Asset Management in IT Industry

The market for IT asset management was estimated to be valued at USD 1091.76 million in 2020, and it is anticipated to grow to USD 2086.59 million by 2026, at a CAGR of 11.4% from 2021 to 2026. Organizations across industries are adopting asset management systems as a result of the increasing implementation of advanced technology and networked infrastructure. As a result, it can assist in the management of operational technologies in order to collect more vital data and information.

Overview:

Today’s business world is fast-paced and highly competitive. Every company needs to think strategically and make decisions quickly. In order to keep up with the pace of change, companies need to be agile and optimize their processes at all times. It can be challenging for business managers to track IT asset usage, maintenance costs, upgrade and depreciation schedules, and software licensing agreements as a company grows and updates its technology. IT asset management (ITAM) is a process that captures information about computer hardware, software, firmware and other IT assets at your organization. It also tracks who uses them, where they are located, how often they are used, when they need to be replaced or when they need upgrading. This blog will give complete insight of what is an IT Asset, IT Asset Management, Benefits and many more.

What is an Asset in the IT Industry?

Software and Hardware are the IT Assets. Every IT landscape requires storage, management, control, display, data transmission and many more. To meet that requirement assets like Hardware and Software are installed in IT workspace. Physical computing equipment like computers, data centers, laptops, keyboards and printers are hardware assets. Cloud-based assets (SaaS) and other applications for which licences are required are Software assets. Now they have become core elemental of every IT organization.

What is Asset Management?

In the ever changing IT world the durability of assets are disintegrating. The latest technology requires the latest asset. The IT asset lifetime can be managed proactively to optimise the value a business can generate from them. IT asset management (ITAM) is a collection of operational procedures that integrate financial, inventory, and contractual tasks to reduce costs, assist IT environment lifecycle management, and facilitate strategic decision-making.

What are the Benefits of IT Asset Management?

An ITAM system can help businesses to optimize their processes, reduce costs and increase productivity. Here are a few examples: -

• Reduce IT downtime by tracking broken equipment, helping you to schedule repair and maintenance activities.
• Reduce the risk of violating data privacy and security regulations by tracking who accesses sensitive information.
• Reduce the risk of losing sensitive data by tracking where hardware is located.
• Comply with regulatory requirements and avoid penalties by tracking software licences and keeping an inventory of assets.
• Plan future upgrades, expansions and migrations by tracking the location, number and type of assets.

Process of IT Asset Management

IT Asset Lifecycle Stages

Current Scenario of IT Asset Management

There are several segments of the IT Asset Management Market, including-

• Type- Hardware and Software
• Deployment Type- On-premise and Cloud
• Enterprise Size- Small, Medium, and Large
• End-user Industry- IT and Telecom, BFSI, Healthcare, Retail, Manufacturing, and Government
• Geography

Deployment of ITAM systems is being accelerated by the use of cloud technologies. The majority of IT asset management software users are served by IT behemoths like IBM and CA Technologies, who both offer cloud-based and on-premise software deployment options. IT asset management market is also served by cloud-only businesses like Freshworks Inc., SysAid Technology Ltd., Cherwell Software, etc.

Along with HR and ERP solutions, enterprises offer ITAM software that integrates with project and portfolio management (PPM) and enterprise architecture tools to provide users with a more complete picture of asset performance across the course of the asset’s life cycle. With portfolio management products, BMC Software, CA Technologies, HP, and a few other companies provide integrations.

Conclusion

Managing hybrid IT environments, which include software, hardware, and cloud solutions from many vendors, has become increasingly challenging. The organizational and platform silos that separate IT operations and procurement teams make it difficult to manage these complex environments. The changes made by one team will likely affect the other, however neither team has visibility into the impact of the changes, at that time IT asset management is required the most.

Organization’s IT asset management solutions provide an accurate view of IT asset inventory. It keeps your business audit-ready with visibility into the allocation of assets across your hybrid cloud, multi-vendor environments. Through integrations with IT asset management solutions, Organization helps businesses automate and optimize licence compliance.