IT Asset Management is a process to make sure the company’s network is up-to-date, and the process also includes hardware, software, license, upgrades, and deployment. IT Asset Management software tracks the company’s network and completes with the removal of the software as well as the hardware that are no more required to the computer. The team in the IT department spend their quality time to track network, hardware, licenses, prototype units (if any), new purchases, and so on. ITAM process helps to increase productivity, profits, and reduce the network downtime.

Challenges you might be facing in IT Asset Management:

Though ITAM has benefits such as cost savings and productivity, the following are some of the challenges where it can result in huge expenses for the company:

Lose Track of Software Licenses

Let us consider that only one employee from the company’s IT team maintains the entire data for all license-related activities. If that employee goes on a vacation and if there is a sudden audit that gets scheduled for the software licenses, then the situation might be critical during the audit. So, it is necessary to make sure a good ITAM should have automatic alerts to be sent to the team, mentioning about the license details such as when it expires, how many computers it can support, and so on.

Company’s Asset Maintenance

Some companies get prototype products from one location to another location. Indeed, these prototype products might be used for various purposes, and definitely, these products cost to the company. It is necessary to maintain the list of information related to these prototype products. If in case, there is no document management software for these assets, then it might result in a huge loss to the company in the future. So, it is necessary to make sure a good ITAM should have complete details of these assets such as the product type, the employee details who has ordered the proto, and the current location.

Lose Track of Leased Equipment Return Dates

Some companies lease few equipment like printers, all-in-ones, and so on. These companies lease the equipment because it is cost-effective than buying, renewing, and upgrading at regular intervals. In a company, there is no guarantee that same employee will be maintaining the data. If there is a mismatch in the data or no record on the lease dates, then the company might get a huge late fee, which is not necessary. So, it is necessary to make sure a good ITAM should have automatic alerts to be sent to the team, two weeks before the actual lease return date.

Lose Track of Newly Bought Assets

There might be situations that a company might shift from the current location to a new one. Similarly, there might be situations that few interns or contingent employees might be joining for a few months. In such cases, it is essential to maintain the list of asset details that are recently purchased. If in case, there is no proper data maintained on these new purchases, then it might result in purchasing the same asset again. This will create additional expenses to the company.

The Future of IT Asset Management:

IT companies have innovations, use latest technologies, and update to latest requirement at regular intervals. In that aspect, it is necessary that ITAM software also require periodic updates. For a specific company, the requirements and processes might be different. In that scenario, the ITAM software needs to be customized based on those requirements and processes. ITAM cannot be the same for all companies because not all companies use the same processes. Hence, ITAM software is also used in one way or another, depending upon the requirement. Most of the companies are considering and aiming for cost savings and cost-effective aspects.

Internet of Things (IoT):

One of the latest technologies in vogue is the Internet of Things (IoT). IT companies have started to research more about IoT for the transformation of the business. As per the recent report from Mckinsey, the total estimation from the IoT will be around 7 trillion USD by the year 2025. IoT might also transform many businesses in factories, retails, logistics, and so on. In the last 25 years, the software has been automated to perform all the tasks. For example, we have seen driverless cars, drones inspecting infrastructure, saving electricity by lights being turned off automatically if no human is using the room. The list of automation goes on.

So, the next thing will be how asset management software can help with these latest technologies in place. As the technology gets updated periodically, many companies dealing with ITAM have started to research about ITAM software to comply with the company’s requirement. Even for companies dealing with ITAM software, it is necessary to carry out research about the latest technologies that are already in use and the upcoming technologies. Once all the information is collected, ITAM software needs to be implemented based on the network.