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ITAM in 2023: Predictions

ITAM in 2023

As the world of IT continues to change, IT asset management (ITAM) remains one of the most important foundation blocks that can be built on. The key to success lies in understanding this ever-evolving space and prioritizing efforts around core initiatives that can have the greatest impact on your organization’s ability to achieve its strategic goals. 

CIOs have long wrestled with the challenge of creating and maintaining a high-quality IT asset inventory that includes both physical and virtual assets. It is a tough nut to crack when you factor in new technologies like cloud, IoT, and blockchain and the fact that many organizations tend to rely on manual processes during their initial ITAM projects.

The shift toward increased work-from-home policies due to the COVID-19 pandemic has put additional pressure on IT asset management teams. While previously ITAM was focused on managing assets at corporate locations or offices, now they must manage thousands of devices in thousands of different spaces.

The 2023 vision for ITAM is to become a key partner in driving digital transformation with a greater focus on business outcomes and less on tradeoffs. Inflation has been a consistent, major driver in the ITAM market. With it, and other pressures like political uncertainty and external regulations, you need to know how your business can take advantage of technology spending. Formerly seen mostly as a cost-reduction function, ITAM is increasingly becoming a critical partner in maximizing return on investment for data center assets, software licenses, and more.

Here are a few ITAM trends to watch out for in 2023.

Read: Why your project managers need a powerful ITAM tool

1. Digital transformation will be on top of the agenda for asset managers

In a world where asset managers are facing increasing regulatory obligations and investor demands, it is not surprising that digital transformation is at the top of their agenda. Automating manual processes, adopting artificial intelligence (AI), and using cloud-based technologies to improve efficiencies and compliance mean that asset management firms can meet the growing demands of digital-savvy investors.

IT asset management software has traditionally been designed to be installed on-premises and work with existing applications. Now, with complex regulations and new IT ecosystems, these systems are being updated to be flexible and scalable. As ITAM shifts to SaaS, organizations will have access to tools that can be deployed quicker, transferred more easily between data centers and managed better.

2. Staying compliant with automated processes and real-time data

Compliance is an integral part of the ITAM process and databases. With so many regulations—and new ones being rolled out on an almost monthly basis—asset managers find themselves under pressure to both comply with compliance data and reporting requirements in order to prove compliance, but also to understand other aspects of their business which enables them to make data-driven decisions. 

Automation makes complying with these regulations straightforward, using real-time data in order to generate reports for any decision-maker throughout the organization.

Asset managers with proactive ITAM strategies will be better equipped to anticipate changes in technology and processes to keep pace with regulations, while avoiding disconnects between teams, departments, systems, and processes.

ITAM is no longer just about managing IT assets, policies, and procedures. It is about anticipating change, leveraging technology, and taking a proactive role in driving business value.

3. ITAM will be driven by cloud consumption models

The move toward cloud consumption models will impact the ITAM approach, which will lead to an increasing need for ITAM practitioners to focus on automation and ease of deployment. New service models will also allow companies to shift from product-based payouts to metered consumption models and subscription-based models.

Many businesses are turning to the cloud to help them reduce costs and increase agility—therefore ITAM is becoming a strategic initiative. A strong ITAM program ensures that your infrastructure and apps are always ready for use and optimal performance is maintained. 

With a hybrid model that combines public and private clouds, businesses can take advantage of the cost savings associated with cloud computing while still maintaining control over your data security and integrity.

This is also where ITAM’s response to the digital shift matters. Movement away from investments like data centers and on-premises software is expected at higher rates while investment into public cloud and SaaS is expected to continue to increase rapidly. ITAM practitioners have a role in this change and effectively managing it.

The capability to access ITAM systems from virtually any device will be vital for organizations in the post-pandemic world. 

4. Integration will be key

The future of ITAM will be driven by the ability to integrate with ITSM, third-party API providers, and cloud providers. ITAM is increasingly being required to not only ensure that individual processes are managed and monitored, but that the IT department collectively as a whole is performing well. 

With an integration layer, data can be held in one place. This will allow managers to pull the latest and greatest data from systems and create holistic reporting on compliance and other KPI outcomes. 

It also gives access to historical data on ITAM issues, which can be combined with operational data to find correlations between business closures and IT performance issues. This means that managers will not just identify what went wrong; they will know how and why it happened so that similar incidents can be prevented in future.

Drive better business decisions with IT asset management

Step into 2023 with a robust ITAM solution

In the ever-evolving world of ITAM, companies need a comprehensive, end-to-end solution that helps them keep up with the fast pace. Virima is your partner for ITAM transformation and asset lifecycle management. We help you implement best practices in ITAM.

Virima ITAM stands out because we offer the flexibility and scalability required to adapt with your business, whether you’re a large enterprise or small business owner. Your asset management applications can scale up and down as your needs change.

With future-ready solutions that are known for being ahead of the curve, Virima takes care of all your long-term or short-term needs. From managing all your critical hardware and software assets in an inventory management system with agent-based and agentless discovery to planning for assets the business demands to operate efficiently, we have you covered.

Virima’s ITAM solution is built to support your business goals and future project requirements. As organizations move towards hybrid cloud infrastructures, we remain committed to providing you with a robust Windows agent that supports Work from Anywhere (WFA) configuration tracking.

Our deep out-of-the-box integration with ITSM platforms from Ivanti/Cherwell, ServiceNow, and Jira ensure that your systems, people, and processes always stay connected and updated.

We’re very excited about what the future holds for ITAM, and we’re confident in our ability to help businesses make the most of it. We know that our customers are ready for this change, and they’re counting on us to deliver.Get the most out of your ITAM with Virima. Reach out to us and discover how Virima’s powerful solutions like ViVID Service Mapping and Virima Discovery can work together to make your IT deployment more successful.

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