Asset Management Best Practices

by Manya Verma Health care and lifestyle

Experts in the field of IT Asset Management, have compiled a concise list of the 7 best practices for asset management that every organization must know for informed decision making and efficient implementation. Other than that these best practices will help you overcome ITAM challenges, reap maximum benefits, and revolutionize the way you manage your IT asset tracking.

Image result for asset management

1. Evolve and Improve Continuously: Asset management is an ongoing battle, it has to be regularly refreshed and maintained as a part of the business operations. There are many dynamic asset tracking solution providers in the market these days to ensure that your firm does not abandon ITAM efforts after certain events like audits and automatically schedule scans to track changes to it asset tracking software. These changes can include all additions, modifications, and deletions to the asset database.

2. Be proactive instead of reactive: By being compliant and audit-ready an organization can avoid a lot of unwanted IT spending. Self-audit practice prepares them for the real-audits and auditing of the assets becomes simplified and accurate. Furthermore, the employees become empowered to conduct self-audit and contribute to the physical verification of the assets. This mitigates responsibilities and helps in the effective management of resources.

3. Create a clear execution plan: We have already established that asset management is a process and that it requires a starting point and dynamic plan. Hence, organizations must take time to find and examine a starting point, and move onto the next step only once they have completed the first. Asset Management solutions provide automated tools to streamline the process and helps achieve the goal efficiently.

4. Implement a proper feedback system: ITAM is not an isolated process and requires different teams from the firm involved in the implementation process. Hence, encouraging feedback between among different teams involved will allow for constant development and improvement of the whole process.

5. Track the complete life-cycle of an asset: IT Asset management begins when the purchase request is made and ends at asset disposal. The organization has its unique asset procurement, maintenance, and disposal policies and each asset stage can have one or more states associated with it. A robust IT asset tracking system helps you track and maintain assets with minimal effort, regardless of quantity. This allows managers to concentrate on resolving issues than tracking the assets.

6. Classify for better Asset discovery: It is important for an organization to know everything about their assets and should have easy access to assets without tedious searching. This is possible with proper classification and discovery tools and techniques. The agentless discovery technique requires very minimal implementation time and incurs no extra cost for installation or maintenance.

7. Track continuously to avoid over-deployment: Be sure to keep all license agreements and receipts in order to properly track compliance to avoid fines during audits.

The best practices discussed above cover most aspects of an ITAM process. Since the market today is overflooded with IT Asset management tools, it becomes imperative for organizations to make a choice of keeping these points in mind for best results.