5 Quick Tips For Effective IT Asset Management

Your job as an IT asset manager is to ensure proper tracking, maintenance, and utilization of important technology assets at your organization. Good ITAM processes make it easier for companies to get the most out of their tech tools.

The ITAM function is evolving rapidly

Not long ago, technology was strictly reserved for use only by the IT department. Today, employees throughout the organization expect to have high-functioning customized tools which support the way modern teams work. With global IT spending exceeding $3.5 trillion in 2019, effective ITAM requires adaptable processes and flexibility now more than ever.

Whether you are just starting out with ITAM or looking to up your game, here are five quick tips to help you optimize ITAM strategy.

1. Pain points should drive ITAM strategy

ITAM processes can easily become overwhelming. To maintain order, ensure the most pressing pain points drive a process that is continuously reprioritized with these steps:

  1. Meet with departmental managers to identify and prioritize pain points.
  2. Separate immediate IT needs from those that are less urgent.
  3. Audit your assets and usage patterns to determine capabilities.
  4. Map assets to highest prioritized pain points.

Some pain points can not be immediately remedied. In the meantime, a temporary fix can suffice and buy you additional time as you develop a longer-term solution.

2. Be realistic when determining project scope

When determining the scope of IT projects, it’s important to remember that smaller projects are easier to manage. According to a Gartner survey, the failure rate for large IT projects with budgets over $1 million was almost 50% higher than for projects with budgets below $350,000.

To avoid breaking the bank and burning out your resources, being realistic is critical. To ensure projects achieve desired results, a conservative approach is most effective and should include the following steps:

  1. Invest in understanding the true business purpose of the project.
  2. Gather input from key stakeholders to determine realistic expectations.
  3. Carefully review preliminary cost estimates and timelines.
  4. Be vigilant about adhering to the budget and timeline.
  5. Conduct frequent project status meetings.
  6. Don’t be afraid to curtail unaligned activity.

3. Create a proactive environment

Execute your new strategy with a proactive approach that is focused on the big picture. Developing preventative measures might not seem productive, but a vigilant effort will pay off in the long run.

Of course, not every ITAM issue can be handled proactively. There will always be some degree of reactivity. But in a completely reactive environment, it is nearly impossible to make progress toward a prioritized strategy.

A proactive ITAM environment will cut down on time spent attending to low priority issues and allow you to give more attention to high-priority tasks which will drive overall productivity.

4. Take shadow IT assets seriously

Shadow IT assets are becoming an increasingly pervasive problem. Assets that are purchased, deployed, and used without the knowledge and/or approval of an IT manager obviously pose numerous security risks. In fact, a Forbes Insight survey reported that one in five organizations has experienced a cyber security event due to an unsanctioned IT resource.

A survey of IT asset managers indicates that between 20%-40% of technology funds are spent without the involvement of an IT manager. However, the same survey indicates that IT managers consider shadow assets to be among the lowest of their technology concerns. This is unfortunate because the damage that shadow assets present is preventable.

Be sure to do the following:

  • Inform users about the potential damage and risks associated with unauthorized technology.
  • Implement asset discovery, tracking, and management systems.
  • Incorporate proven shadow IT threats into security audits and disaster recovery procedures.

5. Remember ITAM is a marathon not a sprint

In the ever-changing world we live in, permanence is rare. But ITAM is here to stay. Of course, it will evolve and change just like everything else. The ITAM you have today will likely look very different in ten years–maybe even in six months.

As organizations become increasingly dependent on their digital infrastructure, the role of ITAM will continue to grow in importance. So, don’t lose sight of the big picture. Maintain your commitment toward forward momentum, innovation, and agility.

Whether your organization is small and just beginning to establish itself in the e-commerce space or you’re a larger organization looking to maximize the efficiency of your resources, effective ITAM can revolutionize how your organization functions, so you can spend your time and energy focusing on what matters most.

Device42 provides comprehensive IT asset management capabilities, including powerful asset auto-discovery and configurable asset types to completely document all IT assets across your infrastructure deployment.

To learn more about Device42, download our demo today.