Businesses require a lot of technology to succeed in the modern business world. From computers and servers to company-issued mobile devices that employees carry, the number of items your IT personnel need to keep track of is endless. However, most businesses are lacking in protocols when it comes to tracking and managing their IT assets.

IT asset management is an essential part of business success. It combines financial, inventory, and contractual functions within the business in one place to help promote strategic decision-making when it comes to using and distributing IT-related materials among employees. Also known as IT inventory management, this business practice is essential for making sure employees have access to the technology they need to perform their jobs, while also best utilizing the company’s assets so extra money isn’t spent on tech or software that isn’t necessary. Asset management is crucial for IT because IT assets are costly to acquire and maintain. If employees are not utilizing these products, then the company’s money is being wasted on a superfluous product.

Here are some things that IT asset management provides:

  • Tracking and auditing assets — Part of managing IT assets is performing audits to make sure that these assets are being used efficiently for business purposes, as well as enforcing compliance with corporate regulatory requirements and security policies. Tracking how assets are used helps determine whether or not specific software or technology is necessary for certain positions.
  • Digital asset management — This covers all of the company’s intellectual property management functions and includes handling assets such as videos, photos, and digital data that are produced by the company or licensed by a third party. Leveraging mobile device management (MDM) can be critical to success.
  • Software asset management and license management — Remembering to update a license software can be difficult, especially if your company uses a lot of different products. IT asset management also focuses on making sure software is up to date and that all licensing requirements are met. These systems can also track payments, so there aren’t any licensing issues or lapses in service.

While IT personnel are capable of handling IT asset management, having a system in place that does the heavy lifting can eliminate human error, while also freeing up IT workers. Managing your IT assets will also allow you to optimize how you use your existing tools, without wasting money on software your company doesn’t need.

brightfin’s technology expense management (TEM services) experts can provide visibility and actionable insights across your IT infrastructure. Reach out to learn more.