How to Better Handle Your IT Asset Management

IT asset management, or ITAM, revolves around how you manage your IT assets, including equipment like computers and devices, along with related technologies like software (not to be confused with assets like data). As a North Dakota business owner, you know the importance of tracking and managing all of your assets.

For example, you can’t just let employees tell you how many hours they worked – you have to track their labor through punch-ins or ID badge swipes to make sure they’re accurately paid for work hours and that they’re working in compliance with applicable labor laws. Proper management alleviates waste, overspending, and potential legal concerns.

The same principle applies to IT asset management, except that you might not have the first clue about how to get started. The good news is that there are a few basic guidelines you can follow to improve ITAM for your North Dakota business.

ITAM in Two Parts
When it comes to ITAM, you need a two-pronged approach that includes both tracking and management. The first focuses on the physical aspects of equipment, devices, and software, including pertinent information such as where physical assets are (i.e. who has a computer or device, or where backups of programs are located), as well as identifying information like serial numbers, software licenses, and so on. Essentially, tracking is about inventory.

Management is more closely associated with the life cycle of assets, from the time they are purchased until they are remarketed or destroyed. It could include data about installation, maintenance, updates, and contracts with vendors. Both are important to optimizing use value and minimizing risk. The management side focuses more of the financial concerns associated with IT assets. Understanding the two main branches of ITAM can help you to create a comprehensive plan that makes the most of every IT asset.

Assigning Responsibility
The buck stops somewhere, and the first thing you need to do to improve ITAM for your North Dakota business is assign responsibility for tracking and managing IT assets. This power usually resides with an IT professional or team since these employees are already responsible for maintenance and repair, as well as building and upgrading infrastructure and destroying outdated assets, in many cases.

What if your small business doesn’t have any IT professionals on staff? A facilities manager could be tasked with inventory responsibilities, but someone higher up, like a CTO, may have to take over management duties.

Tracking Software
There are plenty of software solutions related to ITAM that can help to track your inventory, notify you when updates are needed or licenses are about to expire, and even collect metrics so you can analyze performance and determine when upgrades are necessary. Some tasks, like updating software licenses, can even be automated to save you time and hassle, and if you choose the right tracking software, you can integrate with financials to see how IT assets are contributing to your organization’s bottom line.

You can’t afford to neglect ITAM. To do so could harm your business on both financial and legal fronts. When it’s time for an upgrade, contact the certified ITAD service providers at SEAM at 605-274-7326 (SEAM) or online to learn more about properly ending the life cycle of your IT assets.