Why you need IT asset management software

IT asset management can be considered the backbone of any contemporary tech-based organisation. From corner-office startups to multinational conglomerates, all tech organisations rely heavily on their digital assets to carry out their day-to-day business.

Simply put, a cab driver can’t make trips without his car. In the same way, a developer at his software firm can’t be expected to meet the month-end release deadline without his computer, monitor, keyboard, or even the backend servers– the list goes on. These personal devices and enterprise-level hardware systems are all essential IT assets of an organisation.

Now that we’ve established what assets are, what does it mean to manage them? Managing any type of asset is an important role. It’s like how the Human Resources department manages their organisation’s employees–the inflow of new joiners, the outflow of retirees, scheduling leaves, and so on. Only that, electronic devices and other IT assets are given a much lower priority when it comes to management, which is not ideal if you are trying to run a profitable and compliant business.

IT asset management software enables organisations to easily manage these same assets. It allows them to focus on their primary business, by simplifying and optimising the entire IT asset management process. No more crucial time wasted on endless Excel sheets with missing datasets. No more questions about missing laptop chargers, and to whom they were originally assigned.

The compilation of essential IT asset data, and more, is presented to your fingertips through a single IT asset management software. This information is shown in the form of Asset Tracking and Overview, Maintenance and Repairs Management, Asset Health Tracking, Incident Management, and even Software Tracking, all bundled up into one tool.

IT asset management software not only ensures smooth and effortless operation of daily tasks of an organisation, but also encompasses many other compelling advantages:

• Reduce the risk of mismanaged assets and potential data loss: In the IT asset management space, companies often find themselves dealing with large sets of data. And when these big datasets are manually tracked, there is a significantly larger scope for error when compared to using IT asset management software. The scope for error includes, but is not limited to, mismanagement leading to potential damage or loss of assets, and human error leading to mismatched or incomplete datasets.
  
  Outages or blunders related to backend data and network servers can lead to lengthy downtime of the core operations and systems of a company. This too, can lead to a potential breach or loss of delicate data. An IT asset management software can immediately, and accurately, flag up specific problems and where they stem from.
  
  The loss of assets such as laptops, mobile phones, or the company’s servers can be heavily damaging to a company– confidential client data, or other secure company data may be lost or leaked in the process. The organisation could face legal issues, fines, or more due to potential breaches in compliance or security laws. And not only that, but it also hurts the company’s reputation in the public eye.
  

“As of 2015, 25 percent of the global data required security but was not protected. That number was projected to increase to 45 percent in 2025” - Statista Report

A report on the ‘State of IT Asset Management’ indicated that 14 percent of respondents paid more than $5 million in the past three years resulting from software vendor audits–in regard to the breach of compliance in software license contracts – Flexera 2023 State of ITAM report

• Boost productivity and save time: With easy management of assets and quick maintenance and repair solutions in place, substitution of devices and other similar workarounds can be introduced to save time when required. This reduces the downtime on work, effectively leading to an overall increase in productivity for the organisation.
  
  
• Effortless control and access: Easily assign, track, and update the devices of your organisation to their correlated users, or employees. An exit employee’s device can be conveniently unassigned from them with a click or two, and again re-assigned to the required person as easily.
  
  
• Expedite the maintenance and repair process: With an easy way to track problems in your employee’s devices, quick maintenance can be arranged as soon as issues arise. In turn, saving the organisation time and money. Additionally, scheduled maintenance of devices can be tracked, and reminders can be deployed when necessary. This preventive maintenance approach can extend the life of the assets.

“Businesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them” - Capterra Top Maintenance Statistics Report, 2017

• Plan better, more cost-effective budgets: Once you have a grasp on your organisation’s overall spending on laptops, phones, tables, chairs, and even repair and maintenance of the same, it is much easier to revisit and revise a more cost-effective budget. And ultimately, make more informed decisions.

IT asset management software services are developing more each day. Additional services, more features, more data collection, and other innovative solutions are in the works. Tech-based companies are gradually realising the need for such a service and are making the switch to IT asset management software. This allows for better compliance, along with improved management of their company assets.