IT Asset Management Checklist: 10 Best Practices

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Implementing these 10 best practices for IT asset management will help you streamline your operations, improve security, and save money.

For the success and growth of any organization, IT Asset Management plays a pivotal role. Whether managing your IT assets in real-time or gaining enhanced visibility, efficient management of IT assets provides you with faster incident resolution. ITAM is not a one-time process; it is a practice you must nurture continuously for exceptional outcomes. An efficient ITAM process adds more value to your organization and helps deliver quality results to your end-users.

According to MarketsAndMarkets, the overall asset management market is estimated to grow by more than 27 billion USD by 2025. This clearly states the importance of IT asset management and how aggressive organizations are moving towards IT asset management systems. Also, organizations save around 30% of their cost in the first year after implementing the ITAM process.

To keep your organization’s IT infrastructure running smoothly, it is essential to have a sound asset management system in place. This article will provide you with ten best practices that you can use to ensure that your IT asset management system is up to par.

10 Best Practices for IT Asset Management (Checklist Included):

1. Keep an Up-to-Date Inventory

According to Capterra, around 1.1 trillion dollars of working capital is tied up in inventory, equivalent to 7% of the U.S GDP. And this is why keeping an up-to-date inventory is one of the essential practices in IT asset management. This inventory should include all your company’s hardware, software, and licenses. It is essential to update this inventory regularly to keep track of your assets and ensure that they are appropriately accounted for.

An up-to-date inventory will also help you track your assets’ depreciation. This information can be used to budget for future replacement costs. Additionally, if you ever need to file an insurance claim for damaged or lost assets, having an up-to-date inventory will make the process much easier.

Maintaining up-to-date inventory is a critical best practice for effective IT asset management. You can save yourself a lot of time and money in the long run by taking the time to update your inventory regularly.

2. Categorize Your Assets

Categorizing your assets is also one of the crucial practices to witness exceptional ITAM. This helps you to keep track of your assets and to know where they are located. There are many different ways to categorize assets, but a standard method is by location. So, for example, you could have a category for assets in the office, another category for assets in storage, and so on.

Another way to categorize assets is by type. For example, you could have a category for computers, another category for printers, and so on. This can help you to keep track of your assets and to know what each asset is used for.

Categorizing your assets can help you to manage them more effectively. It can also help you find assets more easily when needed. Also, you can use professional and customized ITAM tools that help you categorize your assets proficiently. These professional tools help in automatically discovering your assets and provide you peace of mind with incredible features.

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