IT Asset Management (ITAM) Explanation

Asset management, broadly defined, refers to any system that monitors and maintains things of value to an entity or group.IT asset management (ITAM) is the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment. Assets include all elements of software and hardware that are found in an organization.

It usually involves gathering detailed hardware and software inventory information which is then used to make decisions about hardware and software purchases and redistribution. IT inventory management helps organizations manage their systems more effectively and saves time and money by avoiding unnecessary asset purchases and promoting the harvesting of existing resources. Organizations that develop and maintain an effective IT asset management program further minimize the incremental risks and related costs of advancing IT portfolio infrastructure projects based on old, incomplete and/or less accurate information.

The IT Asset Management function is the primary point of accountability for the life-cycle management of information technology assets throughout the organization.

ITAM business practices have a common set of goals:

Uncover savings through process improvement and support for strategic decision making
Gain control of the inventory
Increase accountability to ensure compliance
Enhance performance of assets and the life cycle management
Improve Availability Time of the Business/Applications/Processes.

Basic steps of ITAM

Identify assets in your system. Identifying and maintaining state of the asset can be Automated using discovery tool.
Assets should be categorized in different categories such as computers, servers, printers, and software.
Manage assets by counting software licenses, viewing assets that are in stock, setting asset states and analyzing unallocated software.

Scenario 1: Organization ABC have offices worldwide. It is managing their assets using ITAM process.Office A at location Philadelphia need to acquire 1000 Intel PCs whereas near by Location have 500 intel machines lying free.Rather then acquiring 500 new machines company can relocate the machines and save some money.

Scenario 2: CEO A has requirement to define strategy for IT assets all over the world.He chooses ITAM process first identifying the asset and categorizing those to maintain the organization wise assets.

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