Best Practices for IT Asset Management

IT asset management (also called IT inventory management) is an important part of an organization’s strategy. 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 the old, incomplete and less accurate information. One of the requirements for being HIPAA and PCI compliant is tracking all the assets as required by HITRUST CSF and PCI DSS 3.0

IT asset management is a process, and not a project and proper process should be followed while managing IT asset to avoid issues.

Below is the list of few important things while taking care of IT asset management:

  • Every organization needs an experienced person in handling IT assets so that a person can communicate with the management and even understand the value of all assets.
  • Define a process which needs to be followed by each employee. Keep proper track of the assets.
  • Define different assets into different categories it will help you to manage critical and important assets of the company.
  • Maintain a proper lifecycle of the assets right from the time it has been requested to purchase till the time a device has been deprecated. Also, maintain a proper record of the renewal of software licenses as well as the history of that assets.

Maintaining Assets is a challenge especially when your company is growing. You need to be regular in maintaining your records. Otherwise it may lead to financial loss or create administrative burden if the assets are not being managed.

Below best practices will help you to manage all IT assets:

Always make use of the best tools: Making use of the right software will create a huge difference in accuracy of managing assets. Using old ways of assets tracking system will waste your time such as manual tracking. Usage of newer tools saves not only time but also money such as bar code scanners and automated process for any asset that arrives or leaves the facility.

Ensure accurate depreciation tracking: Maintain a proper track of depreciation schedule of the assets, organization can leverage this for property taxes and insurance related renewals. Failing to depreciate the assets it could sometimes lead to violations in regulatory compliance. Even if your company would not have to send the assets reports to the government, you may need to submit it to the board members and investors to keep proper track on the assets. Ideally, your asset management software should ensure accurate calculation of depreciation if your purchasing information is accurate.

Keeping a right track: What is input in the system is what you get in the reports. Physical inventory plays a major role to validate your assets are recorded correctly. There can be instances were the asset is damaged, decommissioned, stolen or sold out but not documented.

Streamline Hardware and Software: Well integrated hardware and software are important to manage your Assets. Hardware is as important as software within your asset management.

Customize your fixed asset reporting: Instead of relying on generic reports, fixed asset schedule should be adapted to collect any relevant information for both industry and your company.

Identify missing assets in the field: Keep track on the asset report at least on a monthly basis. To help you keep a track on lost or damaged assets as well as help you to update your records.

If you’re having issues tracking your fixed assets, it may be time to consider a better system. Asset Management offers comprehensive hardware and software inventory proper records of the assets as well as an audit that can be integrated into or replace existing tracking of Company IT Assets on a timely basis.

IT asset management spans across the entire company by simplifying IT operations, improving resource productivity, supporting compliance, and asset procurement planning. Whether it is a small, medium or large company, IT asset management should be executed. Take control of the IT asset inventory; ensure that it stays updated with changes in the IT environment!