How IT asset management software can help with cost optimisation

IT asset management software is often seen as something that just helps an organisation keep track of all its IT assets. In reality, it is a powerful tool that’s capable of doing much more than just tracking assets. An organisation might invest in cybersecurity measures to protect itself and its valuable data. Similarly, IT asset management software is also one such investment. An investment that in the long run will save a lot of money for the company.

Let’s take the example of preventive maintenance, which can help save up to 50 percent of your costs. For instance, if one of your organisation’s laptops, from a reputed brand, encounters an issue with its motherboard. You might have to take it to an official help centre, and get it diagnosed only to be told that it needs replacement. Which in turn will cost you upwards of eight thousand Rupees. Instead, with routine maintenance and repairs, you can extend the life of the same motherboard for a fraction of the price. It would likely cost you less than 10 percent of what you would be paying to replace it.

While IT asset management software has a broad scope in terms of its potential uses, it mainly focuses on the tracking of assets, scheduling regular maintenance alerts, ensuring that the organisation stays compliant, and providing real-time visibility, data, and analytics. Now, let’s go into more detail on how exactly it can help your company save on costs and expenses:

Optimising IT asset utilisation:

Optimising the utilisation of a company’s IT assets is a surefire way of reducing costs. With the help of IT asset management software, a business can centralise the entire IT asset management process. This allows for better visibility of all its IT assets, keeping track of when assets were purchased, and their current value according to the company’s depreciation rate. With access to all this valuable data and analytics, a company can gauge its IT assets’ utilisation and identify underutilised assets and reallocate resources as needed.

Through improved utilisation of its assets, an organisation can make better decisions regarding its future IT asset procurement and in turn reduce unnecessary or wasteful expenditure.

Staying safe and compliant:

The IT assets of a company need to be safe, secure, and most importantly compliant with software license regulations and data security laws. Breach of compliance in any of these regards can lead to hefty fines being placed on the organisation. Implementing IT asset management software can help companies ensure that their IT assets remain compliant, even with constantly changing rules and regulations. Such tools are designed to track software licenses, set automated alerts for renewal, and maintain the overall compliance of all IT assets in an organisation.

Staying safe and compliant is its own reward, but it also reduces a business’ unnecessary expenditure in the form of penalties and fines.



Anticipatory or preventive maintenance:

All assets, including IT assets, need to be maintained and have their health assessed regularly. At least until they reach the end of their useful life and either need to be repurposed, sold off, or disposed of. The end of the IT asset life cycle.

Through the use of IT asset management software, an organisation can efficiently set up a framework for maintaining their IT assets. Anticipatory or preventive maintenance can be applied by using such software. It involves scheduling routine, automated maintenance alerts, consistent tracking and monitoring of the health of the IT assets. This system of maintenance can help identify and address issues within the IT assets before they cause bigger problems such as outages. In doing so, the life of IT assets can be extended, the need for procuring new IT assets and disposal of the same is reduced.

As a result, this anticipatory maintenance approach through use of IT asset management software directly helps reduce an organisation’s costs.

Businesses can reduce around 12-18 percent of costs using a preventive maintenance approach over reactive maintenance - EERE Research

Reducing overall spending:

As discussed in previous sections, IT asset management tools can provide incredibly valuable insights into a company’s IT assets, their use, their efficiency, and their costs. This information can help organisations identify trends, assess metrics, and ultimately make better, more informed decisions regarding their future.

When an organisation has a better idea or overview of all its IT assets, it can cut out unnecessary expenses by preventing the wasteful over-purchasing of devices, licenses, or other IT assets, reorganising and reallocating resources in the organisation to achieve efficient utilisation of its assets.

These are just some of how IT asset management software can prove to be an obvious cost-saving investment for your company. To know more about why organisations can benefit from employing IT asset management software, read our article.