IT asset management: cost optimization

Why is IT asset management cost optimization important?

The cost of implementing and managing IT is rapidly increasing.

IT has also become a strategic asset to businesses that want to differentiate themselves from competitors and win in the marketplace. 

With this shift in thinking, organizations are looking for ways to optimize their IT costs while driving better business outcomes through technology investments that improve employee productivity, engagement and customer experience.

To get the best of ITAM tools, read the best practices of ITAM here.

IT asset management cost optimization overview

IT asset management (ITAM) is a set of processes that help you manage the lifecycle of your IT assets. This can include hardware and software, but also other assets such as data center facility space, telecommunications equipment, and more. 

ITAM can also help to optimize costs by removing unused and outdated technology from your environment while ensuring that only compliant technologies are used.

ITAM ensures that all assets are properly documented so that it’s always clear which device belongs where—and if there is any risk associated with using it in its current state or location. 

For example, when you purchase laptops for employees in your company, how do you decide who will use it or how will it be configured or what will be the procurement, change, and retirement processes? 

ITAM will provide you answers to these questions. You need cutting-edge ITAM tools and processes that not only help you manage the complete lifecycle of your IT assets but also provides visibility into costs related to your IT assets and evolves with your organization’s needs. 

Before delving into IT asset management cost optimization, let’s take a look at how ITAM benefits your business.

The benefits of implementing ITAM

Most organizations have a significant discrepancy between the assets that they have and the assets that they record. With an effective ITAM practice, it becomes easier to get a clearer picture of the assets that you actually own so you can plan better for the future.

There are many benefits of implementing ITAM:

Improved security

ITAM systems can help identify and monitor the security configuration of a company’s assets, which is especially important in the wake of data breaches like the WannaCry attack.

Aiding compliance

Since ITAM solutions are designed to support regulatory requirements, they can make it easier for your business to stay compliant with government regulations and industry standards like HIPAA, GDPR, and PCI DSS. These capabilities also help simplify audits that are required under these regulations because they allow you to show how you’re adhering to best practices related to security management and asset control (which could be used as evidence during an audit).

Improved service levels

By providing detailed information about devices across the organization so that IT personnel can provision network resources faster than before or troubleshoot problems more quickly when users complain about slow speeds or performance issues on their devices (e.g., laptops/desktops). In addition, having all relevant information about hardware assets at hand when making decisions about purchasing new products means less time spent gathering data from multiple sources or waiting for vendors who may not always provide timely responses – both being common challenges faced by today’s businesses.

Centralized and effective deployment of software assets

Install all corporate software from a centralized and authorized source. With a Definitive Media Library (DML), you can ensure that everyone in your organization has access to the correct version of the software with appropriate licenses and you have an audit trail of the deployment.

Enhanced visibility and governance

By keeping track of your assets and where they are deployed, you can have a better handle on them. ITAM provides the visibility you need into your assets with a proper asset register that includes attributes like asset reference, name, linked service, description, manufacturer, license details, and so on.

Quick incident resolution

With advanced ITAM and tools, you can ensure faster incident resolution. To save time and effort of the person logging the incident, you can link hardware and software services to end users in a way that when a customer contacts the IT service desk, all the relevant assets are visible to the person so that the incidents are resolved as quickly as possible.

How does ITAM work?

ITAM is a set of processes and tools that help you manage your organization’s IT assets. It helps you reduce costs, improve security, and facilitate compliance.

The tool helps you better manage your IT assets by:

• Providing visibility into the location, lifecycle state and status of all assets in the enterprise
• Enabling continuous discovery of new assets as they are acquired or created within the organization
• Allowing for timely disposition of unused or surplus equipment at appropriate times during its useful lifecycle (i.e., retiring functionality)

What does an effective ITAM program look like?

An effective ITAM program should:

• Be a part of the overall IT strategy
• Be a continuous process, not just an annual project
• Be an integral part of the IT budgeting process with performance metrics and goals
• Form part of an overall information security program that includes regular audits and reviews to ensure compliance with industry standards

ITAM helps businesses optimize their assets to reduce costs, boost security, and facilitate compliance

By implementing ITAM solutions in your organization, you can:

• Gain visibility into the status of all assets within your IT infrastructure. This will help you better manage them. They’re available when needed, while also reducing downtime caused by malfunctions or other issues related to aging hardware.
• Automate much of the work involved with managing inventory systems by using software that keeps track of every piece of equipment in real time. This includes its location on a map if applicable and allows employees across departments (or multiple locations) access to this information whenever they need it.

How Virima helps you with IT asset management cost optimization

Virima ITAM helps you know exactly what’s out there! It takes the guesswork out of your work with an intelligent reporting engine. This engine generates relevant KPI dashboards and metrics. They help you gauge your IT portfolio landscape and make informed decisions about your IT assets.

Ensure end-to-end IT asset lifecycle management

Virima ITAM tools and practices help you manage your IT environment on both component and service levels. It provides an easy and comprehensive view into your IT hardware and software assets, data center, edge, cloud, stockroom, and non-IT assets.

Virima provides end-to-end management of your IT asset lifecycle. The platform includes features like configurable status designations, tracking of asset allocation and support ownership from initial assignment to disposition.

Save more with Virima Discovery, automated CMDB, and ViVID Service Mapping

Keep track of your underutilized hardware and software assets with a simple native integration with Virima’s powerful Discovery, ViVID Service Mapping, and Virima CMDB for Configuration and Asset Management.

You can schedule more frequent scans, track software usage, and discover powered down or disconnected endpoints using agentless discovery.

You can further stay informed about IT assets that are going out of warranty, out of support, or are due for renewal. This ensures that your most critical assets are protected. You don’t have to spend more than required on assets out of use.

Stay ahead of risks and disruptions

Virima ITAM reports help you proactively monitor and act in case of security and compliance risks. Optimize your IT infrastructure, capabilities, and resources with Virima’s intelligent reporting engine. It provides a complete drill-down into the costs related to IT assets.

Conclusion

ITAM is a comprehensive methodology. It helps businesses optimize their technology assets to cut down costs, boost security, and aid compliance. 

By implementing an effective ITAM program, companies can improve their IT operations and boost the efficiency of their IT departments.

Looking to reduce your IT costs? Request a demo today!