Technology in Business: The Importance of IT Management

admin August 3, 2016 Comments Off on Technology in Business: The Importance of IT Management
Technology in Business: The Importance of IT Management

The business world is constantly evolving and the world economy has become more open in recent years. Companies are growing and increasing their assets. As the technology has significantly improved during the last decade, many businesses have implemented a variety of different software and hardware tools in their business.

However, as the company grows, it becomes much harder to track the status of all these different assets. Luckily, as different technologies are continually developing, so are the software solutions that greatly help with IT asset management. Let’s see what IT asset management means and what are the benefits of this process, as well as how it is currently done around the world.

What is IT asset management?


Companies around the world rely on a variety of different products that belong in the IT world. So every tech gadget that you have in your company is your company’s IT asset. As the company grows, the amount of IT assets exponentially grows, making it much harder to take care of all the data. Additionally, what is also classified as an IT asset is the software used on a variety of these devices.

So, an IT asset management process is responsible for tracking where the assets are located, what their numbers are and all the other important details related to them.

Software – There are various types of software solutions which are used for business purposes. For example, knowledge base is a financially paid software for scaling data as the company grows. Other companies rely on antivirus solutions. Additionally, operating systems on the computers and laptops used in work also come at a price. Web design companies rely on software solutions such as Photoshop, which also comes at a cost.

When we add a variety of marketing software solutions, we can see how many software solutions companies rely on. All these things scale incredibly when the company grows, making tracking of a variety of data a must in order to avoid additional expenses or having to deal with legal problems. When it comes to software, the most important thing is to follow which licenses you have and when you need to have them renewed.

Hardware – Every single tech gadget, starting from telephones, through cables, to PCs and Laptops belong to the hardware assets category. Like with software, the amount of gadgets in the company significantly increases as the business grows and there is a variety of important information that needs to be tracked to always keep the assets active and to timely follow their lifecycle. Following information about the warranty and regular service dates is only some of the information that you are going to track, not to mention the number of assets and their exact location.

Having all this data will prevent loss of gadgets which is a common occurrence in big companies, if there is no detailed asset management process. Additionally, through tracking, you are going to reduce the chances of equipment breaking down and you are going to regularly update to the most productive hardware version for improved productivity.

What Are The Benefits Of Appropriate ITS Asset Management?


This process is very important for every company, as it offers a variety of benefits for the whole business. These are some of the benefits of IT asset management:

Improved asset Lifecycle Management – Having up to date gadgets is very important as it affect the productivity levels of your employees. Tracking a variety of data related to your business assets is going to allow you to follow a regular asset lifecycle.

For example, when you get 10 laptops for your employees, you will be aware that it is going to be better to change them in 3 or 4 years than to invest in repairs. Additionally, you will be able to plan out the budget for all the upcoming costs that your business is going to face.

Lower costs – Lowering costs is very important for every business, especially during the growth period. It often occurs that with every expansion, businesses face a lot of costs. However, if you pay attention to well-managed IT asset data, it is possible to cut down unnecessary costs. Following this data is a great indicator of types of support and maintenance tasks of software and hardware assets that are not essential for the company workflow.

Improved ROI – With detailed asset management, especially over a long period of time, return on investment is going to improve, which is also an important part of every business. This is achieved by regulating all of the IT asset costs, and making every expense pay back in as short of a time period as possible.

Smarter choices – Many companies discard old equipment without completely utilizing it. Unless the equipment breaks down, it is not always the best idea to change it for a newer piece of hardware. Only when the new gadgets offer speed improvements of over 30% or more, in comparison to the currently used gadgets, is it a good option to invest in new hardware.

Improved productivity levels – Paying attention to the scheduled services for hardware assets or online software maintenance allows you to create a plan for business tasks that ensures that the workflow functions flawlessly. This is very important for productivity, as unexpected obstacles in the workflow of a company can severely affect the company’s productivity and, in the majority of cases, it can cause unnecessary financial loss.

How Is IT Asset Management Performed?


Luckily, in the past these documents had to be hand written. As technology has dramatically advanced, computers have now successfully taken over this role. In the past, the first asset management was performed in the form of Excel documents. However, as the time passed and the whole world shifted to the cloud, a variety of online IT asset management software solutions have been created. These solutions offer an incredible amount of customization and data input. Big data trends have significantly improved the creation of asset management databases. The main reason why this technology is largely used is the fact that the data contained can be easily accessed from any location and from numerous different devices, such as laptops, tablets and ever smartphones.

These are main reasons that show why IT management is important for every business out there. No matter the size of your company, it is important to start tracking data about your assets from the moment you start working. As the company grows, it is going to be much easier to track location, costs, expiration date, maintenance costs and software subscription costs. Since new technologies have made this process much easier, it has become a must for every company in the world.