An asset is a resource having value and owned or controlled by an individual, Corporate, or government. such as Machine, Land, Building, Laptop, Desktop, Servers, etc.
Asset Concept there in all types of industries and it’s directly related to company value. When it’s Comes to IT Industry Asset is given more value because it’s not only had physical Device value, this device also carries the Data. Mobile Devices like laptops/Tab mostly used IT Industries which increase more vulnerability because it’s Carried Data outside the office premises and that’s where we need to put more control and should have Asset management systems in the place.
IT asset management (ITAM) is the system for cataloging, tracking, and maintaining an organization’s IT assets, it includes managing software licenses, hardware assets, and cloud resources. This simplifies asset tracking across your organization.
Why is IT Asset Management important?
- Managing Asset Life cycle.
- Re-use of existing Assets or utilize assets based on stock availability. like laptop, Software license, ect.
- Makes it easy for organizations to keep track of their assets
- The process of asset management ensures that the financial statements record them properly.
- It will help do strategic reports on asset, organizations will always be prepared to manage any risk that comes its way.
- IT Asset Management Can Be Crucial for Regulatory Compliance.
- IT Asset management is used to ensure that software licensing is in compliance, minimizing the risk of legal and regulatory problems
IT Asset Management Life Cycle
Plan: We should have a plan as per the requirement we received, planning is an important part of the Asset Life Cycle when it comes to financial and Asset reuse. More Details
Procurement: Procurement team needs to work with the Vendor on the best price for the Asset but should not compromise with quality or components. More Details
Asset Register: Once Asset Received first thing we need to do is make an entry in your Asset Registry and provide Asset Tag to it and make sure you follow Naming Convention, it will make you easy to Handle Asset More Details
Deployment: of course we brought Asset to Deploy or to use, when you Deploy Asset make sure users follow your Standard Asset Assign process such as maintaining Owner of the Asset, Date, Project. More Details
Maintenance: We need to maintain by checking Asset health or Working Condition if required any part/component replacement we need to get this done within Service Support. More Details
Renewal: We need to renew or AMC or Subscription before it’s Expires, yes only if required. but based on the criticality of assets We should have proper systems which give us alert notification Before 30 to 15 days so that we have time for the Approval process. More Details
Condition Monitoring: we should do condition Monitoring of Asset which help us we can keep this Asset or Decommission, Many old assets will be in working condition but replacing part is taking high cost if it’s down or cost is more for electricity. sometimes it’s better to replace. More Details
Decommission: the last stage of the Asset life Cycle, it’s very important we decommission Asset if not working condition or not required. for decommissioning, we need to follow proper processes like System Wipe Process, Degaussing process and Have Proper Certificate for the same. this stage is where we lose Data if we do not follow the right process. More Details
“Having Good Asset management tool will help to reduce Non-compliance in your IT infrastructure”
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