Why Enterprises Should Implement Asset Management

CIO Review Europe | Monday, March 15, 2021

IT Asset Management is more than just selecting the best software and devices for the enterprises.

FREMONT, CA:  Even though IT Asset Management (ITAM) has been around for years, there are still some vague interpretations that claim to define IT asset management. But, the term asset management has several meanings depending upon the audience. When it comes to IT assets, companies are specifically referring to those assets that allow the business's IT side to run. In some cases, the technology assets may not be managed by IT because today, it is rare to find a firm that doesn’t have software and hardware helping their business to run efficiently. Here is more about IT asset management and the benefits of these tools, and how to maximize the software spend.

In business, firms keep close track of their financial assets like stocks and bonds and business assets like real estate, fleets, and machinery. In today’s ever-evolving world of technology, IT assets are just as valuable as other financial and physical assets, as commerce shifts to a digital world. By following the IT asset management best practices in areas like asset discovery, governance, security, policy, metrics, and reporting, process, and ITAM will keep business and risks low. It will also assist track trends in the IT asset lifecycle and identify time-and-money-saving areas.

Perhaps one of the most confusing IT asset management areas due to compliance problems, licensing needs is ShadowIT and IoT. This area of ITAM must be diligently followed, continually reviewed, and must be fluid to keep pace with the demands of the business, its leadership, and the changing market. A complex ITAM task, mobile device, and data use comprise efficient applicability and adequate security measures. Mobile devices are leveraged more in the field, regardless of the industry. If the employees start downloading apps, even if the app is advantageous and can benefit the enterprise, it should be reviewed and approved by the IT management expert or team based on the firm's IT policies.

Also See: Real Estate Business Review

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