the distribution of equipment and software with minimum fuss, helping to avoid unnecessary purchases by ensuring all equipment is fully accounted for and up-to-date.
Centralising IT asset data can also help organisations reduce the risk of data loss or theft. For example, a company with a centralised IT asset repository can implement robust security measures, such as encryption and multi-factor authentication, to protect sensitive information from unauthorised access. This helps the company comply with data privacy regulations and reduce the risk of data breaches or cyber-attacks.
5. Foster a Culture of IT Asset Stewardship
Finally, fostering a culture of IT asset stewardship is the unsung hero of IT asset management. Organisations must build a culture where employees view IT assets as valuable resources and practice responsible use.
For example, consider a company where employees are unaware of how significant IT assets are to the organisation. They may think of IT assets as just another piece of equipment without any idea how much of an impact their actions can have on the company's performance. This could lead to careless usage, breakdowns, and early unnecessary replacement requests that drive up costs.
By educating employees about the importance of IT assets and their role in maintaining them, organisations can foster a culture of stewardship that encourages responsible use and better asset management.
Optimise Your IT Assets Today
By following these best practices, organisations can effectively manage their IT assets, even with budget and resource constraints.
At Novatech, our managed IT services can help organisations achieve their ITAM goals, providing expert support and guidance to help optimise technology investments and achieve long-term success.
To find out more about how Novatech can help you manage your IT assets without breaking the bank, take a look here or call us on 02392 322700.