Unveiling 7 Lesser-Known Advantages of IT Asset Management (ITAM)
Tags: itam
Published: 2023-06-15 18:03:05

Imagine attempting to safeguard your home without any knowledge of the number of doors or entryways it has. Similarly, envision trying to insure your property without understanding its contents. In both cases, you're striving to protect something, but lacking awareness of what exactly needs protection.

The realm of IT encounters a parallel predicament. Securing all of your company's assets becomes a challenge when you lack a clear understanding of what assets exist in the first place.

As companies expand and continually incorporate new software services, databases, apps, and programs, the potential for disorganization grows. Consequently, it becomes exceedingly difficult to establish effective security measures.

Enter IT Asset Management—the pivotal [cybersecurity-as-a-service solution ](https://www.osibeyond.com/blog/is-cybersecurity-as-a-service-csaas-enough-for-your-company/)that serves as the initial step for most businesses seeking to bolster their security protocols.

##What is IT Asset Management? 
IT Asset Management (ITAM) is the practice of systematically identifying and documenting all IT assets within an organization. By creating an inventory of these assets, ITAM provides invaluable insights into what needs to be protected and managed effectively.

### Real-time Visibility of Assets:
In today's fast-paced business environment, where everything is digital and often stored in the cloud, it's common for assets to become disorganized, confused, or even overlooked.

IT Asset Management provides the advantage of real-time visibility for your team. This means there's no need to wait or start from scratch once the initial asset inventory is complete. You can continually track and monitor your assets as they evolve.

### Paperless Asset Tracking:
IT Asset Management services typically utilize cloud-based platforms to track assets, eliminating the need for physical paperwork. This helps prevent the loss or misplacement of spreadsheets and documents that can often occur.

By tracking your assets in real-time on the cloud, you can eliminate the requirement for numerous paper-based documents, streamlining the [IT asset lifecycle management process](https://growrk.com/blogs/news/it-asset-lifecycle-management-guide/) and ensuring information is securely stored and easily accessible.

### Streamline Asset Usage and Eliminate Unused Assets:
In the current landscape where [remote work is prevalent](https://www.nytimes.com/2023/03/30/business/economy/remote-work-measure-surveys.html#:~:text=The%20Labor%20Department%2C%20last%20week,such%20work%20before%20the%20pandemic.), keeping track of all assets has become increasingly challenging. However, this is where IT Asset Management can provide significant assistance.

By implementing asset management practices, you gain the ability to monitor the utilization of your assets, including the number of users and frequency of usage. This visibility allows you to identify assets that are actively being utilized and determine which assets can be streamlined or eliminated entirely, reducing unnecessary costs and optimizing resource allocation.

### Cost Reductions
By implementing IT Asset Management (ITAM), your organization can achieve significant cost reductions. One of the primary ways this is accomplished is by identifying and eliminating underutilized assets, resulting in savings for your company.

Additionally, ITAM allows for a more efficient allocation of software licenses. Instead of providing high-level (and more expensive) licenses to every employee, ITAM enables you to tailor the licensing based on individual needs. Some employees may only require basic licenses, while others may require more advanced features. This targeted approach ensures that you are not overspending on licenses that are not fully utilized.

Similarly, ITAM helps optimize user access levels. Instead of granting full access to all users, ITAM enables you to assign access permissions based on specific requirements. Basic access can be granted to users who only need limited functionality, while full access can be reserved for those who require comprehensive capabilities. This granular approach ensures that resources are allocated appropriately, resulting in cost savings.

### Effective Planning and Optimization of Future Assets:
A common issue within organizations is the occurrence of different departments purchasing identical assets without being aware of each other's existing resources. Lack of communication regarding IT assets can hinder efficient resource allocation. This is where IT Asset Management (ITAM) proves invaluable.

By implementing ITAM, your organization gains a [holistic view of all its assets](https://dev.to/hypernym_/the-future-of-asset-management-hypernet-of7), enabling better decision-making regarding future asset needs. This eliminates redundancies, optimizes resource utilization, and fosters effective collaboration across departments.

### Ensuring Compliance:
Compliance and policy management pose significant challenges for many companies. However, IT Asset Management can help mitigate these concerns as well.

ITAM effortlessly supports organizations in achieving software license compliance. It ensures adherence to the terms of software contracts, preventing violations such as exceeding user limits or breaching usage terms. Additionally, ITAM aids in meeting regulatory compliance requirements by providing comprehensive visibility into all assets, helping maintain adherence to relevant regulations and standards.

### Enhanced Visibility and Accuracy:
One of the most significant benefits of IT Asset Management is its ability to provide heightened visibility to your team regarding the assets within your organization.

This enhanced visibility plays a vital role in cybersecurity efforts since it allows for proactive protection and security measures. Having a clear understanding of all assets enables efficient monitoring, risk mitigation, and accurate incident response. The improved visibility and accuracy alone make investing in ITAM worthwhile for any organization.

In conclusion, implementing IT Asset Management (ITAM) brings numerous benefits that extend beyond the obvious. By providing real-time visibility of assets, eliminating paperwork, streamlining asset usage, supporting compliance efforts, and enhancing visibility and accuracy, ITAM empowers organizations to make informed decisions, optimize resources, and strengthen cybersecurity measures. With the ability to effectively track, manage, and protect assets, businesses can drive operational efficiency, reduce costs, and ensure long-term success. Embracing ITAM is a strategic investment that sets the foundation for better asset management and improved overall organizational performance.