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Selecting the perfect IT Asset Management Tool

Find the right IT asset management tool can be quite challenging, with a number of factors to keep track of. From cost, to licensing, to IT asset lifecycle management best practices, to following best practices, unless your are already familiar with the industry, it can all get very confusing, very fast. If you can find the right tool however, every one of your asset management operations from finance, to contracts, to data, can be integrated with IT to increase business performance by multiple folds.

 

The following article focuses on how to successfully select the right IT management tool for your business, without making expensive mistakes.

 

Selecting a Tool to Support Your IT Asset Management Processes

 

Successful IT asset management programs are supported by effective tools. An effective tool is characterized by its ability to manage financial, contractual and physical data, integrate with adjacent IT management tools and business systems, provide out of the box best practice functionality, and support implementation and automation of IT asset management processes.

There are four core capabilities tools must provide to support an effective IT asset management program:

An IT asset management repository;

  • Hardware and software inventory and usage information;
  • Integration with adjacent IT and business systems; and,
  • Data import.

The IT asset management repository is the principal component of an IT asset management system. It serves as the central store for the required financial, contractual and physical data. However, what determines the quality and effectiveness of the tool is the repository’s functional ability to perform IT asset management tasks and activities that support processes across the life cycle and that are based on best practice.

The ability to discover hardware and software inventory and determine asset use is similarly essential to effective IT asset management. Both automated discovery and physical inventory tools like barcode scanning are required to ensure continuous management of assets through both operational and non-operational portions of the life cycle. Without physical inventory capabilities, it is impossible to support certain IT asset management processes and best practices, such as receiving and rolling (physical) inventory.

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Now that you have an enriched understanding of how to pick the right IT asset management tool, your next investment will be much wiser. Even if you have an existing IT asset management system, it is only a matter of time before they need to upgraded or replaced. Check out this following list of reason that can be the cause behind changing your asset management tools:

 

12 Reasons You Need a Better Asset Tracking Solution Now!

Without an organized IT Asset Management process, you have an open door to bad data.

When an item is purchased and received, and models don’t match the invoice, they are not checked in correctly. When service tickets demand the retirement of assets, equipment is often removed physically but not from asset inventory. When employees leave, their equipment is rarely returned back to usable inventory for re-deployment. When assets are disposed, improper chain of custody tracking puts the organization at severe risk of regulatory penalties and loss of sensitive data.

The lack of efficient asset tracking process results in extremely bad quality data which limits your ability to make cost-saving decisions, increases risk, and degrades confidence in your ITAM program as a whole.

More specifically, lack of quality on-demand asset data saddles your organization with the following problems:

 

  • Inability to adequately respond to internal or external hardware audit requests by simply running reports. Lack of confidence in inventory data leads to costly wall-to-wall inventory and data reconciliation activities and often leads to failed audit compliance.
  • Inability to easily reconcile deployed asset inventory against the fixed asset registry. Financial compliance mandates including Sarbanes Oxley require accurate controls over the management of fixed assets. Misalignment of configuration, asset and fixed asset databases is a compliance nightmare, and also generates expensive and unnecessary inventory and reconciliation work.

 

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