Last updated 01/02/2021
“ITAM”, “Information Technology Asset Management”
ITAM - Information Technology Asset Managementis set of business practices that facilitate the planning and management of full lifecycle of all IT assets, by aligning financial, contractual and inventory areas. This supports the strategic decision making for the IT environment.
IT assets in above definition refers to all aspects of Technologies that includes software, hardware, People, information, Contracts, Services, etc. used in a business.
IT Asset Lifecycle
We are at present evidencing the beginning of Industrial Revolution 4.0. Previous Industrial revolutions as shown in the below diagram were
Industrial Revolution 4.0 encompasses the use of various technologies like Internet Of Things (IOT), Artificial Intelligence (AI), Quantum Computing, Biotech, Nanotechnology, Robotics, autonomous vehicles, 3-D printing. Industrial Revolution 4.0 is also referred to as Digital Transformation. Digital Transformation is mainly technology transformation.
As technology are growing exponentially and changing the entire Business outlook on daily basis.
It has become really very difficult to keep abreast the pace of transformation and cut throat competition in the market. ITAM enables organisations to proactively plan and effectively manage the entire lifecycle of all IT Assets there by also proactively managing the costs associated with IT Assets and Services.
There are many benefits of ITAMas listed in above diagram. In particular, asset management can help:
Strong IT Asset Management makes it easier to tell when items are lost or stolen and deal with the underlying causesand reduce vulnerabilities. Recovery efforts can also be initiated promptly.
ITAM helps organisation in maintaining accurate acquisition history that helps in identifying the patterns of demand. As per this demand accurate forecasting would help organisation acquire required assets as and when required. This can provide a basis for predicting IT needs and budgets.
IT Asset Management has a complete list what the business owns and leases, including where assets are located, how they are used, and when changes were last made. Such detailed information about IT hardware, software, consumables, etc., provides the basis for the other benefits.
IT Asset management enables a full understanding of IT assets, their capabilities, lifecycle, upgrade expectations, maintenance requirements. And it further helps in answering questions like “What can be leveraged before more spending is considered? What can be eliminated to save money? And thereby helps in realizing operational efficiency.
ITAM maintains the entire history of entire lifecycle of IT Assets. It keeps a track of all activities required by different assets at different stages of the lifecycle, so asset management can help ensure corporate requirements are met cost-effectively.
ITAM keeps the track of entire IT Asset costs. It enable accurate financial reporting thereby raising accurate Invoices for IT Asset Management.
Some assets will eventually be redeployed, potentially moving from mission-critical application to a remote office or other purposes. Others will be sold or scrapped. At all these stages we have to abide by the Law of the Land (compliance). ITAM helps organization in not defaulting any compliance mandates, thereby avoiding legal penalization.
To ensure the ITAM workflow is effective, it is crucial to understand the responsibilities and key roles in the ITAM ecosystem, both internally and externally. ITAM ecosystem is shown as below
IT Asset Management ecosystem is a complex set of relationships between parties taking part in IT Asset Management actions.A successful ITAM program traverses the organisation across departments and functions, involving everyone at some level e.g.:
Vikas is an Accredited SIAM, ITIL, PRINCE2 Agile, DevOps, ITAM Trainer with more than 17 years of industry experience currently working with NovelVista as Principal Consultant.
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