How do IT asset management tools work? Understand in detail.

IT Asset Management tools
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Published By - Kelsey Taylor

As we know, keeping track of IT assets used in their business is very important for any organization. But today, manually tracking assets is becoming very difficult and time-consuming because of the complex nature of IT assets. Also, there are many chances of discrepancies in the manual process. So, the IT asset management tools help organizations manage their IT assets more effectively. Let us understand some key features of IT asset management tools.

What is IT Asset Management?

IT Asset Management or ITAM is a business process that ensures the proper track of all the IT assets used in the organization. This process involves the maintenance, up-gradation, accounting, etc., up to the disposal of assets. ITAM helps to make track of the valuable assets, tangible or intangible items in your organization. In any organization’s lifecycle, IT asset management plays a vital role in making decisions to maximize return on investment through every asset.

In other words, ITAM is sometimes called IT Inventory Management as it is the process of tracking details of software and hardware inventory in the organization. ITAM becomes more effective as it uses electronic records and metadata to track IT assets. Metadata describes tangible and intangible, i.e., hardware and software assets, and delivers the supporting information required for ITAM decisions.

GARTNER SAID about IT Asset Management software, “IT asset management (ITAM) provides an accurate account of technology asset lifecycle costs and risks to maximize the business value of technology strategy, architecture, funding, contractual and sourcing decisions”.

How Does Asset Management Software Work?

Keeping track of many assets is a time-consuming and challenging task. But IT asset management software makes it easier and time-saving. In other words, ITAM is a central system that keeps track of all the assets used in the organization. It helps track all the real-time details of assets and manage them accordingly. Asset management tools minimize the administrative cost as well as operation cost. IT asset management tool keeps a record of assets being used in the organization such as:

  • Lease agreement and type
  • Start and end date
  • Monthly payment
  • Fair market value

Asset management tools allow you to find your asset easily and control the performance by monitoring. To find your asset, you can use different criteria such as asset type, location, owner, purchase date, etc. It also allows the organization to determine the total cost of their asset.

Why Is Asset Management Software Important?

Asset management software is used to track and manage organizational assets. It is beneficial to businesses as other than tracking IT assets; it provides services like:

  • Measure vendor performance
  • It helps to optimize the cost of licensing.
  • Optimize supplier portfolio.
  • In addition, it maximizes the utilization and value of assets.
  • IT asset management tool manages services as well as assets.
  • Enable informed decision-making through cost transparency.
  • It allows organizations to find an asset quickly.
  • Above all, Asset software prioritizes service tickets.

Key Features of IT Asset Management Tools

We all know that almost all industries use IT assets, from small businesses to large enterprises. No company can deal with IT assets without using IT asset management tools. Therefore, IT asset management is essential for any business or industry. Moreover, some IT asset management tools are free to use. ITAM tools are required to manage and track the records of all the IT assets in the organization. Let’s discuss some key features of the best IT asset management software:

Alerts and Notification

IT asset management tools help you with the critical alerts and notifications regarding each activity of your IT asset. It always keeps you updated and informed about your IT assets. For example, a signal is received when any software asset license expires.

Asset Tracking

Asset tracking is one of the best features of IT asset management tools. Firstly, it provides real-time information about your IT assets. Secondly, it assists in scheduling the maintenance of your IT asset.

Real-time Information

Real-time information is the most crucial feature of ITAM tools. Likewise, organizations can know every real-time information about their assets. For instant, what is the location of purchase? Who is using it? Etc.

Check-in Check-out

The companies with multiple assets are using IT asset management tools. Meanwhile, the Check-in and check-out feature of ITAM tools help them manage various assignees in a single transaction. Further, it allows the organization to know the accurate location of the asset and when the asset will be made available for others.

Mobile-Friendly interface

A mobile-friendly interface is another essential feature of IT asset management software. Therefore, it lets businesses manage their physical assets from the office only. For example, for companies with big machines and equipment that needs physical inspection, this mobile-friendly feature helps them monitor such assets from a desk.

Integration

IT asset management tools are open source and can help businesses integrate with other software. It also allows organizations to merge with the different technology to generate reports and the best results. With ITAM software, the company can increase the productivity of its employees. For example, for an organization with multiple branches, the automatic network is used when there is a need to merge other units to the central IT department.

Cloud-based Technology

Cloud base technology of IT asset management provides many advantages to the organization. But, starting from software installation to the update, the cloud itself does this activity and helps in time-saving cost-saving of any organization activity.

List of IT Asset management tools

Here, we will discuss the critical IT Asset management tools businesses use to manage their assets. The asset management tools list is given below:

Manage Engine:

Manage Engine is a complete suite of IT software. AssetExplorer is an ITAM software of Manage Engine. This software helps organizations track IT assets from the first phase to the disposal. After that, AssetExplorer is easy to use and easy to install software that manages hardware and software assets of the organization. However, this software keeps track of software licenses, software purchases, and software contracts.

Features:

  • It manages the organization’s IT asset lifecycle.
  • AssetExplorer keeps track of purchases and contracts.
  • Know the value of IT assets.
  • That is to say, discover all the tangible and intangible assets.

Pros:

  • Installation and use of this software are straightforward.
  • Most importantly, it provides excellent support.

Cons:

  • AssetExplorer is not suitable for small enterprises.
  • Subsequently, the reporting feature is complicated.

Solar Winds:

A Service desk provided by Solar Winds is a web-based system that helps businesses track, monitor, and manage their IT assets. Lastly, it includes information regarding the different inventories used in the same place.

Features:

  • We can contact all service providers through a single dashboard.
  • Automate risk detection and policy deviation.

Pros:

  • It is a cloud-based software and easy to operate.
  • Solar Winds provide good support.
  • Suitable for all kinds of businesses.

Cons:

  • Implementation of solar winds is a little tricky.
  • Provide limited customization and automation.

Spice Works:

Spice works designed to manage, control and monitor all IT assets used in the organization. It is a cloud-based IT asset management tool that helps businesses with the best features. Similarly, Spice works automate the process of managing IT assets, such as it gathered the information related to servers, routers, switches, etc., used in any organization.

Features:

  • Spice works keep updated about organization inventories.
  • It makes a purchase request and helps to check the status.
  • In the same vein, Spice works are used to keep track of IT assets.

Pros:

  • Easy to deploy and reporting is simple.
  • A simple way of integration

Cons:

  • The search function is not good.
  • Old interface. So, use to be difficult.

ServiceNow:

ServiceNow is the best and fast-growing IT asset management service, provider. Certainly, it is a comprehensive and customizable tool that helps to view complete IT resources across on-premises. To clarify, ServiceNow provides a workspace that resolves the issues related to tracking and managing different IT assets in an organization.

Features:

  • ServiceNow is user-friendly software.
  • It provides customizable and comprehensive services.
  • To sum up, workflow for managing deliverables.

Pros:

  • It has an easy interface. As a result, it can merge with any system or software.
  • Good support.
  • Thirdly, Integration and compatibility with different assets.

Cons:

  • Speed is slow due to the extensive system.
  • On the other hand, it is time taking and complicated setup.

Conclusion

In conclusion, the IT asset management tool helps an organization manage, control, and track its IT assets. It assists businesses with the asset lifecycle and provides real-time information about every asset. ITAM delivers cloud-based services that help monitor all assets at your desk. The mobile-friendly feature helps large enterprises keep track from the office only in real-time. In short, it offers customized and comprehensive services at the organizational level.


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