IT Asset Management (ITAM): Definition, Types, Roles and Benefits

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As your business evolves, it is increasingly important to effectively manage your software and hardware assets throughout their lifecycle. This helps reduce risk, plan your budget more effectively, minimize business disruption, and understand how efficient your IT infrastructure is to ensure your organization’s success.

What is IT Asset Management (ITAM)?

IT asset management is a process (and set of technologies) that ensures that an organization’s assets are deployed, tracked, patched, maintained, upgraded, and ultimately disposed of. An important aspect of IT asset management is determining how well your IT infrastructure supports the unique needs of your business. Essentially, the goal of IT asset management is to maximize the value created by IT equipment within the organization by monitoring its condition throughout its lifecycle.

What are examples of IT assets?

The term IT assets is used to refer to the hardware, software, and information that your organization uses. This largely includes IT-managed workstations, servers, software, cloud servers, virtual desktops, network devices, and workstation accessories such as keyboards and mice. Historically, IT asset management has focused on managing physical devices only. However, this now also involves effective management of their virtual and software assets.

What is the purpose of IT asset management?

IT asset management aims to ensure that all valuable assets (hardware and software) in an organization’s IT environment are properly tracked and utilized. Effective IT asset management tracks an organization’s IT purchases (hardware and software) and optimizes asset lifecycle management. It also facilitates effective cost planning by allowing you to maximize the use of your IT assets, create effective provisioning budgets, optimize future spending, and reduce unnecessary spending.

Who is responsible for managing IT assets?

There are mainly two roles responsible for managing IT assets in any organization; asset engineer and asset manager. Also known as a reuse engineer, an asset engineer is responsible for creating and maintaining an inventory of reusable assets and bringing them into their workforce as needed. The Asset Engineer can also provide support or retire obsolete assets.

On the other hand, an asset manager is responsible for directing and managing the acquisition and distribution of assets within the organization. In the next section, we will provide a detailed overview of the day-to-day responsibilities of an IT Asset Manager.

What is the role of an IT asset manager?

Now that we know the importance of an IT asset manager in an organization, let’s take a look at the main roles and responsibilities assigned to him.

  • Create and duly communicate policies for asset purchases within the organization.
  • Responsible for the governance, processing and reporting of all applications within an IT environment.
  • Maintain visibility of the asset ecosystem to identify, assess and quantify security risks.
  • Must be well equipped to remedy any incident when things don’t go as planned.
  • Allocation and tracking/management of assets.

What are the types of IT asset management?

Here is a list of the different types of IT asset management:

Software Asset Management

As the name suggests, software asset management involves the management and optimization of processes such as purchasing, installing, using, monitoring, maintaining, and disposing of software applications in an organization. .

Hardware Asset Management

Hardware asset management involves the strategies, processes, and tools used to manage the physical components of an organization’s IT infrastructure. These physical components include desktops, laptops, servers, and other devices.

Cloud Asset Management

The process of controlling and managing an organization’s cloud infrastructure, including application data stored in the cloud, is known as cloud asset management. In other words, cloud asset management helps in the tracking, maintenance, and compliance of an organization’s cloud inventory.

Mobile Asset Management

Mobile asset management involves managing the serviceability and availability of mobile devices that are used to control, manage, protect, move, secure, and store inventory within an organization.

What is IT Asset Lifecycle Management?

IT asset lifecycle management is the process by which an organization can optimize the reliability and operational performance of an asset during its lifetime using effective tools and strategies. Let’s take a look at the different stages of IT asset lifecycle management.

  1. Plan: The first step in IT asset lifecycle management is to identify an unmet need. At this point, you should look for assets that might fix the problem.
  2. Develop/Acquire: After identifying the asset that can help meet your unique needs, you must source and acquire the asset. Acquisition involves purchasing the assets and having them delivered to your office.
  3. Integrate/Deploy: The third stage of IT asset lifecycle management involves integrating and deploying the asset into your facility. An additional budget must be allocated to meet the installation of the asset in your establishment.
  4. Maintain/Improve: In this step, you need to develop a maintenance plan to ensure the asset continues to perform as expected. You must ensure that all maintenance tasks are duly carried out by the relevant teams in a timely manner.
  5. Retirement: Once the asset has reached the end of its life cycle, spending on its maintenance may no longer be a financially viable decision. At this point, it makes sense to remove the asset and replace it with a new one.

Why is IT asset management important?

The primary goal of IT asset lifecycle management is to determine when an asset is likely to reach its peak performance and how long it can be used optimally before it can ultimately be disposed of. This data-driven approach helps companies ensure they can keep their assets operational for as long as possible.

What are the benefits of IT Asset Management?

Some of the major benefits of IT Asset Management are listed below. IT asset management helps organizations:

  • Anticipate their IT needs more effectively
  • Make smart decisions about IT asset purchases
  • Proactively replenish resources as needed
  • Improve the quality of their IT services
  • Accurately assess the total cost of ownership of a given asset

Reduced IT risks and costs

IT asset management helps combat the problem of shadow computing and the risks posed by malicious applications. It also helps protect your IT environment from cyberattacks and optimize IT spend.

Optimized use of assets

IT asset management is very useful for understanding license distribution, utilization rates, etc.

Superior and consolidated governance

IT asset management provides organizations with a single source of truth that helps them improve efficiency and more effectively control their IT environment.

Operational efficiency

Through effective IT asset management, organizations can develop a better understanding of roles, capabilities, ROI productivity, and asset utilization within the organization.

How does an RMM or endpoint management solution help with IT asset management?

Many people consider remote monitoring and management (RMM)/endpoint management as a solution for troubleshooting and monitoring your assets. These solutions are of course excellent, but a top-notch RMM can do so much more to optimize the management of your IT assets.

You can’t manage what you can’t see. Here is a list of ways an RMM or endpoint management solution can help with IT asset management.

Automated diagram and topology map

Network monitoring provides in-depth and continuous network analysis to understand all your assets on the network. If your RMM/endpoint management solution integrates with your IT documentation solution, your asset management is even easier! He can then discover all endpoints and assign them to the organization, department, or machine groups configured in IT Glue. This synchronization also guarantees that in the event of relocation of a workstation, it will be updated in your computer documents.

Patch

Asset management is about making sure your IT assets are secure and performing well. Effective patch management is essential to effective IT asset management. 53% of ransomware attacks are the result of unpatched software. Effective IT asset management helps improve visibility and reduce the risk of ransomware attacks.

Automated software deployment, user onboarding, and user configuration hardening

An RMM/endpoint management solution can help improve end-user productivity, speed new user onboarding through automated software deployment, and improve security by hardening user configurations. You can leverage policies to perform all of these functions. You can also set policies for single user groups. Your finance team probably needs radically different software solutions than your creative/design team. Make sure to effectively deliver the right tools while protecting the respective teams.

Manage IT assets and your hybrid environment with Kaseya VSA

Kaseya VSA is a next-generation unified RMM solution that maximizes IT operational efficiency with comprehensive IT asset discovery, monitoring and management. It gives you the visibility and features you need to manage all of IT in a single user interface. If your endpoint management solution can’t handle your hybrid IT ecosystem, it’s time to upgrade. Request your demo today!

The post IT Asset Management (ITAM): Definition, Types, Roles & Benefits appeared first on Kaseya.

*** This is a blog syndicated by Security Bloggers Network from Blog – Kaseya written by Kaseya. Read the original post at: https://www.kaseya.com/blog/2022/11/02/it-asset-management-itam/


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