Whether a small organization or a corporate office, there’s a technical challenge every single day that demands the need for a new asset which could be a software or hardware. With every new software or any other IT asset in place, it becomes hard for the IT Asset management team to track and organise them. Adding new assets, tracking the performance of existing assets, disposal of old assets and everything needs to be managed and maintained. Implementing ITAM software is much beneficial for companies to track the assets throughout its lifecycle. Before you’d look at the benefits of using a software, you must understand where and why it is used.

Understanding IT Asset management better

Asset Management is a combination of business practices that involves recording the asset inventory in a systematic format. Businesses spend a lot of money investing in new assets which have to be monitored and tracked. Recording the lifecycle of the asset is a business practice that is developed to support the decision-making authority of the business. It helps business owners to make the right decision at the right time. A best IT Asset management software helps businesses to manage and maintain the IT inventory as it records the most important items that include

  • Existing equipment and systems
  • Location of each system and components
  • Effective usage of the components
  • Cost of the assets
  • Need for new asset
  • Expiry dates of a product or software
  • Impact of an asset for a business

Using a software to manage the assets will improve the efficiency of the existing process and it also reduces the amount spent on unwanted assets. It is easy for businesses to control their expenses if they have proper asset tracking tool.

What are the benefits of using IT asset management software?

Spend less but gain efficient work

One of the prime reasons for using a software to track the company’s asset is to reduce the cost. The software fixes the problems involved in manual tracking, it is very effective and efficient and most importantly software is easy and simple to use. The company need no spend a lot of money on manpower. Secondly, when every asset of the business is recorded, the company can decide and think before spending. Reducing the cost of every phase helps the company to control its expenses.

How could you cut down the cost by implementing a software?

  • Reduce the unwanted purchase of licenses
  • Companies can plan future strategies and generate a budget with accuracy
  • Prevention of unwanted hardware and software
  • Encourages reuse of assets that are idle for a longer duration
  • Understand the demands and requirements of the business and purchase software or hardware accordingly
  • Businesses can also get discounts on bulk purchases based on the requirement
  • Improve the productivity of the company by controlling the bills on unwanted expenses

Reduction in Security Risks  

Security is an utmost importance of every company and by tracking the software, the businesses can control the usage of unauthorized software. With a reliable software management, the companies can track the usage of software and reduce the risk of attacks from viruses and malicious and phishing emails. They contribute more towards the security of devices and the number of virus attack can be reduced. It can be difficult to analyze the virus attacks and security threats manually so it is important to use an automated software to manage the same. The IT management team can track the illegal use of software and warn the employees when such practices are noticed.

The IT management can also control the access to every set of employees by restricting the access to download new software and prevent the system from downloading unauthorized formats and more. The assets can easily be managed under security compliance.

Allows the use of the tools of Asset Inventory

While considering the tools available for Asset Inventory, the list is surely going to be long and of advanced level. Such tools are designed for helping the companies in the management of the technical parts or concepts. Some of the popular Asset Inventory tools include:

  • Configuration Management Database
  • Contract Management
  • Release and Deployment Management
  • System Management

The tools are beneficial for the following purposes

  • For storing the components of the IT assets for the effective management of both the hardware and the software
  • For keeping a record of the tools and looking after its process of procurement
  • For having an improvised control over the deployment of the software and various management updates
  • Proves to be a centralized location for managing the computers used in the company

Witness an increase in productivity in a visible way  

When the Asset Management software is reliable, the impact is clearly visible.  It includes the management of the material or reference used, the support of the product as well as the manuals of the same. When the employees are allowed to use the assets, they would surely contribute to higher levels, which would increase the productivity. Similarly, when all the employees are using the same software, it becomes easy for the employees to communicate and the rest of the processes take place smoothly and quickly which also increases the productivity of every individual. A reliable ITAM software is henceforth helpful in improving the productive results for any company or organization.

Automatic Discovery of assets and tracking

This might surprise you, but there are still some companies who still have the paperwork done manually regarding the inventory of the IT Assets. This damages the resources and also increases the chances of errors and discrepancies. The companies use spreadsheets in which the traces of assets are manually recorded, which needs modification every day. Through the IT Asset Management Software, the companies need not work manually as the management of the solutions and the inventory is carried out automatically through the monitoring tools. Hence, not only the process gets completed quicker, it also increases the efficiency levels of the inventory count. The systems would automatically get updated with the latest inventory details which also saves time and manual efforts.

Reduced errors and improved services

The software helps to reduce the chances of mistakes and it makes the error count to absolutely nil. When the number of errors is reduced, the company can concentrate on improving their services. It improves the productivity of the company including the responsiveness, reliability and the security. With errorless reports, it is easy for businesses to take important decisions.

The software is capable to keep a backup of every detail like the tracking tools, reminders, document support, and much more, which also eliminates the chances of theft which is the main disadvantage of maintaining paper works and manual documents. The use of ITAM software is also beneficial for financial planning based on the inventory as the company would be ready with the actual figures.

No matter whatever size of the company, ITAM Software is much helpful and essential tool. It helps in the productivity of the company, and at the same time, also keeps the tools used by the company and the software secure preventing them from any kind of misuse or damage. Through the software, the companies can easily manage the resources and the assets of the company with the utmost transparency.