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IT Asset Management: Achieve Better ROI in 2023

By Anushree Bhattacharya - February 09, 2023 5 Mins Read

IT Asset Management – What IT Leaders Want To Know

IT assets are tangible and businesses must act responsibly to conduct regular IT assets and resources evaluation, to maintain sustainability in their asset management and policies.

IT assets are key to businesses that store, process, and transit IT information necessary to keep the business running.

The demand for connectivity and integration of devices and networks with the changing workplace (hybrid and remote) enables IT leaders and CIOs to significantly refurbish all the IT assets to support employees working and businesses to drive more ROI.

With this aspect in mind, IT leaders must act instantly to manage IT assets by establishing strategies and processes to deliver valuable results. While some businesses overlook the importance and benefits of actively managing their IT assets, the severe effects of neglecting IT asset management can harm technology operations, which is a supporting pillar of the organization. This needs to be taken into consideration by organizations when creating IT asset management plans.

Here are some IT areas that require close monitoring and periodic management to uplift IT operations through the business and foster opportunities to drive better ROI in 2023.

Inventory Management

In order to drive high ROI, knowing about IT asset management and its key benefits is necessary for IT leaders. One of the assertive things for managing IT assets is that business leaders should look after inventory management.

This includes IT leaders tracking, managing, and monitoring all physical IT assets such as servers, systems, devices, bandwidth usage, and other assets at scale. These are the most common IT asset management solutions businesses should endure for smooth operations.

Also Read: Strategies for Organizations to Increase ROI in Observability

Monitoring Software and Cloud Usage

Due to a lack of awareness about the management of IT assets, many assets become ignorant, resulting in obsolete technology usage. Such practice can go severely wrong for businesses in significant ways.

What should be done instead is regularly tracking the check-in/checkout and active usage of the software linked to business processes, SaaS licenses, monitoring of memory disk, bandwidth usage, and network usage in the cloud environment. These parameters shouldn’t be skipped along with other IT-related metrics that require constant checks and actions whenever required.

In this way, enterprises can support the circular economy by developing plans focusing on IT asset management. It is because if the management goes well, all necessary functionalities will result in greater customer experience, thus resulting in skyrocketing ROI.

Tracking IT Asset Phases

IT asset management supports different phases of assets in the entire IT lifecycle. IT leaders can make smarter decisions on purchasing and deploying required software for software asset management. This can be done by monitoring the existing software functionality and its course in a particular business operation.

Similarly, IT leaders can optimize hardware asset management by scheduling scans or by keeping a depreciation schedule and a list of expiration dates of equipment being used.

Therefore, by monitoring the utilization of the assets, businesses can identify the underutilized and unutilized technology. In this way, companies can conduct cost-reduction tasks by eliminating the waste assets that are not beneficial for the business.

Understanding software license agreements, Cloud Contracts, Warranties

Enterprises should consider that their IT management should include parameters that require attention for software license agreements, software warranties, cloud contracts, expiration of storage, and other necessary issues related to technology that is deployed. Conducting a thorough check on these assets establishes a culture of better IT hygiene for the IT org.

Companies in highly regulated technologically-driven businesses, which are subjected to a plethora of rules, compilation, regulation, and license agreements, should take every bit of precaution to protect sensitive and important business IT functionalities. This urges leaders to have a rock-solid IT asset management plan to stay active every time.

Optimizing Cost of IT Assets

Regular IT asset management further takes leaders to gain insights into the essential task—cost optimization of the assets. This area of responsibility always remains a challenge for IT leaders. One of the advantages of managing all the technology-related assets is that companies can maximize the utilization of resources and find opportunities to reduce costs significantly.

They can practice this by tracking the lifecycle of software, hardware, and all other IT equipment. While monitoring all inputs, leaders can decide on cost reduction by identifying the assets beneficial for businesses or not. Also, they can determine cloud assets by tracking the most cost-efficient cloud model relevant to the business.

Also Read: Akros Technologies, an AI-powered asset management platform, secures funding from Z Holdings

The Final Take!

While these factors play a crucial role in the IT asset management process, there are still many others such as customized reports and advanced analytical insights that are helpful for a business’s IT infrastructure to run efficiently.

Including IT management strategy can even help leaders to mitigate risks, achieve operational efficiency, and reduce corporate expenses. If an enterprise already has a management program, there is always room for higher ROI optimization.

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Anushree Bhattacharya

Anushree Bhattacharya is a Senior Editor with Ondot Media, where she covers stories on B2B business strategy, thought leadership, and corporate technology culture. She is a quality-oriented professional writer with eight years of experience. She has been curating content for the B2B industry, and her writing style is inclined toward how businesses want to perceive information about emerging digital transformations and technology developments. Anushree blends the best information on trending digital transformations, technology-driven stories, and SEO-optimized content. Anushree is proficient in technology journalism and curates information-driven stories about enterprise tech for EnterpriseTalk publication.

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