The Importance of IT Asset Management (& The Dangers of Neglecting It)

Your organization likely has a plethora of hardware and software assets to manage, and IT operations could quickly go awry without comprehensive IT asset management. 

While IT asset management may seem like a minor task that doesn’t require much attention, it actually plays a significant role in keeping an organization running smoothly. If you’re in charge of deciding how to manage your organization’s IT assets, there is a lot to consider. 

In this blog, we explore why IT asset management is so important, providing the case for greater investment in IT asset management practices and tools.

Why is IT Asset Management Important? 

IT asset management isn’t just about keeping an inventory of your hardware and software. It’s about maximizing the value of your assets, optimizing costs, enhancing security, and maintaining compliance. 

The Financial Reasons 

Unless you enjoy unnecessarily opening your wallet, we suggest IT asset management as an effective way to eliminate costs that are negatively impacting your bottom line. Why? Here are two simple reasons:  

Poor Tracking Leads to Unnecessary Purchases

Think about how many times you’ve purchased an ingredient from the grocery store because you couldn’t remember that you already had it at the back of your kitchen cupboard. Our guess? It’s probably more than you’d like to admit. 

Well, it’s the same idea with IT asset management. If you’re unsure which items you have or where to find them, you’re bound to rebuy them, and those costs can quickly add up. 

With proper IT asset management, keeping track of your organization’s asset inventory can become a seamless process that ultimately saves money.  

Maintaining Unused Assets Increases Costs

Another way to eat up a budget is by maintaining assets that aren’t being used. Idle resources may still be incurring expenses. For example, your organization may be paying for a software subscription that hasn’t been used in months.  

Effective IT asset management can help your organization determine asset utilization, providing the opportunity to adjust resource allocation, offload excess items, and invest in hardware and software that drives growth. 

The Productivity Reasons 

IT asset management is also a useful tool for increasing employee productivity. Let’s dive into a couple of the reasons why: 

Your IT Team Is Likely Navigating a Long To-Do List 

Tracking hardware and software assets, maintaining inventory accuracy, ensuring compliance, and predicting technology needs can take up a lot of time. Plus, it can be extra challenging when every task is a competing priority. 

For organizations that rely heavily on technology, IT asset management technologies can be a solution for completing a lengthy list of tasks. Smart lockers, for instance, facilitate contactless equipment delivery and pick-ups at all hours. This allows employees to retrieve and return items at their convenience, unburdening those overseeing IT asset distribution.  

IT Asset Mismanagement Increases Downtime

Another productivity issue that often arises with poor IT asset management is lost or misplaced assets, which puts operations on hold while employees track down the items they need. Although this may only be a few minutes here and there, every minute adds up, so why not implement the strategies that prevent this from happening?   

Another benefit of implementing effective IT asset management is that it can streamline technical support processes, also minimizing downtime. For example, with Signifi’s Tech Express Deck (TED), your IT technicians can deliver IT support to your team, even from a different location. This self-dispensing kiosk enables employees to solve more hardware problems independently, lowering your company’s ticket response and increasing employee availability for other important tasks.   

The Compliance Reasons 

Hopefully, your organization has never faced the repercussions of non-compliance. If it has, you’re likely aware that it can be a pricey mistake. 

Legal Issues and Penalties are Expensive 

Some of the industry standards and regulations that organizations must follow for IT assets include data security, software licensing, and privacy laws. If an organization is non-compliant, it could result in a fine, lawsuit, or other penalty, which often costs a large sum of money.  

With appropriate IT asset management, your IT department can easily stay on top of industry standards and regulations, ensuring every asset within your organization remains compliant. 

The Security Reasons

If you could identify a vulnerability within your IT assets long before any problems arise, wouldn’t you want to? 

Unmanaged Assets Can Fall Prey to Security Threats 

When an organization’s assets are not actively being monitored, critical software updates and security patches are often missed. Without proper security maintenance, IT assets become easy targets for attackers, who can use these vulnerabilities to gain unauthorized access, steal data, or deploy malware. 

Lack of oversight for critical assets may also allow suspicious activity to go unnoticed, increasing the potential for significant damage. With effective IT asset management, organizations can stay ahead of their vulnerabilities by immediately addressing any concerns. 

Anyone Could Walk Away With an Asset  

Unfortunately, it’s not uncommon for an employee to try to keep a company laptop or peripheral device after being fired. When this happens, replacing what was taken is often expensive, and it’s also a major security risk. The last thing any company needs is a disgruntled former employee hacking into the system.  

However, with proper IT asset tracking, IT departments can maintain accurate inventory records. This information ensures businesses can know exactly who is using or has access to certain assets, so when an asset goes missing, it can quickly be tracked down. 

How Signifi Can Help With Your IT Asset Management

Proper IT asset management is a necessity for any organization that relies on technology. It is the most effective way to have a well-organized IT department. 

Without it, organizations risk incurring unnecessary costs, losing productivity, failing to comply with regulations, and exposing themselves to security threats. 

To assist with common asset management challenges, Signifi offers exceptional IT hardware asset management solutions, including smart lockers and smart vending systems. These physical systems dispense IT hardware through self-vending kiosks, so your IT team doesn’t have to be present for someone to retrieve or deliver an asset.  

All of our physical systems for IT asset management feature SignifiVision™, our comprehensive, cloud-based kiosk management platform, which provides accurate tracking for every item. Plus, this intelligent technology can be tailored to your specific needs, and leveraging it can transform your organization by simplifying the management of your IT assets. 

Secure the future of your organization by managing your IT assets. Contact us today for more information.