ITAM – Five Best Practices for Optimizing IT Assets

ITAM – Five Best Practices for Optimizing IT Assets

Effective IT Asset Management (ITAM) helps optimize annual software spend, support lifecycle management, cost efficiencies, and manage risk. Advanced ITAM systems and solutions are increasingly being used by CIOs to integrate financial, contractual, inventory, and compliance processes.

Today, IT leaders can visualize the ROI on IT assets and provide data to other key stakeholders on how those assets directly impact the company’s business goals thanks to ITAM’s ability to foster deeper insights into the organization’s IT assets. Employees are IT asset management’s customers, and an effective ITAM strategy will bridge the gap between technology requirements and business demands, ensuring that everyone is working toward the same organizational goals.

A robust IT inventory that gives organizations a clear picture of every IT asset within the company is required for a successful ITAM strategy. Data centers, hardware, software, networks, mobile and cloud assets, employee/user workstations, and any other corporate technology are all included in this category. The main objective of ITAM is to save money by tracking assets, organize IT lifecycle management, gain more control over the company’s IT environment,  and decrease waste by managing IT asset disposal.

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ITAM best practices

Enterprises have long attempted to centralize the management of IT assets, which comprise not only software, hardware, networks, and services, but also customer and employee data. While having that level of control over the IT environment isn’t feasible, proper ITAM can help enterprises get close to that ideal and stay on top of IT investments by making it easier to manage technology budgets, analytics reports, user data, and any other relevant information about the company’s IT assets.

  • Include the entire ITAM team – CIOs should consider carefully before forming an ITAM team; they must ensure that their ITAM team is present from the start. They should begin by establishing the best practice. It is critical that all members of the team participate in the entire process. They will be more invested in the initiative as a result of this.
  • Define critical IT assets – CIOs should define the criteria that critical IT assets must meet. CIOs can create an asset list with the use of discovery tools. They will, however, generate a large list of IT assets, which must be filtered to remove the key IT assets.
  • Opt for a lifecycle-based approach – If businesses are implementing ITAM, they should use a lifecycle-based strategy. There’s no use in constantly reinventing the wheel. ITAM will begin when a new device is purchased for the company and will conclude when the device is deprecated.
  • Check if CMDB is needed – A configuration management database (CMDB) can assist in the management of configuration elements. It will aid in the management of all IT assets. The CMDB will also help understand the relationships between assets and configuration items. It will also help normalize data from a variety of sources.

CMDM, however, is not necessary for all businesses. It will ultimately depend on the requirements of the company. It is critical for tech executives to ensure that only the data in CMDM that will provide value is included.

  • Exploit the data –Companies must make sure that they are getting the most out of the data they are collecting. The service desk where the most common integration of ITAM data takes place. It will aid in the reduction of escalations. Businesses can also use ITAM data to automate some of the requests as it can increase the level of satisfaction among both IT and business users.

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ITAM data can also be leveraged for change management.  It will ensure that no unplanned outages occur as a result of the modifications, as well as avoiding the majority of change management issues.

The purpose of ITAM is to create a centralized location to manage an organization’s entire inventory of IT assets, which is a tough undertaking that most businesses can’t fully accomplish due to the scope and scale of most IT inventories. Third-party services, however, can assist an organization in getting as near to achieving centralized IT asset control as possible

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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.