Virima V6.0 will soon be available with an all-new look, enhanced discovery, mapping and vulnerability features and more. Stay tuned!

IT asset management: cost optimization

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ITAM can also help to optimize costs by removing unused and outdated technology from your environment while ensuring that only compliant technologies are used.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

Subscribe to Our Newsletter

More to Explore

Table of contentsWhy does your business need automated asset discovery?Benefits of automated IT asset discovery1. Complete visibility into assets and better management3. Reduces time and cost of asset maintenance4. Improves overall performance5. Provides up-to-date information of assets in your networkGet…

Table of contentsSimplified inventory management of IT assetsRobust handling of support ticketsReliable data on cost structure and asset utilizationUnderstand your network architecture and stay compliantComprehensive reporting on IT assetsReduced time to project completionManage your projects with Virima The role of…

In today's competitive business world, anything less than optimal efficiency can create a big problem for the continuity of your operations. That's why businesses are increasingly adopting IT asset management (ITAM) tools as part of their tech stack. When companies…

Table of contentsHow does a service map work and why do you need it?ViVID™ Service Mapping: What is it and how does it work?1. Helps your organization reduce risks associated with change 2. Equips you to deal effectively with incidents and…

Table of contentsKey service mapping challenges 1. Inability to establish the correlation between infrastructure, applications, and configuration items (CIs)2. Use of outdated workflows for maintaining configuration management databases (CMDBs)3. Use of manual and error-prone processes4. Difficulty in mapping peripheral dependencies5.…

Table of contentsWhy do companies need a CMDB?Change management and controlDisaster recoveryIT governanceVisibility into the business5 common CMDB challenges and how to get past them1. Inaccurate discovery of virtual and cloud assets2. The maintenance of CI data is a challenge3.…

Table of contentsWhat is network asset discovery?Challenges of managing software assetsLack of visibility into the entire IT infrastructureRegular asset failure leads to a longer downtime durationUnnecessary disruptions to IT servicesApplications and programs freeze oftenIncreasing costs of using and managing IT…

The cloud is a new frontier. An accurate, well-maintained Configuration Management Database (CMDB) can help to reduce the risks of the cloud transition and support day-to-day operations and maintenance processes. This article analyzes whether you need a cloud CMDB. As you…

Table of contentsWhat is service delivery?Challenges of IT service deliveryData is scattered across multiple systems, and teamDifficult to identify bottlenecks in the process lifecycleLack of technical support for internal teamsInability to meet service level agreements consistentlyThe ITIL 4 service value…

Table of contentsWhat is service mapping?InfrastructureApplicationsDependent servicesPeopleSettingsHow does service mapping work?Pattern-based discoveryTraffic-based discoveryHow service mapping helps your businessVisibilityAccuracyEfficiency Flexibility Benefits of service mappingEnsures quality incident, change, and management processesHelps track outages and their impactImproves resolution time of infrastructure issuesMaps services with minimum…

Before you delve headlong into service mapping implementation, it is imperative that you properly prepare the necessary elements for the same. Business service mapping is a robust process that can help you efficiently manage your IT infrastructure. It allows you…

Table of contentsManual vs. automated IT discovery8 reasons why you need an automated IT discovery toolConsolidate data from multiple sources within your IT networkImplement process optimization and tighten up internal asset managementAvoid errors due to manual IT asset auditsEliminate unknowns…

Table of contentsWhat is CMDB?The criticality of CMDB for organizationsChallenges of CMDB dataData from multiple sourcesNoisy dataLack of tracking usageCloud adoption challengesLack of license trackingLack of automated CMDBs Determining your CMDB’s accuracyNo impact on network or device performanceAutomatic application dependency and…

Table of contentsWhy do you need ServiceNow Discovery?IT asset discovery fundamentalsDeployment and support ease of IT Service ManagementServiceNow ITSM integrationDiscovered attributes of IT change management:Choose the right discovery toolEvaluate your requirements Virima: A constant in IT discovery services ServiceNow Discovery may…

Table of contentsServiceNow competitors may be right for you!ServiceNow pros and consThe ProsThe ConsWhat are ServiceNow competitors offering? Having a Configuration Management DatabaseWhy do CMDB initiatives fail often?Application and service dependency mappingWhat if investment in ServiceNow ITSM has already been made?What…

Table of contentsIT Problem Management: What it is and is not IncidentProblemThe phases in ITIL 4 incident managementProactive problem management: An elusive goalVirima: Your partner for comprehensive IT management The ITIL 4 Incident and Problem Management process is made up of…

Table of contentsFunctions of a CI in configuration managementWhy configuration items matter in CMDBVirima: Your partner for unmatched  IT management An ITIL configuration item (CI) is a basic building block for your Configuration Management Database (CMDB). And your ITIL CMDB…

What is service mapping? To understand the business value of IT service mapping, it's important to shift to a service delivery mindset, rather than thinking about delivering infrastructure, equipment, software, and applications. Defining services is relatively simple if it is…

The Configuration Management Database (CMDB) contains information about the enterprise's logical and physical assets. Modern service management platforms provide core functionality referenced by all service management practices, including business-facing rules. As a result of its core functionality, the role of…

A previous post discussed “The problems with your problem management” and some of the obstacles standing between your organization and true, proactive problem management. This post delves deeper into some of those obstacles and offers recommendations to help you address…

Table of contentsWhat is CMDB, and why is it important for your cloud initiatives?CMDBs and change managementCMDBs and incident managementCMDBs and problem managementCompliance reporting made easy with CMDBsImpact analysis with CMDBs and cloud assetsMake better, fact-based decisions with Virima for…

Table of contentsHow does asset discovery work?What types of IT assets can you discover?NetworksServersPCs, laptops, and mobile devicesBenefits of IT asset discoveryLess time spent on cataloging IT assetsBetter and detailed IT reportsStreamlined IT asset acquisitionEnsuring compliance with security policies A single…

Table of contentsWhy stakeholder communications are importantHow to prepare for incident communicationIncident management best practicesCommunication plan High-quality major incident management communication plan Using visualizations in stakeholder communicationsIncident mitigation with visualizations Virima can help you with incident management Incidents are a part of business,…

Table of contentsAsset managementTracking and labeling assets’ locations and states through an asset register Tracking and managing software licenses Managing end-user devicesKeeping tabs and handling decommissioned assetsConfiguration managementIdentifying configuration items in the CMS Controlling  and managing all changes made to assets Understanding impact on…

Some people think that an IT service desk is the same thing as an IT help desk. It isn’t and we’re  going to explain the difference between service desk and help desk. Sure, there are some similarities, but there are…

Table of contentsA CMDB tool can maintain all other tools What is CMDB in ServiceNow?What are ServiceNow CMDB best practices?A few ServiceNow CMDB best practices include:Defining your goalsForming a configuration management teamEstablishing a governance structureUnderstanding configuration item designIntegrating with key business…

IT asset management (ITAM) and inventory management are both useful practices that can benefit any organization using IT. Inventory management can exist without IT asset management, and in fact, it does in many organizations as it has been in existence…

Table of contentsStep 1. Determine business objectivesStep 2. CMDB discovery toolsStep 3. ITSM system integrationStep 4. Equip data owners/data stewards with the right toolsStep 5. Data management and retention planStep 6. CMDB: data visualizationLearn more about these steps by watching…

Incident management is crucial while dealing with major incidents. They are the crises that have widespread impacts on your employees, disrupt your operations, and impact your ability to deliver on customer expectations.  While you may assume your company is prepared…

Table of contentsUnderstanding business service mappingA modern approach to business service dependency mappingDiscovery planning processUse casesVirima simplifies service mapping and IT discovery Business service mapping is the area of configuration management that perplexes so many IT professionals. Yet, it provides…

Understanding the Configuration Management Database (CMDB) and its core functions is a critical aspect of service management. The CMDB forms the hub of numerous service management practices and provides a means of correlation needed to deliver business services successfully.   The…