Cutting Costs: 6 Ways IT Asset Management Can Save You Money

it-asset-management

Many companies are now incorporating IT Asset Management (ITAM) solutions for their range of benefits, including strengthening business security, simplifying processes, and increasing ROI. More than that, ITAM also allows businesses to cut back on operational costs.

In a nutshell, IT asset management refers to the entire process of tracking a company’s technology assets. These can include intangible assets, such as contracts, software, and purchase orders, and physical assets like technology equipment, hardware, and servers. IT asset management connects everything with the organization’s IT infrastructure, allowing IT employees to review all these assets.

With efficient IT asset management, companies can make informed business decisions, ensure full utilization of their assets, and reduce IT and software expenses. Of course, the benefits of ITAM solutions can vary from business to business, but one thing is certain: they can help you achieve significant cost savings.

If you want to know more about the different ways IT asset management can help your organization reduce costs, this article will serve as your guide.

1. Streamline sourcing and procurement

An IT asset management solution enables you to review your sourcing and procurement resources with better accuracy when compared to manual assessment. With it, you can conveniently see all information you need on one source, including the types of software and services your company utilizes and the devices used to access them.

An ITAM in place allows you to track the sourcing and procurement services you use, how long you’ve been using them, license expiry, and whether or not you’re still subscribed to an inactive service. This lets you avoid overpaying for services you no longer use and renew those you need before they expire.

2. Automate the manual work

Managing assets manually through spreadsheets makes you susceptible to human error, which can cause costly problems with asset valuations if not detected immediately. To keep up with modern times, you need to work smart using new tools and technologies.

With ITAM software, you get to automate manual and monotonous tasks. This makes it easier for IT professionals to monitor and manage organizational resources, as they can refer to digitally stored records when they need to find something. Physical assets can be logged into the system using barcode scanners and RFID readers.

3. Implement a more efficient inventory management

An IT asset management system helps companies get all asset data in one place, allowing your IT team to keep track of all your items in the inventory productively. They can use the system to review the location, operational status, purchase value, and other relevant details about the assets and their total value.

Seeing the total value of assets in one source helps companies review the costs to maintain them and evaluate how much should be allocated for sourcing, procurement, and maintenance. Businesses can also establish better management strategies upon seeing a clear view of their total assets.

4. Modernize IT management approach

An ITAM solution can bring significant savings through improved processes resulting from data modernization in the IT management approach. With a more efficient data center and more time saved due to automating processes, employees get to work on other essential tasks and management and operational costs are reduced.

With all records you need in one place, ITAM allows you to find information in one search, complete tasks faster, and keep your expenses under control with financial data easily accessible in the system. Essentially, eliminating inefficiencies often results in more savings and increased innovation in the organization.

5. Reduce waste

A software asset management solution motivates companies to develop better procedures to avoid duplicate records, inactive assets, and unused software. It also lets you know who is using specific assets and if any services or licenses recorded were not approved or shouldn’t be there. This is known as shadow IT, and it can introduce security risks and bloat IT costs unnecessarily.

These unmonitored and wasted expenses can add up quickly and massively. But they can be prevented when you use asset management or license management software as it guarantees you’re only consuming assets that you need.

6. Monitor asset depreciation

Your services, software, and other assets have a lifecycle or effective lifetime, so they will need replacement at some point. An IT asset management software lets you monitor all resources in your organization—every piece of hardware and software—to keep track of when it’s time to replace them and assess their current value.

If you’re planning to sell physical assets eventually, this can be a convenient feature you can take advantage of.

Keep an Eye on Your Business Assets

A good IT asset management system is helpful for businesses of all sizes. An organized IT infrastructure allows for better team communication and minimizes problems like poor assets visibility and misplacement.

From efficient data management to resource planning and reduced time spent on monitoring assets, ITAM solutions can aid organizations in making wiser business decisions based on asset information. It’s time you implement a system that can help your business track and allocate assets better.

Find out how Open iT software solutions can aid your business in managing your resources more effectively, including hardware and engineering software licenses. Contact Open iT today and schedule a demo to get started.

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