What is ITAM?

In short, ITAM stands for IT Asset Management. It combines various practices that involve the management of organization’s IT assets throughout their lifecycle for example procurement, usage, maintenance, and disposal.

As companies grow, managing valuable IT assets without a clear plan can easily become a mess, and poorly managed assets can result in significant costs for the business. This is where a well-defined IT Asset Management plan comes into play.

Why is IT Asset Management Important for Modern Companies?

In today’s business landscape, almost every company possesses a variety of IT assets, such as laptops, phones, screens and other AV equipment. For a typical business, we are talking on average about 2-3 devices per employee that may carry a total cost of 2 000 – 3 000 euros per employee.

A clear IT asset management strategy saves time, costs, and nerves but also ensures environmentally responsible operation. We listed five reasons why you should have an ITAM plan in place.

1. Ensure that your assets are used to their full potential

With a well-defined IT asset management process, you guarantee that all your assets are in their best use and available when needed, even as personnel change or old assets require maintenance or replacement.

2. Save money and cut unnecessary costs

Having a clear overview of your existing assets can assist in minimizing unnecessary purchases. Even by postponing a few new device acquisitions, you can achieve annual savings worth hundreds of euros per employee.

3. Extend the lifespan of your assets

Maintenance is a key part of ITAM. When you take care of updates and maintenance, you ensure that the assets will last as planned. Keep in mind that skipping important updates and upgrades can shorten the lifespan of your assets.

4. Make better decisions

Understanding your asset inventory is important when new IT budgets are planned. With the ITAM strategy in place, you can be sure that you have all the information needed before planning new purchases or leasing of devices.

5. Improve security and cut CO2 emissions

With the ITAM plan, you also ensure that your IT devices don’t remain stored for extended time periods. Keep in mind that the value of your assets goes down every week which means that you will save a lot of money by recycling old devices as soon as possible.

Mishandling the devices can also lead to the loss of critical information, which might fall into wrong hands. ITAM guarantees well-structured disposal and recycling processes, offering you peace of mind as the devices reach the end of their lifecycle.

In Conclusion

IT Asset Management (ITAM) plays an important role in modern business operations. By implementing the ITAM strategy, your organization can maximize asset value, and enhance asset maintenance and improve sustainability.

Read also:
Why and when do you need IT asset management software?

IT asset management software

Written by Mikko Lehmus. Mikko works as CEO of IDR. IDR is the most versatile asset lifecycle management software for IT devices and healthcare. Read more about IDR here.

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