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A Guide to ITSM Asset Management - DeskDirector

Written by DeskDirector Marketing | October 2, 2024

Imagine your company's IT infrastructure as a finely tuned machine, driving productivity and innovation. But what happens when some parts are missing, outdated, or simply forgotten? That's where many organizations find themselves when they neglect a critical component of IT Service Management (ITSM): asset management. 

Without a clear process to track and manage valuable IT assets like hardware, software, and data, businesses are not only risking inefficiencies—they're also losing money and exposing themselves to security threats. 

This blog breaks down ITSM asset management in simple terms. We'll cover what it is, why it's essential, its benefits, and the steps you can take to implement an effective program that ensures no asset is left behind. 

What is ITSM Asset Management? 

ITSM asset management is a structured process that helps organizations manage their IT assets efficiently and effectively.  

What are ITSM Assets? 

ITSM assets include any hardware, software, or information that holds value to your organization. Examples of ITSM assets include: 

  • Hardware: Servers, laptops, routers, and other physical devices 
  • Software: Applications, licenses, and third-party tools 
  • Data and Information: Critical business information, customer data, or proprietary documentation 

These assets are the backbone of your IT infrastructure and support daily operations. Without them, your business would struggle to deliver services, maintain productivity, or keep systems secure. 

The Role of ITSM Asset Management 

ITSM asset management ensures that these assets are: 

  • Accounted for: Every asset is logged in an inventory, so nothing is forgotten or misplaced. 
  • Deployed: Assets are put to use where they can add the most value. 
  • Maintained: Regular updates and servicing are conducted to keep everything running smoothly. 
  • Upgraded: Obsolete assets are replaced with more efficient alternatives as needed. 
  • Disposed of: When an asset is no longer valuable, it's safely and properly retired. 

By following this lifecycle, organizations ensure their assets remain valuable, productive, and secure from procurement to disposal. 

Why is ITSM Asset Management Important? 

In the past, IT departments could easily manage a handful of devices and applications, keeping track of everything manually. However, today's IT landscape is much more complex, and without asset management, things can quickly spiral out of control. 

Here's why ITSM asset management has become critical: 

IT Infrastructure is Now Everywhere 

Years ago, most IT assets were concentrated within the IT department. Today, IT infrastructure has expanded to other departments, covering a broader range of functions. Companies also rely on many external services, like cloud platforms and third-party software, which make tracking everything a challenge. 

Increased Use of Third-Party Software 

Organizations today use an extensive array of software tools, many of which are managed by outside vendors. Keeping track of licenses, updates, and compliance for each system can become overwhelming without a formal asset management process. 

Remote Work and Higher IT Expectations 

With more employees working remotely, IT assets are spread across different locations, making it harder to manage them all. In addition, users now expect seamless, on-demand IT services, which puts even more pressure on IT departments to keep things running smoothly. 

The Challenges of Fragmented IT Infrastructure 

Without ITSM asset management, companies face a range of issues, including: 

  • Cybersecurity and Data Safety Risks: Unaccounted-for devices or outdated software can expose businesses to cyberattacks. 
  • Lack of Accountability and Cost Management: Without precise asset tracking, organizations risk overspending on unused licenses, misplaced equipment, or unnecessary renewals. 
  • Poor Visibility: When IT assets aren't fully tracked, service requests go unnoticed, resources are wasted, and employees become frustrated by unmet IT needs. 

In short, formal ITSM asset management policies are essential for organizations to keep their IT environments safe, efficient, and cost-effective. 

Benefits of ITSM Asset Management 

Implementing an ITSM asset management program delivers significant benefits for organizations of any size. Here are the key advantages: 

1. Eliminate Data Silos and Create a Single Source of Truth

By centralizing all IT assets in one system, you break down silos and make it easier to track and manage everything from one place. This provides a clear, real-time picture of your IT infrastructure.

2. Improve ITSM Utilization Rates and Satisfaction

Proper asset management ensures that IT assets are fully utilized and available to the employees who need them. This leads to better service delivery and higher satisfaction rates among your teams. 

3. Increase Reliability of Services

Regular maintenance and proactive upgrades can make your IT services more reliable. This reduces the risk of unexpected outages or service disruptions, ensuring smooth operations. 

4. Address Issues Before They Cause Problems

By tracking the entire lifecycle of your assets, you can spot potential issues—such as outdated software or hardware—before they turn into bigger problems, allowing your IT team to stay ahead of the curve. 

5. Streamline Cost Management

Knowing exactly what IT assets you have and their current status helps you avoid unnecessary spending. You'll be able to retire unused equipment, prevent overpaying for licenses, and make more informed purchasing decisions. 

ITSM Asset Management Pitfalls to Avoid 

While implementing ITSM asset management can greatly benefit your organization, common mistakes can undermine its effectiveness. By recognizing and avoiding these pitfalls, you'll ensure a smoother, more successful asset management process: 

1. Inaccurate or Incomplete Asset Inventory

A common mistake is failing to maintain an up-to-date inventory of all IT assets. If you don't have a complete list of what you own, you'll struggle to manage and secure those assets effectively. Regular audits are essential to keep this information accurate. 

2. Lack of Lifecycle Management

Some organizations focus only on acquisition and deployment, forgetting to plan for the entire lifecycle of their assets. Without proper maintenance, upgrades, and disposal strategies, you could face unexpected costs or security vulnerabilities from outdated hardware and software. 

3. Neglecting Software Licenses

Software licenses often go overlooked, leading to expired contracts (which can create legal risks) or overspending on unused licenses. Keeping track of licenses ensures compliance and prevents wasted resources. 

4. Failing to Engage Other Departments

IT assets often span multiple departments, but leaving asset management solely in the hands of IT can lead to siloed information and missed opportunities. Collaboration across departments helps create a more comprehensive and efficient system. 

5. Not Using Automation

Manually managing IT assets can quickly become overwhelming, especially for larger organizations. Failing to leverage asset management software that automates tracking, updates, and reporting can result in inaccuracies and inefficiencies. 

Avoiding these pitfalls will keep your ITSM asset management program running smoothly, enabling you to maximize the value of your assets while minimizing risks. 

Five Steps to Implement an ITSM Asset Management Program 

Ready to introduce ITSM asset management in your organization? Here's a simple, five-step plan to help you get started: 

1. Create an Inventory

Begin by creating a complete inventory of all your IT assets. This should include hardware, software, licenses, and data. Each asset should be logged with details like its type, owner, location, and status. 

2. Calculate Lifecycle Costs

Estimate the total cost of each asset over its entire lifecycle, from purchase to disposal. This includes maintenance, upgrades, and eventual replacement. Understanding lifecycle costs helps you plan budgets and prioritize investments. 

3. Track Assets

Use asset management software to track your inventory in real-time. This will help you monitor where each asset is, how it's being used, and whether it needs maintenance or an upgrade. 

4. Proactive Maintenance

Schedule regular maintenance and updates for all IT assets. Proactive maintenance ensures that assets stay in good working order, reducing the risk of unexpected failures or security breaches. 

5. Financial Planning

Based on the data from your asset tracking and lifecycle cost analysis, create a financial plan for managing IT assets. This plan should cover future purchases, upgrades, and the disposal of obsolete assets, ensuring that your IT budget is used efficiently. 

ITSM Asset Management: The Conclusion 

Effective ITSM asset management is the key to maximizing the value of your IT investments. By implementing a structured process to track, maintain, and upgrade your assets, you'll create a more efficient and cost-effective IT environment to support your organization's growth. 

Ready to take control of your IT assets? Get started with DeskDirector's ITSM solutions today and unlock the full potential of your IT infrastructure.

Author's Bio

Warwick Eade

Warwick Eade is the founder of DeskDirector and Lancom Technology, two pioneering companies that have redefined the landscape of IT automation and ticketing systems. As a distinguished member of the Institute of Information Technology Professionals, the IEEE Computer Society, and the NZ Software Association, Warwick brings many decades of transformative leadership and innovation to the technology sector.

Warwick’s groundbreaking journey began with a simple, yet powerful idea sketched on a whiteboard at Lancom, where he envisioned more streamlined and efficient IT systems. This vision materialized into DeskDirector, a revolutionary all-in-one ticketing automation platform that enhances organizational workflows, process management, and client relationships, benefiting everyone from IT to HR.