A comprehensive asset management system is important in every organization to enable businesses run efficiently by utilizing their asset usage.

Asset management is a vital function in every organization. The following are some of the advantages having an asset management software include the following.

 

  1. Tracking

    The low-hanging fruit in asset management is a complete list what the business owns and leases, including where assets are located, how they are used, and when changes were last made (and what those changes were). Such a comprehensive survey of IT hardware, software, consumables, etc., provides the basis for the other benefits.

  2. Operational Efficiency

    Realizing efficiencies depends on aligning needs and requirements with existing capabilities. What can be leveraged before more spending is considered? What can be eliminated to save money? Asset management puts a full understanding of IT assets, their capabilities, lifecycle, upgrade expectations, maintenance requirements, etc., at the disposal of executive decision-makers to answer these and other questions.

  3. Maintenance savings

    Assets require different maintenance activity at different stages of the lifecycle, so asset management can help ensure spare parts and human resources cover corporate corporate needs, without over-spending. Asset management also enhances the ability to take advantage of lower cost support contracts when hardware hits the “sweet spot” for third party maintenance, usually in the third or fourth year.

  4. Multi-site integration

    Organizations that boast multiple locations or multiple data centers can more easily create inventory reports and provide other IT asset information that may be required by insurers, auditors, finance executives, or others.

  5. Financial reporting

    Accounting for hardware and software acquisitions, expenditures on related services and other needs, and amortization rates is key. Asset management can ensure that corporate financial statements fully disclose these details.

  6. Asset recovery

    Sadly, IT hardware doesn’t live forever. Some assets will eventually be redeployed, potentially moving from mission critical application to a remote office or other purpose. Others will be sold or scrapped. These changes, as well as use of consumables and spares, need to make it to the business books.

  7. Risk management

    Having an IT function inherently entails risk, and asset management helps identify where those risks lie and what types of proactive solutions can be employed to avoid them.

  8. Forecasting

    Having an accurate acquisition history and understanding what is deployed now empowers an organization to identify trends. This can provide a basis for predicting IT needs and budgets.

  9. Accuracy

    It’s tough to keep track of all the pieces that comprise enterprise IT. With strong asset management, it becomes easier to tell when items are lost or stolen and deal with the underlying causes—such as overly broad access to storage areas—and reduce vulnerabilities. Recovery efforts can also be initiated promptly.

 

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